Suite 1500 – 700 4th Ave S.W.
Calgary, AB, Canada  T2P 3J4

Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV: HPL) is pleased to report that the Company has entered into a Memorandum of Understanding (the “MOU”) regarding the acquisition (the “Transaction”) of a 100% interest in up to 5 conventional oil & gas concessions, onshore Europe (the “Concessions”). Horizon is currently completing its due diligence on the Concessions, and will provide an update in due course.

Under the terms of the MOU, Horizon has been granted exclusivity until July 25, 2017, to permit for the completion and execution of definitive agreements (the “Transaction Documents”), covering the Concessions. In return for the exclusivity, Horizon has advanced US$200,000 (the “Option Payment”) to the counterparty to cover certain obligations relating to the Concessions going forward, where such obligations would be assumed by Horizon upon the completion of the Transaction; US$100,000 of the Option Payment is non-refundable if the Transaction is not completed due to any action or inaction on the part of Horizon.

This potential transaction represents a further step by Horizon in executing its strategy to acquire and develop existing, conventional oil & gas discoveries in Europe. Further information will be provided as the transaction progresses.


About Horizon Petroleum Ltd.

Calgary-based Horizon is focused on the appraisal and development of oil & gas resources 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


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 and 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.