Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV: HPL) and PMI Resources Ltd. (“PMI”) (TSXV: PMI) previously report, in a press release dated January 17, 2017, the entering into of a non-binding Letter of Intent (the “LOI”), dated December 21, 2016, under which PMI will assign to Horizon its two Luxembourg subsidiaries which hold a 100% working interest in two hydrocarbons licenses in southwest France known as Ledeuix and Ger, and consisting of approximately 171,520 acres.

The LOI provided for exclusivity under which PMI agreed to not solicit other parties, to acquire or joint venture the hydrocarbons licenses in France, until January 31, 2017, and PMI and Horizon had agreed to work towards completing a Definitive Agreement by this January 31, 2017, date. PMI and Horizon have agreed to extend the exclusivity period to February 14, 2017, to allow for additional time to complete the Definitive Agreement.

All other particulars of the LOI remain the same.

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
+1 403 619-2957

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

For further information about PMI, please contact:

David Farrell
President & CEO
Tel: (604) 609-6110


Forward-looking Statements

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. 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 completion of the Private Placement, the Appointment, the Assignment as well as any future development activities or changes to the estimated abandonment liability.

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.

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.