Dr. David Winter reports

HORIZON PETROLEUM LTD. ANNOUNCES C$7.5 MILLION FINANCING

Horizon Petroleum Ltd. has entered into a commercially reasonable efforts agreement with a syndicate of agents, led by Haywood Securities Inc., pursuant to which the agents have offered to sell, on a commercially reasonable efforts agency basis, up to 75 million units at a price of 10 cents per unit for aggregate gross proceeds to the company of up to $7.5-million. Each unit will comprise one common share in the capital of the company and one common share purchase warrant of the company. Each warrant will entitle the holder to acquire one common share for an exercise price of 15 cents per share for 36 months from the closing date (as defined below).

The company has agreed to grant the agents an overallotment option to offer for sale up to an additional 15 per cent of the aggregate number of units at the issue price, exercisable in whole or in part at any time for a period ending 30 days from the closing date.

The units will be offered under the short-form base shelf prospectus of the company dated May 22, 2025, as supplemented by a shelf prospectus supplement to be prepared and filed in each of the provinces of Canada, other than Quebec.

The offering is expected to close on or about Aug. 20, 2025, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The company intends to use the net proceeds from the offering for development capital and general corporate purposes. The development capital will be deployed in the initial development program at the Lachowice gas discovery in the Bielsko-Biala concession. The work will include the re-entry and workover of the Lachowice 7 gas well to production test and complete the Devonian-aged, naturally fractured carbonate reservoirs.

Access to the prospectus supplement, the base shelf prospectus and any amendment to such documents is provided in accordance with securities legislation relating to the procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The base shelf prospectus is and the prospectus supplement will be (within two business days from the date hereof) accessible on SEDAR+. An electronic or paper copy of the prospectus supplement, base shelf prospectus and any amendment to such documents may be obtained, without charge, from Haywood Securities, at Suite 700, 200 Burrard St., Vancouver, B.C., V6C 3L6, attention: Michelle Jankovich, director and vice-president, equity capital markets, or by e-mail at ecm@haywood.com.

About Horizon Petroleum Ltd.

Calgary-based Horizon is focused on the appraisal and development of conventional oil and natural gas resources onshore Europe. The management and board of Horizon consist of oil and natural gas professionals with significant international experience.

We seek Safe Harbor.