Announcement • May 25
Horizon Petroleum Ltd., Annual General Meeting, Jul 28, 2026 Horizon Petroleum Ltd., Annual General Meeting, Jul 28, 2026. Location: alberta, calgary Canada Announcement • May 22
Horizon Petroleum Ltd. announced that it has received CAD 0.3001 million in funding On May 21, 2026, Horizon Petroleum Ltd. closed the transaction. The company issued 2,728,181 Units at a price of CAD 0.11 for gross proceeds of CAD 300,099.91. The Units comprised (i) one common share in the capital of the Company, and (ii) one transferable share purchase half warrant entitling the holder thereof to acquire one Common Share at a price of CAD 0.15 per share. The rights under the Warrants have a term of 36 months following the closing date. No finder's fees were paid with respect to the private placement. The Private Placement remains subject to TSX Venture Exchange final acceptance. All securities issued in connection with the Private Placement will not be able to be traded in Canada, or through the facilities of the TSX Venture Exchange, for a period of four months and one day from the date of closing. Announcement • May 14
Horizon Petroleum Ltd. announced that it expects to receive CAD 0.3001 million in funding Horizon Petroleum Ltd. announced private placement to issue 2,728,181 Units at a price of CAD 0.11 for gross of proceeds of CAD 300,099.91 on May 13, 2026. The Units comprise (i) one common share in the capital of the Company, and (ii) one transferable share purchase half warrant entitling the holder thereof to acquire one Common Share at a price of CAD 0.15 per share. The rights under the Warrants will last for a period of 36 months following the closing date. No finder's fees will be paid with respect to the private placement. The Private Placement remains subject to TSX Venture Exchange final acceptance. All securities issued in connection with the Private Placement will not be able to be traded in Canada, or through the facilities of the TSX Venture Exchange, for a period of four months and one day from the date of closing. Announcement • Apr 27
Horizon Petroleum Ltd. announced that it has received CAD 4 million in funding from Wilco Investments Ltd On April 27, 2026, Horizon Petroleum Ltd. closed the transaction. The company announced that it has received CAD 1,535,000 in second and final tranche. In connection with the second tranche, the Company paid finder's fees of CAD 87,850 cash and 836,667 finder warrants with an exercise price of CAD 0.105 per warrant with an expiry date of April 27, 2028. The transaction included participation from 18 investors subscribed for the second tranche financing. Announcement • Mar 28
Horizon Petroleum Ltd. announced that it expects to receive CAD 3 million in funding Horizon Petroleum Ltd. announced private placement to issue secured convertible debentures in the aggregate principal amount up to a maximum of $3,000,000 on March 27, 2026. The debenture is being issued at a price of $1,000 per Debenture. The closing date is anticipated to be on and before April 15, 2026. The Debenture bears interest from the applicable issuance date at 7% per annum until the date that is 24 months following the closing date (the "Maturity Date") with interest paid semi-annually in arrears in cash or in shares at the Company's option. The Debenture will be secured and ranking on default in fourth position behind the currently issued debentures due on May 20, 2026 ("Series 1 Debentures"), the convertible debentures due on December 19, 2027, December 29, 2027 and February 27, 2028 ("Series 2 Debentures"), and the convertible debentures due on March 25, 2028 ("Series 3 Debentures").Each holder of a Debenture Unit shall have the right, at its option, at any time up to and including the Maturity Date, to convert any or all of the Debenture Units into equity units ("Equity Units") on the basis of each CAD 1,000 principal amount for (i) 9,524 common shares of the Corporation issued at CAD 0.105 per Common Share, and (ii) 4,762 Common Share purchase warrants, with each Warrant exercisable until thirty-six months from closing the Debentures, into one Common Share at a price of CAD 0.15. Certain directors and officers of the Company (collectively, the "Insiders") are expected to participate in the Offering. Closing and the participation of Insiders in the Offering remains subject to the approval of the TSX Venture exchange ("TSXV"). The Company may pay finders fees or commissions for this transaction of up to 7% in cash and 7% warrants. The closing of the Offering is subject to the satisfaction of customary conditions, including the approval of the TSXV. All securities issued under the Offering remain subject to a statutory four month hold period. Announcement • Mar 26
