Saba Energy Ltd. Issues Bi-Weekly Default Status Report Amidst Filing Delays
August 4, 2026 — Leads & Copy — Saba Energy Ltd. (TSXV: BGE) has issued its bi-weekly default status report concerning a temporary management cease trade order (MCTO) related to delayed filings. The Corporation is working to file its audited annual financial statements, management’s discussion and analysis, and related CEO and CFO certifications for the year ended December 31, 2025, referred to as the Annual Filings.
Saba Energy initially announced the delay in its May 4, 2026, default notice and subsequently applied for and received the MCTO from the Alberta Securities Commission (ASC). The MCTO prohibits the Corporation’s CEO and CFO from trading Saba Energy securities while filings remain outstanding, though it does not restrict trading of common shares by the general investing public.
The Corporation’s leadership is actively working to fulfill its filing obligations. While the ASC granted an initial extension to the MCTO, the Annual Filings are not yet complete. Saba Energy has requested a further extension from the ASC until September 15, 2026, but confirmation of this additional extension is not guaranteed.
Saba Energy confirms that since its initial default notice, there have been no material changes to the disclosed information. The company has also adhered to the alternative information guidelines under National Policy 12-203 (NP 12-203). Crucially, regarding previously undisclosed material information, Saba Energy has made progress with the receiver of its operating partner’s British Columbia assets. The receiver has begun providing essential financial information needed for the Annual Filings. However, the audit process is proceeding slower than anticipated due to the delayed receipt of these requested financial details, requiring additional time for auditors to complete their procedures.
Saba Energy intends to continue issuing bi-weekly default status reports via news releases as required by NP 12-203 for as long as it remains in default of its filing requirements.
Saba Energy Ltd. is a publicly traded entity on the TSX Venture Exchange under the symbol “SABA.” The company holds oil assets in Northeast British Columbia and heavy oil assets in Alberta.
Source: Saba Energy Ltd.
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