Mr. David Winter reports

HORIZON PETROLEUM GRANTS STOCK OPTIONS

Horizon Petroleum Ltd. has granted a total of 1.04 million stock options to its board, management and advisers at a price of 7.5 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 effective date of grant, April 9, 2024. These options are being granted under the company's stock option plan and are subject to the acceptance of the TSX Venture Exchange.

Please refer to the management information circular of the company dated Feb. 5, 2024, available on SEDAR+ under the company's profile, for a copy and summary of the company's stock option 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 Petroleum 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 Petroleum consist of oil and gas, business, and finance professionals with significant international experience.

We seek Safe Harbor.