Horizon Petroleum Ltd. (“Horizon” or the “Company”) (TSXV: HPL) announces that, further to its previous news release dated April 30, 2016, the Company issued, in the aggregate, 3,040,000 common shares to Yogeshwar Sharma (as to 1,520,000 common shares), Charle Gamba (as to 760,000 common shares) and W. Derek Aylesworth (as to 760,000 common shares) at a deemed price of $0.05 per share in settlement of $152,000. The common shares are subject to a four month hold period expiring on September August 26, 2016, pursuant to applicable Canadian securities laws and the policies of the TSX Venture Exchange.

For further information, please contact:

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

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

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.