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, further to it’s press releases of January 17, 2017 and February 21, 2017, the Company has closed a second tranche of $206,600 of the Private Placement (defined herein), through the issuance of 10,330,000 shares at $0.02 per share.  The shares issued are subject to a hold period expiring on July 4, 2017.

Directors and Officers of the Company subscribed for in the aggregate 5,150,000 shares (David Winter as to 3,050,000 shares; Charle Gamba as to 400,000 shares and David Robinson as to 1,700,000 shares) for subscription proceeds of $103,000, as part of the second tranche.

Due to the insider participation (the “Insider Participation”) in the Private Placement, it is considered a related party transaction within the meaning of Multilateral Instrument 61-101 (“MI 61-101“). Horizon considers such Insider Participation exempt from the need to obtain minority shareholder approval and a formal valuation, as required by MI 61-101, and intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such Insider Participation.

As per the press release of January 17, 2017, the Company intends to complete a third and final tranche of the private placement for $1.5 million, through an investment by PMI Resources Ltd. (“PMI”), concurrent with the assignment by PMI to Horizon of two Luxembourg subsidiaries of PMI 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 “Assignment”).   The two hydrocarbons licenses were described in detail in the press release of January 17, 2017.

The Private Placement, the Appointment and the completion of the Assignment is subject to regulatory and shareholder approval, including TSXV review and approval in accordance with its Policies.

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


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.