Dr. David Winter reports

HORIZON PETROLEUM APPOINTS BOARD MEMBER AND COUNTRY REPRESENTATIVE IN POLAND

Horizon Petroleum Ltd. has appointed Riccardo M. Monti to the board of directors of the company, and Dr. Cezary Filipowicz as the company's representative and manager in Poland.

Mr. Monti brings wide-ranging international business and government relations experience and expertise to Horizon. Mr. Monti is executive chairman of Triboo SpA, a leading Italian digital services and e-commerce company, listed on the Milan Stock Exchange. Previously he was chief executive officer in the same company. He is also currently the executive vice-president of the Italy-China Foundation, established in 2003 to foster economic, political and cultural exchanges between the two countries. Previously, Mr. Monti was the president of Interporto Sud Europa SpA (Marcianise), a leader in Italian infrastructure logistics, chairman of Italferr SpA, Italy's largest engineering firm, active in 30 countries in infrastructure projects, and president of Grandi Stazioni, a large retailer.

From 2012 to 2016 Mr. Monti worked for the Italian government as president of Italian Trade and Investment Agency (ICE) and deputy chairman of Simest (state-owned equity investor that supports Italian companies internationalization process). From 1997 to 2011 he was a top management consultant, with Booz Allen and Hamilton and with Value Partners, working for corporations and governments in over 50 countries, in the United States, Europe, and in key emerging markets in Latin America, Asia and the Middle East.

Mr. Monti has a degree in economics from Naples University and an MSc in business technology from Brooklynn Polytechnic and is based in Milan, Italy.

The company has also appointed Dr. Cezary Filipowicz as its company representative in Poland and a director of the company's wholly owned Polish subsidiary companies.

Dr. Filipowicz has almost 40 years of professional experience gained in the oil and gas business, government services, and academia in Poland, and other countries. He is a vice-president of UOS Energy and prior to an adviser and vice-president of United Oilfield Services and UOS Drilling. Previously he held senior positions as a founder and deputy president of PKN Orlen SA (the largest independent oil and gas company in central and Eastern Europe), a board member of AB Mazeikiu Nafta in Lithuania, a director of the international pipeline company MPR Sarmatia Ltd., a director of the representative office in Poland of the Ukrainian joint stock company Ukrtransnafta, and president of the international oil company MTN Golden Gate SA.

Dr. Filipowicz is also active in the field of ecology. He was chief ecologist of the Bank for Environmental Protection (BOS Bank SA); director of GeoCO2 Consortium; and co-ordinator of the Polish Carbon Capture and Storage (CCS) pilot project.

In government, Dr. Filipowicz has served as an adviser to the Deputy Prime Minister, Minister of Economy of the Republic of Poland and to the Chancellery of the President of the Republic of Poland.

Dr. Filipowicz has a doctorate and an MSc in geology from the University of Warsaw. He has also held lecturer positions at the University of Warsaw, Kansas University and Ohio State University. He lives in Warsaw, Poland.

Dr. David Winter, chief executive officer of Horizon, commented: "We are very pleased to have businessmen of Riccardo's and Cezary's calibre and experience to work with us to execute our European gas acquisition and development strategy, to increase cleaner domestic energy production and to improve energy independence and security. With their international business and government experience, their appointments will provide Horizon with important European business experience and government relations that will complement the current board and management team."

Stock option issuance

The company further reports the grant of a total of 9.5 million stock options to the board, management, consultants and advisers at a price of five cents, which shall vest as to one-third on the date of grant, one-third after 12 months and the final one-third after 24 months; the stock options expire five years from the date of grant. These options are being granted under the company's stock option plan, and are subject to the acceptance of the TSX Venture Exchange.

The company announces that it has adopted a new rolling 10-per-cent stock option plan in place of its current stock option plan in order to align with the TSX Venture Exchange's Policy 4.4 -- Security Based Compensation. The new plan limits the total number of common shares of the company that may be issued on exercise of stock options outstanding at any time to 10 per cent of the number of common shares issued and outstanding. All outstanding stock options will be subject to the terms of the new plan. The adoption of the new plan is subject to the approval of the shareholders of the company at its annual general and special meeting of shareholders scheduled to be held on June 8, 2023, and final TSX Venture Exchange approval. Please refer to the management information circular of the company dated May 4, 2023, available on SEDAR under the company's profile for a copy and summary of the new plan.

The stock option grant is subject to regulatory approval. The company has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of stock options to each of the individuals. The company has further determined that an exemption from the various requirements of Multilateral Instrument 61-101 is available as the fair market value of the grant of options is less than 25 per cent of the market capitalization of the company.

About Horizon Petroleum Ltd.

Calgary-based Horizon is focused on the appraisal and development of natural gas reserves and clean energy sources to increase energy independence and security in Europe. The management and board of Horizon consist of oil and gas, business, and finance professionals with significant international experience.

We seek Safe Harbor.