Dr. David Winter reports

HORIZON PETROLEUM LTD. ANNOUNCES TERMINATION OF OFFERING

Horizon Petroleum Ltd. will not be proceeding with its previously announced offering (see press release dated Aug. 6, 2025) as certain conditions of the offering were not met by the required dates.

The company had delivered an amended and restated undertaking to the executive director of the Alberta Securities Commission (ASC) in connection with the company's final short-form base shelf prospectus dated May 22, 2025. The amended undertaking provided the company up to 120 days from the date of the ASC's final receipt for the base shelf prospectus (or Sept. 20, 2025) to raise minimum aggregate gross proceeds of at least $6,662,000 by way of private placement, prospectus supplement under the base shelf prospectus or a combination thereof.

As Horizon has been unable to raise the minimum amount before Sept. 20, 2025, the company has withdrawn the base shelf prospectus (and the filed supplement for the offering) and will not issue any securities pursuant thereto. The company and the agents have terminated the offering.

The company will continue to pursue financing opportunities for its projects in Poland and is in discussions with financial institutions in Europe to raise the capital required to finance the development of the Lachowice gas field. Horizon will update shareholders as that process progresses.

About Horizon Petroleum Ltd.

Calgary-based Horizon is focused on the appraisal and development of conventional oil and natural gas resources onshore Europe. Horizon holds two concessions in Poland, which contain significant undeveloped natural gas discoveries. The company's initial focus is to commence development of the Lachowice gas field in the Bielska-Biala concession. The management and board of Horizon consist of oil and natural gas professionals with significant international experience.

We seek Safe Harbor.