Dr. David Winter reports

HORIZON PETROLEUM LTD. ANNOUNCES AMENDED AND RESTATED UNDERTAKING TO ALBERTA SECURITIES COMMISSION

Horizon Petroleum Ltd. has delivered an amended and restated undertaking to the executive director of the Alberta Securities Commission in connection with the company's final short form base shelf prospectus dated May 22, 2025.

The amended undertaking replaces and supersedes the undertaking originally provided on April 29, 2025. The amendment was requested by Horizon to accommodate closing of its previously announced offering led by Haywood Securities Inc. as further described in the company's news release dated Aug. 6, 2025.

The amended undertaking provides the company up to 120 days from the date of the ASC's final receipt for the base shelf prospectus to raise minimum aggregate gross proceeds of at least $6,662,000 by way of a private placement, a prospectus supplement under the base shelf prospectus or a combination thereof. Should Horizon be unable to raise the minimum amount within the 120-day period ending Sept. 20, 2025, the company will withdraw the base shelf prospectus and will not issue any securities pursuant thereto.

The offering is expected to close on or about Sept. 18, 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.

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.