Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV: HPL)  announces that, due to market conditions, it has requested and received an extension from the TSX Venture Exchange for the closing of the private placement previously announced on April 20, 2016, and as amended July 18, 2016 (the “Private Placement”). The Company was granted an extension to close the Private Placement on or before September 30, 2016. A first tranche of the Private Placement was closed on August 2, 2016.

As previously reported on August 15, 2016, the Company has agreed with Iskander Energy Corp. (“IEC”) to extend the outside date for closing of the Plan of Arrangement between the Company and IEC (the “Transaction”), to September 30, 2016. This will allow for more time for Horizon to raise up to $2 million.

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 oil & gas professionals with significant international experience.

For further information about the Company, 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 forwardlooking 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 following: the completion of the Private Placement and 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 IEC 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 the parties to satisfy, in a timely manner, the other conditions to the closing of the Transaction. Readers are cautioned that the foregoing list of risk factors is not exhaustive. The failure of Horizon to otherwise satisfy the conditions of the Transaction may result in the Transaction not being completed on the proposed terms, or at all.

Although Horizon and IEC believe 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.