Dr. David Winter reports

HORIZON PETROLEUM MANAGEMENT CEASE TRADE ORDER STATUS UPDATE

At the request of Horizon Petroleum Ltd., the Alberta Securities Commission on Jan. 8, 2026,. issued a temporary and voluntary management cease trade order (the MCTO) against the company under NP 12-203 in connection with the company's delayed filing of its:

1. 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;
2. Management discussion and analysis for the year ended Aug. 31, 2025, as required by Section 5.1(2) of NI 51-102;
3. Certification of the annual filings for the year ended Aug. 31, 2025.

The annual filings were required to be filed by Dec. 29, 2025.

The MCTO prohibits the company's chief executive officer and chief financial officer from trading in and acquisitions of, whether directly or indirectly, securities of the company until two full business days following receipt by the ASC of the required filings. The MCTO does not restrict or affect the ability of other shareholders or investors to trade in the company's securities.

The company and its auditor continue to work diligently toward completing the annual filings as soon as possible with the goal of filing the annual filings by Feb. 16, 2026.

Pursuant to NP 12-203, Horizon Petroleum must file biweekly default status reports by way of news releases during the period of the MCTO. Other than as disclosed herein, the company confirms that since Jan. 8, 2026: (i) there has been no material change to the information contained in the press release issued by the company announcing the issuance of the MCTO; (ii) there has been no failure to fulfill its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default subsequent by the company under NP 12-203; and (iv) there is no other material information concerning the affairs of the company that has not been generally disclosed.

Until the filing of the annual filings and during the period of the MCTO, the company will follow the provisions of the alternative information guidelines as required by NP 12-203.

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.