Horizon Petroleum Ltd. (“Horizon” or the “Company”) (TSXV: HPL) reports that further to the press releases of April 20, 2016, and July 22, 2016, it has agreed with Iskander Energy Corp. (“IEC”) to extend the outside date for closing of the Plan of Arrangement between Horizon and Iskander (the “Transaction”), to September 30, 2016. This will allow for more time for meeting the financing commitment whereby Horizon is to raise a minimum of $1.2 million.
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 consists of seasoned oil & gas professionals, with significant international experience.
For further information, 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 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. 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 following: the approval and completion of the Transaction; the amalgamation of Horizon and IEC and the formation of Scion; the exchange of Horizon Shares and IEC Shares for shares of the amalgamated company.
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. Undue reliance should not be placed on forward-looking information. The material risk factors include, but are not limited to: the uncertainty of estimates and projections relating to production and reserves; fluctuations in commodity prices; the imprecision of reserve estimates and estimates of recoverable quantities of oil, natural gas and liquids; the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; changes in tax laws; changes in royalty rates; and Horizon’s ability to implement its business strategy. Readers are cautioned that the foregoing list of risk factors is not exhaustive. Failure to obtain the necessary approvals, or the failure of Horizon to otherwise satisfy the conditions of the Transaction, may result in the Transaction not being completed on the proposed terms, or at all.
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.