Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV: HPL) announces that, due to market conditions, it has cancelled the private placement previously announced on April 20, 2016, as amended July 18, 2016 (the “Private Placement”). A first tranche of the Private Placement was closed on August 2, 2016.

In replacement, the Company announces a new private placement (the “Replacement Private Placement”), whereby Horizon intends to raise up to $1.84 million, by issuing up to 61,333,333 units priced at $0.03 (a “Unit”), with each Unit comprised of one common share of the Company and one warrant entitling the holder to purchase an additional Common Share at a price of $0.045 per share for a period of 2 years from closing. The completion of the Replacement Private Placement is expected to occur on or about October 18, 2016; it is expected that the Replacement Private Placement will be completed in tranches.

All securities issued under the Replacement Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. Finder’s fees may be payable on a portion of the Replacement Private Placement. The Replacement Private Placement is subject to all necessary approvals, including acceptance by the TSX Venture Exchange.

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 October 18, 2016, to allow sufficient time for completion of the Replacement Private Placement. The extension of the Transaction is subject to applicable approvals.

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 about the Company, please contact:

Dr. David Winter
President & CEO
+1 403 619-2957

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 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 Replacement Private Placement. 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 forwardlooking 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.