Horizon Petroleum Ltd. announced that it has received CAD 1.213 million in funding On March 25, 2026. Horizon Petroleum Ltd. announces that it has closed the transaction. In connection with the tranche, the Company paid finder's fees of CAD 84,910 cash and 808,667 finder warrants with an exercise price of CAD 0.10 per warrant with an expiry date of March 25, 2028. It has issued 1,213 secured convertible debenture units at a price of CAD 1,000 for gross proceeds of CAD 1,213,000. The debentures will mature on March 28, 2028. Announcement • Mar 18
Horizon Petroleum Ltd. announced that it expects to receive CAD 1.2 million in funding Horizon Petroleum Ltd. announced private placement to issue secured convertible debentures in the aggregate principal amount of up to CAD 1,200,000 on March 17, 2026. The debenture is being issued at a price of CAD 1,000 per Debenture. The Debentures bear interest from the applicable issuance date at 7% per annum until the date that is 24 months following the closing date (the "Maturity Date"). The closing date is anticipated to be March 31, 2026. The principal amount of the Debentures can be convertible into units of the Company (the "Units") at the option of the holder at any time prior to the close of business on the last business day immediately preceding the Maturity Date, at a conversion price of CAD 0.10 per Unit (the "Conversion Price"), subject to adjustment in certain events. Each Unit is comprised of one common share of the Company and one half of one Common Share purchase warrant. Each Warrant will be exercisable to acquire one Common Share at an exercise price of CAD 0.15 per Common Share, subject to adjustment in certain events, until 36 months from the Debenture closing date. Certain directors and officers of the Company (collectively, the "Insiders") are expected to participate in the Offering. Closing and the participation of Insiders in the Offering remains subject to the approval of the TSX Venture exchange ("TSXV").The Company may pay finders fees or commissions for this transaction of up to 7% in cash and 7% warrants. The Convertible Debenture will be secured and ranking on default in third position behind the currently issued debentures due on May 20, 2026 ("Series 1 Debentures") and the convertible debentures due on December 19, 2027, December 29, 2027 and February 27, 2028 ("Series 2 Convertible Debentures"). The closing of the Offering is subject to the satisfaction of customary conditions, including the approval of the TSXV. Al securities issued under the Offering remain subject to a statutory four month hold period. Announcement • Mar 09
Horizon Petroleum Ltd. Appoints Trevor Williams to the Board of Directors Horizon Petroleum Ltd. reported the appointment of Mr. Trevor Williams to the Board of Directors of the Company. Trevor Williams is a seasoned executive with over two decades of experience as a manager, entrepreneur, and senior executive, focused on safety, growth, and profitability. His extensive career spans various industries, including agriculture, forestry, oil & gas, and wastewater management, giving him a robust, practical approach to leadership. Over the past twenty years, Trevor has been instrumental in building WTS, a wastewater management company that focuses on wastewater disposal solutions for remote worksites. During the company's development, Trevor gained valuable experience in product development, sales and marketing, operational efficiencies, finance, organizational health, and corporate governance. Under his leadership, WTS partnered with a private equity firm and achieved a 400% revenue growth by diversifying product offerings and pursuing acquisitions. The company eventually merged with Centurion Group UK to become a global provider of rental and service solutions for the oil and gas industry and other industries. Trevor is a firm advocate for strong corporate governance and accountability to shareholders. Announcement • Feb 28
Horizon Petroleum Ltd. announced that it expects to receive CAD 0.2 million in funding Horizon Petroleum Ltd announced a private placement to issue secured convertible debenture in the aggregate principal amount of CAD 200,000 for the proceeds of CAD 200,000 on February 27, 2026. The Debentures bear interest from the applicable issuance date at 15% per annum until the date that is 24 months following the closing date. The closing date is anticipated shortly. The principal amount of the Debentures can be convertible into units of the Company at an conversion price of CAD 0.10. Closing of the Offering remains subject to the approval of the TSXV.. The Company may pay finders fees or commissions for this transaction of up to 7% in cash and 7% warrants. The closing of the Offering is subject to the satisfaction of customary conditions, including the approval of the TSXV. All securities issued under the Offering remain subject to a statutory four month hold period. New Risk • Feb 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Negative equity (-CA$3.3m). Earnings have declined by 44% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$3.20m market cap, or US$2.34m). Minor Risks Latest financial reports are more than 6 months old (reported May 2025 fiscal period end). Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Feb 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended May 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$3.3m). Earnings have declined by 44% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$4.66m market cap, or US$3.42m). Minor Risks Latest financial reports are more than 6 months old (reported May 2025 fiscal period end). Share price has been volatile over the past 3 months (17% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Oct 27
