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Saba Energy Enters Into Settlement Agreement for its Oil and Gas Assets in British Columbia
(TheNewswire)   Calgary, Alberta – TheNewswire - June 29, 2026 – Sab...
About this update from Saba Energy Ltd.
Saba Energy Enters Into Settlement Agreement for its Oil and Gas Assets in British Columbia (TheNewswire)   Calgary, Alberta – TheNewswire - June 29, 2026 – Saba Energy Ltd. (“Saba” or the “Company”) (TSXV: SABA) announces entering 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, from BSR, a related party of the Company. BSR is owned directly or indirectly by the significant shareholder and control person of Saba. BSR was petitioned into receivership on March 23, 2026 (the “Receivership Proceedings”). At the time of the Receivership Proceedings, BSR owed Saba approximately $2.8 million in connection with revenue from the BC Assets which was payable to Saba.   By way of background, Saba acquired the BC Assets pursuant to number of agreements as follows:   an agreement between BSR and Saba made effective January 1, 2024 (the "2024 PSA"), whereby BSR agreed to sell to Saba 50% of the BSR's interest in certain petroleum and natural gas assets in British Columbia (the "First Licensed Assets") and 100% of the shares of Blue Sky Paus Ltd., for consideration in the form of Saba common shares valued at CAD $27,500,000 representing approximately 85% of the then-issued share capital of Saba (the "Saba Common Shares");     an agreement between BSR and Saba dated June 25, 2025, and made effective as of August 15, 2025 (the "2025 PSA"), whereby BSR agreed to sell to Saba 100% of BSR’s assets known as the Taber properties, 100% of BSR’s assets known as the Columbia properties, the remaining 50% of the BSR’s Alberta heavy oil and natural gas assets known as the Cold Lake properties which were not then owned by Saba (the "Cold Lake Assets") and the remaining 50% of BSR's British Columbia assets (the "Second Licensed Assets"), for an original purchase price of CAD $21,000,000 payable in cash;     an amending agreement dated effective July 14, 2025 (the "First Amendment"), the purchase price under the 2025 PSA was reduced from CAD $21,000,000 to CAD $13,000,000, and the scope o...