Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV: HPL) is pleased to report the following, regarding pending corporate transactions:
Ledieux and Ger Permits, France
Further to the press releases of February 21, March 14, and April 24, 2017, the Company has received the requisite approval in France to close the acquisition of the Ledieux and Ger Permits from Pentanova Energy Corp. (“Pentanova”). This includes a transfer of the shares of 2 Luxembourg subsidiaries of Pentanova to Horizon, plus an investment of $1.5 million (CDN) into Horizon by Pentanova.
Closing will be completed in due course under the conditional approval provided by the TSX Venture Exchange (the “TSXV”). Further news will be released, once the transaction has closed.
As per the Company’s press release of June 23, 2017, the Company reported that it had entered into a Memorandum of Understanding (the “MOU”) regarding the acquisition of a 100% interest in up to 5 conventional oil & gas concessions, onshore Europe (the “Concessions”). These concessions contain a number of undeveloped, conventional gas discoveries, close to existing gas infrastructure, and which the Company plans to develop. Under the terms of the MOU, Horizon was granted exclusivity until July 25, 2017, to permit for the completion and execution of definitive agreements (the “Definitive Agreements”), covering the Concessions.
Horizon and the counterparty have agreed to extend the period of exclusivity to August 22, 2017, to conclude drafting of the Definitive Agreements.
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 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 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 or PentaNova. 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.
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 and PentaNova believe 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,