Horizon Petroleum Ltd. announced that it expects to receive CAD 3 million in funding Horizon Petroleum Ltd. announces a private placement to issue secured convertible debentures for gross proceeds of CAD 3,000,000 on October 27, 2025. The Debentures bear interest from the applicable issuance date at 15% per annum until the date that is 24 months following the closing date. The closing date is anticipated to be November 30, 2025. The principal amount of the Debentures can be convertible into units of the Company at the option of the holder at any time prior to the close of business on the last business day immediately preceding the Maturity Date, at a conversion price of CAD 0.10 per Unit. The Company may pay finders fees or commissions for this transaction of up to 7% in cash and 7% warrants. The closing of the Offering is subject to the satisfaction of customary conditions, including the approval of the TSXV. All securities issued under the Offering remain subject to a statutory four month hold period. New Risk • Aug 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$2.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.3m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-CA$3.3m). Earnings have declined by 44% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.82m market cap, or US$4.22m). Announcement • Jun 03
Horizon Petroleum Ltd. Provides an Operations Update of Its Preparation for First Production in Poland Horizon Petroleum Ltd. provided an operations update on progress made towards first production from its cornerstone Lachowice gas development in the Bielsko-Biala concession, southern Poland. Assuming a successful workover result, gas and/or electrical power sales from the Lachowice 7 (L7) well will provide the Company with its first cashflow and will provide a long-term test of the production performance of the naturally fractured, Devonian aged, limestone and dolomite reservoirs in the L7 well. Preparatory work for the L7 workover is progressing on schedule: The Environmental Impact Assessment (EIA) Permit for the L7 workover has been approved by the Ministry of Climate and the Environment (the "Ministry"). With the funds from the recent successful debenture financing, long lead time materials and services have been sourced and ordered with expected deliveries in August and September. These materials include the tubing, wellhead and completion equipment. The Company has received confirmation from its electrical contractor that the local utility company will move the power line that crosses the L7 wellsite by the end of June. Final civil engineering design for the wellsite and access road has been completed and tendering for the construction works to be awarded in the next 3-4 weeks. Wellsite and access road construction to commence in July once the above-mentioned electricity line has been moved. The Company is working with a local service provider to choose the appropriate rig for the workover, now scheduled to commence in September with long-term production testing of the well in October. Early Production System (EPF): The Company continues the work towards finalizing the early production scheme for the initial development at the L7 well following the workover and testing. As previously disclosed, the Company contracted a local electrical engineering company and a mechanical engineering company to review options to monetize gas production from the initial development at L7 and the full field development Lachowice gas field. The reviews and investigations are largely completed: Gas to Power: The company has identified two access points into the local electricity transmission grids. The first with 2MW capacity is located with 300m of the L7 wellsite. The second with 4MW capacity is located approximately 1km from the L7 wellsite. Horizon has made an application to secure the 2MW capacity that will be the first tie-in point for G2P. The company continues to work towards securing the 4MW at the second location. The preliminary design of the gas processing facility that will be required to separate the liquid condensate and any free water from the L7 gas stream has been completed. The Company has commenced sourcing the required vessels and other process equipment. Work on the EIA for the production facility is underway targeting submission