Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV: HPL) announces that the Company has cancelled the private placement previously announced on September 27, 2016, and will not be proceeding with the Plan of Arrangement (the “Transaction”) between the Company and Iskander Energy Corp. (“IEC”), which was contemplated to close by December 3, 2016. Prevailing market conditions and other factors made it difficult to close the Transaction.
Horizon continues to evaluate new oil & gas opportunities that can deliver early production and cashflow, and in the process enhance shareholder value. The Company’s strategy is to focus upon assets in basins where oil & gas can be monetised through existing infrastructure, to shorten time to production.
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 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.
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.