Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV: HPL)  announces that, further to its press release of September 27, 2016, the Company and Iskander Energy Corp. (“IEC”) have agreed to extend the outside date for closing of the Plan of Arrangement between the Company and IEC (the “Transaction”) to December 3, 2016. Court approval in Alberta has been granted, for the extension.

As part of the extension, the Company has agreed to release IEC from the exclusivity requirement under the arrangement agreement dated April 19, 2016 between Horizon and IEC. As a result, if IEC enters into a transaction with another party, no termination fee will be payable by IEC to Horizon.

About Horizon Petroleum Ltd.

Calgary-based Horizon is focused on the appraisal and development of oil & gas reserves internationally. The management and board of Horizon consist of seasoned oil & gas professionals, with significant international experience.

For further information, please contact:

Dr. David Winter
President & CEO
+1 403 984-2444

David R. Robinson
VP Business Development
+1 403 399-9047

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Horizon and IEC. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the outside date for the Transaction.

Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Horizon and described in the forward-looking information contained in this press release. Undue reliance should not be placed on forward-looking information. The material risk factors include, but are not limited to: the ability of Horizon to complete the Transaction before the outside date for completion of the Transaction. Readers are cautioned that the foregoing list of risk factors is not exhaustive.

Although Horizon believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.