in mid-June. Full Field Development Plan: The Company has commenced the preliminary work for the EIA for the planned 100km2 3D seismic survey over the Lachowice gas field. A third-party evaluation has identified a high-pressure gas network tie-in point approximately 14 km northeast of L7, half the distance of the previous plan, which will result in reduced pipeline costs and faster approvals. Takeaway capacities have been confirmed and are consistent with Horizon's short and long-term forecast production volumes. The Company has commenced discussions with pipeline operator and owner to secure access and pipeline capacity. The Company will shortly commence the initial work on the EIA for the full field development facility site and commence the process to rezone the land for industrial use. Announcement • May 21
Horizon Petroleum Ltd. announced that it has received CAD 0.72 million in funding On May 20, 2025, Horizon Petroleum Ltd. closed the transaction. Announcement • May 14
Horizon Petroleum Ltd. announced that it expects to receive CAD 0.72 million in funding HORIZON PETROLEUM LTD announced that it is subject to TSX Venture Exchange acceptance, it intends to complete a non-brokered private placement of up to 720,000 debenture units at a price of CAD 1 per unit, for aggregate gross proceeds of up to CAD 720,000 on May 13, 2025. Each unit consists of an aggregate of CAD 1 principal amount of secured subordinated debentures and 5 common share purchase warrants. The debentures will mature one year following the closing of the offering and are not convertible into equity securities of the company. The debentures will bear interest at a rate of 15% per annum until the maturity date. The company may prepay the debentures at any time prior to the maturity date. Each warrant is exercisable into one common share in the capital of the company at a price of CAD 0.20 per share for a period of one year from the closing of the offering. All securities issued under the offering, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date hereof. Announcement • May 12
Horizon Petroleum Ltd., Annual General Meeting, Jul 15, 2025 Horizon Petroleum Ltd., Annual General Meeting, Jul 15, 2025. Location: alberta, calgary Canada New Risk • May 08
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$1.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.9m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Negative equity (-CA$3.0m). Earnings have declined by 19% per year over the past 5 years. Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$10.6m market cap, or US$7.63m). Announcement • Jan 15
Horizon Petroleum Ltd. Reports an Updated Reserve and Resource Report for the Lachowice Gas Field Located in the Bielsko-Biala Concession in Poland Horizon Petroleum Ltd. reported an updated reserve and resource report for the Lachowice gas field located in the Bielsko-Biala concession in Poland. The reserves were acquired by its 100% owned Polish subsidiary companies through the recently awarded Bielsko-Biala and Cieszyn concessions in Poland. The Company did not hold any properties with reserves or resources (in accordance with NI 51-101), at its most recent year end, August 31, 2024. Subsequent to the year end, on November 19, 2024, the Company was granted the Bielsko-Biala and Cieszyn concessions in Poland. Consequently, the reported reserves and contingent resources are the maiden assets of the Company, and their value can be assigned to the Company. The effective date of the report is August 31, 2024. Horizon holds the rights to a 100% interest in two conventional oil & natural gas concessions in Poland known as Bielsko-Biala and Cieszyn through two wholly owned Polish subsidiary companies which the Company acquired from San Leon Energy. The natural gas is sweet, with up to 91% methane and 7 bbls/MMcf of condensate. The volumes shown are attributable to Horizon's 100% working interest, before deduction of any associated royalty burdens. The economic values presented are shown after deduction of the associated royalty burdens, the NPI payment to San Leon, operating and capital expenses, but before any attributable income taxes. An estimate of risked net Contingent Resources (Development Unclarified) and the associated estimate of the net present value of future net revenues associated with the contingent resources is presented below. It is preliminary in nature and is provided to assist the reader in reaching an opinion on the merit and likelihood of the Company proceeding with the required investment. It includes contingent resources that are considered too uncertain with respect to the chance of development to be classified as reserves. There is uncertainty that the risked net present value of future net revenue will be realized. There is no certainty that any portion of the contingent resources will be developed or commercially viable to produce. Prospective Resources were assigned to the undrilled structures in the Bielsko-Biala Concession that were not previously tested by drilling but are up dip from known gas accumulations. New Risk • Dec 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$562k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$562k free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-CA$3.5m). Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.64m market cap, or US$3.93m). New Risk • Dec 22
