Dr. David Winter reports

HORIZON ISSUES SHARES IN SETTLEMENT OF DEBT

Horizon Petroleum Ltd., further to its previous news release dated April 30, 2016, has issued 3.04 million common shares, in total, to Yogeshwar Sharma (as to 1.52 million common shares), Charle Gamba (as to 760,000 common shares) and W. Derek Aylesworth (as to 760,000 common shares) at a deemed price of five cents per share in settlement of $152,000. The common shares are subject to a four-month hold period expiring on Sept. 26, 2016, pursuant to applicable Canadian securities laws and the policies of the TSX Venture Exchange.