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Calgary, Alberta – TheNewswire - July 20, 2026 – Saba Energy Ltd. (TSXV:SABA) (“ Saba ” or the “ Company ”) announces that it proposes to complete a private placement (the “ Offering ”) of up to 5,000,000 units of the Corporation (“ Units ”) at a price of $0.05 per Unit for gross proceeds of up to $250,000. There will be no minimum subscription level for the Offering.  Each Unit will consist of one common share in the share capital of the Corporation (“Common Share”) and one common share purchase warrant (“Warrant”).  Each Warrant will entitle the holder to purchase one additional Common Share at an exercise price of $0.075 for a period of two years from the date of issuance of the Warrant.

The Warrants will be subject to an acceleration clause such that if the volume weighted average trading price of the Common Shares on the TSX Venture Exchange is at ‎‎least $.20 per Common Share for a period of 15 consecutive trading days, the expiry date of the Warrants may be ‎accelerated by the Corporation to a date that is not less than 15 days after the date that ‎notice of such acceleration is provided to the Warrant holders by way of a press release.

The Corporation may pay finders fees to those who assist the Corporation in filling the Private Placement.

The Offering is expected to close in tranches.  Common Shares and Warrants issued under the Offering will be subject to a hold period expiring four months and one day following their respective date of issue.  Net proceeds of the offering are expected to be used for general working capital.

On June 29, 2026 the Corporation issued a press release announcing that the Corporation had entered into a settlement agreement dated June 10, 2026 (the “ Settlement Agreement ”) with the Court-appointed Receiver and Manager (the “ Receiver ”) of Blue Sky Resources Ltd. (“ BSR ” ) regarding the British Columbia oil and natural gas assets (“ BC Assets ” ) that Saba purchased in 2024 and 2025.  Further to the Settlement Agreement, the Court of King’s Bench of Alberta issued final approval for the Settlement Agreement on July 9, 2026.

In connection with the Settlement Agreement the principals of BSR have returned 50,353,694 Saba Common Shares issued in May 2024. The returned shares represent 85% of the shares that were issued by Saba as consideration for the BC Assets. The shares have been returned to treasury for cancellation.  The Corporation now has a total of 19,337,965 outstanding.

About Saba Energy Ltd.

The Company is a publicly traded entity listed on the TSXV under the symbol “SABA” with oil and natural gas assets in Alberta.

For Further Information

Saba Energy Ltd.

Mohammad Fazil

President, Chief Executive Officer, Corporate Secretary and Director

Email: mfazil@sabaenergy.ca

Phone Number: +1 (403) 613-7310

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” relating to the Settlement Agreement and the potential transfer of the Laprise Assets back to the Company. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include: information relating to the Acquisition; and the exploration and development of the company’s assets. Such statements and information reflect the current view of the Company. By their nature, forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.

The forward-looking statements contained in this news release represent the expectations of the Company as of the date of this news release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THE TSXV HAS IN NO WAY PASSED UPON THE MERITS OF THE ACQUISITION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.

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