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$562k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$562k free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-CA$3.5m). Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.40m market cap, or US$3.76m). New Risk • Dec 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 98% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Negative equity (-CA$3.1m). Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$6.11m market cap, or US$4.29m). New Risk • Oct 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 69% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (35% average weekly change). Negative equity (-CA$3.1m). Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.44m market cap, or US$3.95m). Announcement • Aug 08
Horizon Petroleum Ltd. announced that it expects to receive $1 million in funding Horizon Petroleum Ltd. announced the Company has agreed to sell up to CAD 1,000,000 in subscription receipts and units, in a non-brokered private placement basis at a price of CAD 0.11. The financing is anticipated to close on or about August 30, 2024. The Subscription Receipts will be convertible upon satisfaction of the release conditions, into one Common Share and one Common Share purchase warrant of the Company which will be exercisable for a period of four years from closing at a price of CAD 0.30 per Common Share. The Units are comprised of one common share in the capital of the Company and one transferable share purchase warrant entitling the holder thereof to acquire one Common Share at a price of CAD 0.20 per share. The Units and Subscription Receipts may be sold in any combination up to a maximum of CAD 200,000 in Units with an aggregate maximum of up to CAD 1,000,000. Completion of the Offering is subject to receipt of all required regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange ("TSX-V"). The Common Shares, Warrants and Warrant Shares will be subject to a statutory hold period under applicable Canadian securities laws expiring on the date that is four months and a day following the Closing Date. New Risk • Jul 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$650k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$650k free cash flow). Share price has been highly volatile over the past 3 months (43% average weekly change). Negative equity (-CA$3.1m). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.39m market cap, or US$3.17m). Minor Risk Shareholders have been diluted in the past year (42% increase in shares outstanding). Announcement • May 23
Horizon Petroleum Ltd. announced that it has received CAD 0.07 million in funding On May 21, 2024, Horizon Petroleum Ltd. closed the transaction. The company announced that it has issued 1,400,000 units at an issue price of CAD 0.05 per Unit for gross proceeds of up to CAD 70,000. Each Unit will consist of one common share and one common share purchase warrant. Each Warrant will entitle the holder to purchase one Common Share at a price of CAD 0.075 for a period of 12 months from the date of issuance.
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from 2 placees. Announcement • May 02
Horizon Petroleum Ltd. announced that it expects to receive CAD 0.07 million in funding Horizon Petroleum Ltd announces a non-brokered private placement to issue1,400,000 units at an issue price of CAD 0.05 per Unit for gross proceeds of up to CAD 70,000 on May 1, 2024. Each Unit will consist of one common share and one common share purchase warrant. Each Warrant will entitle the holder to purchase one Common Share at a price of CAD 0.075 for a period of 12 months from the date of issuance. The transaction is subject to approval from the TSX-Venture Exchange. The securities are subject to a four month hold period. In connection with the Offering, Horizon may pay finder's fees of up to 7% cash and up to 7% convertible securities, or a combination of both, as permitted by the policies of the TSX-V. New Risk • Apr 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 57% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-CA$3.1m). Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$1.68m market cap, or US$1.25m). New Risk • Mar 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 14% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-CA$3.1m). Revenue is less than US$1m. Market cap is less than US$10m (CA$1.08m market cap, or US$793.2k). Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). Announcement • Jan 12
