Dr. David Winter reports

HORIZON PETROLEUM LTD. ANNOUNCES EXTENSION OF NON-BROKERED PLACEMENT OF UNITS

In follow-up to its press release of Jan. 2, 2024, Horizon Petroleum Ltd. has received TSX Venture Exchange approval to extend the closing of its non-brokered private placement from Feb. 16, 2024, to March 1, 2024. The offering is for up to 10 million units in the capital of Horizon at a price of five cents per unit for gross proceeds of up to $500,000, subject to approval from the TSX-V. Each unit will consist of one common share and one common share purchase warrant in the capital of the company. Each warrant will entitle the holder to purchase one common share at a price of 7.5 cents for a period of 12 months from the date of issuance.

In connection with the offering, certain insiders are expected to purchase units in the offering. Each of the insiders is a related party of Horizon, and as a result, the offering will be a related party transaction for purposes of Multilateral Instrument 61-101 -- Protection of Minority Shareholders in Special Transactions.

The company intends to rely on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that fair market value of the participation in the offering by insiders will not exceed 25 per cent of the market capitalization of Horizon, as determined in accordance with MI 61-101.

In connection with the offering, Horizon may pay finder's fees of up to 7 per cent cash and up to 7 per cent convertible securities, or a combination of both, as permitted by the policies of the TSX-V. The proposed use of proceeds of the offering will be for initial costs to complete the Poland transformation process and for working capital purposes.

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.