Dr. David Winter reports

HORIZON PETROLEUM ANNOUNCES DELAY IN FILING OF ANNUAL FINANCIAL STATEMENTS, MD&A AND MANAGEMENT CEASE TRADE ORDER

Because of delays in the completion of an audit, Horizon Petroleum Ltd. will be unable to meet the filing deadline of Dec. 29, 2025, for filing of the following continuous disclosure documents:

• The company's annual audited financial statements for the year ended Aug. 31, 2025, as required by Section 4.2 of National Instrument 51-102 (Continuous Disclosure Obligations);
• The company's management's discussion and analysis for the year ended Aug. 31, 2025, as required by Section 5.1(2) of NI 51-102;
• Form 51-101F1, F2 and F3 for the year ended Aug. 31, 2025; and
• The certification of the annual filings for the year ended Aug. 31, 2025.

Horizon has made all reasonable efforts and allocated its available resources to the preparation, completion and filing of the annual financial statements. McGovern Hurley LLP, the company's auditor, has advised the company that it may be unable to complete its audit of the annual financial statements by Dec. 29, 2025. The company expects that McGovern Hurley will be able to complete the audit by Feb. 16, 2026, with the annual filings to be completed as soon as possible thereafter.

In response to the annual filings delay, the company has applied to the Alberta Securities Commission for a management cease trade order under National Policy 12-203 (Management Cease Trade Orders) that, if granted, will prohibit the management of the company from trading in the securities of the company until such time as the annual filings are filed. No decision has yet been made by the Alberta Securities Commission on this application. The Alberta Securities Commission may grant the application and issue the MCTO, or it may impose an issuer cease trade order if the annual filings are not filed in a timely fashion.

The company continues to work to complete the company's annual financial statements, and expects to file the annual filings by Feb. 16, 2026, and will issue a news release once the annual filings have been filed. The company has made all efforts and allocated all available resources to the preparation, completion and filing of the annual filings. Until the company files the annual filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the company to issue biweekly default status reports, in the form of news releases, for as long as the annual filings remain outstanding.

Until the company has filed the annual filings, members of the company's management and other insiders are subject to an insider trading blackout. The company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing of the company's interim financial reports for the period ended May 31, 2025, on July 30, 2025. There are no insolvency proceedings involving the company.

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.