Dr. David Winter reports

HORIZON PETROLEUM CLOSES OVERSUBSCRIBED $4,000,000 NON-BROKERED PRIVATE PLACEMENT

Horizon Petroleum Ltd., further to its news release dated June 23, 2026, and subject to TSX Venture Exchange acceptance, has closed its oversubscribed unit private placement of the company at a price of 15 Canadian cents per unit, for aggregate gross proceeds of $4,125,950 (Canadian).

Dr. David Winter, chief executive officer of the company, commented: "We are pleased to close this oversubscribed financing and are excited to begin work with the well workover and production testing operations at the Lachowice 7 gas well. The well site construction is complete, the wellhead has been installed and we are ready to receive the workover rig as soon as the contract with the rig supplier is finalized. We expect to complete the well workover and production testing program over the next three months. These operations are the key first step towards our goal to establish early production from the Lachowice gas development. We are evaluating several gas monetization options open to us for the early production phase. These include gas to power -- generating and selling electricity into the local electricity grid, compressed natural gas for direct sale to end-users and gas supply for a modular data center. We look forward to updating shareholders as we progress with work in the field and our plans for the full field development over the next three to four years unlocking the asset value potential exceeding $500-million (U.S.). The Lachowice development will play a significant part in increasing domestic gas supplies in Poland and so assist the country's goals of energy independence and security. We are very pleased that the project has received a great deal of support from the local authorities and people living in the area. The interest and support of our shareholders and key advisers at Leede Financial is much appreciated by the company and has been instrumental in this successful financing."

The company issued 27,506,333 units at a price of 15 Canadian cents for gross proceeds of $4,125,950 (Canadian). The units comprised: (i) one common share in the capital of the company; and (ii) one transferable share purchase half warrant entitling the holder thereof to acquire one common share at a price of 25 Canadian cents per share. The rights under the warrants have a term of 36 months following the closing date. The funds will be used to advance the company's Lachowice gas development project in Poland and for general working capital.

In connection with the private placement, the company paid finders' fees of $267,361 cash and 1,782,410 finders' warrants, with an exercise price of 15 cents per warrant, with an expiry date of July 3, 2028.

The company intends to use the proceeds from the offering to complete the workover and production testing of the Lachowice 7 gas well, to further advance the gas development at Lachowice and work programs in the Cieszyn concession, and for general corporate purposes.

All securities issued under the offering, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date hereof.

Multilateral Instrument 61-101, Related Party Transactions

Two directors of the corporation subscribed for four million units for a total principal amount of $600,000 (Canadian), with the same terms, which constitutes a related party transaction within the meaning of MI 61-101. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61- 101, as the fair market value of the participation in the secured convertible debenture unit offering by directors and officers does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the final 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 to increase energy independence and security in Europe. Horizon holds two concessions in Poland that 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.