Horizon Petroleum Ltd., Annual General Meeting, Mar 20, 2024 Horizon Petroleum Ltd., Annual General Meeting, Mar 20, 2024. Announcement • Jan 02
Horizon Petroleum Ltd. announced that it expects to receive CAD 0.5 million in funding Horizon Petroleum Ltd. announced a private placement of up to 10,000,000 units at a price of CAD 0.05 per unit for gross proceeds of CAD 500,000 on January 2, 2024. Each Unit will consist of one common share and one common share purchase warrant. Each Unit will consist of one common share and one common share purchase warrant. In connection with the offering, certain insiders are expected to purchase units in the offering. As a part of the transaction, the company may pay finder's fees of up to 7% cash and up to 7% convertible securities, or a combination of both, as permitted by the policies of the TSX-V. The transaction is subject to approval from the TSX-V. Announcement • May 30
Horizon Petroleum Ltd. Announces Appointment of Riccardo M. Monti to Board of Directors Horizon Petroleum Ltd. announced appointment of Mr. Riccardo M. Monti to the Board of Directors of the Company, Mr. Monti brings wide ranging international business and government relations experience and expertise to Horizon. Mr. Monti is Executive Chairman of Triboo S.p.A, a leading Italian digital services and e-commerce company, listed on the Milan Stock Exchange. Previously he was Chief Executive Officer in the same company. He is also currently the Executive Vice President of the Italy-China Foundation, established in 2003 to foster economic, political and cultural exchanges between the two countries. Previously, Mr. Monti was the President of Interporto Sud Europa S.p. A (Marcianise), a leader in Italian infrastructure logistics, Chairman of Italferr S.p.A., Italy Largest Engineering firm, active in 30 countries in infrastructure projects and President of Grandi Stazioni, a large retailer. From 2012 to 2016 Mr. Monti has worked for the Italian Government as President of Italian Trade and Investment Agency (ICE) and Deputy chairman of Simest (state owned Equity investor who supports Italian companies internationalization process). From 1997 to 2011 he was a Top Management Consultant, with Booz Allen and Hamilton and with Value Partners, working for corporations and governments in over 50 countries, in USA, Europe and in key emerging markets in Latin America, Asia and the Middle East. Mr. Monti has a degree in Economics from Naples University and an MSc in Business Technology from Brooklynn Polytechnic and is based in Milan, Italy. Board Change • May 05
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Charle Gamba was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 13
Horizon Petroleum Ltd. announced that it expects to receive CAD 35.9 million in funding Horizon Petroleum Ltd. announced a non-brokered private placement of up to 11,250,000 units at a price of CAD 0.08 per unit for gross proceeds of up to CAD 900,000 as well as a financing of subscription receipts for proceeds of CAD 35,000,000 for total proceeds of CAD 35,900,000 on January 12, 2023. The company will issue subscription receipts are exercisable into common shares, to a private European Company. Each unit consists of one common share and one warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of CAD 0.16 per share at any time within 12 months after closing. The transaction is subject to receipt of all required regulatory and TSX Venture Exchange approvals. The company may pay finder's fees of up to 7% cash and up to 7% convertible securities, or a combination of both, as permitted by the policies of the TSX-V. Announcement • Dec 06
Horizon Petroleum Ltd. Announces Updates on NI51-101 Reserves and Resources Report for Poland Horizon Petroleum Ltd. reported the results of a recent independent reserve and resource evaluation ("Reserves Report") on the Lachowice conventional natural gas field in the Bielsko-Biala concession in southern Poland. The Reserves Report has an effective date as of October 01, 2022 and was prepared in compliance with the standards set out in National Instrument 51-101 of the Canadian Securities Administrators and the Canadian Oil and Gas Evaluation Handbook (COGEH). Horizon holds the rights to a 100% interest in two conventional oil & natural gas concessions in Poland known as Bielsko-Biala and Cieszyn through two wholly owned Polish subsidiary companies which the Company acquired from San Leon Energy. In summary a transformation of the concessions to the new Polish concession laws ("Transformation Process") is required by the Polish government as a result of the implementation of amendments to Poland's geological and mining laws. An application for the Transformation Process was submitted to the Polish government in December of 2016 for the Primary Concessions, however, it is not yet complete. The licenses for the Primary Concessions expired in April and August of 2018, however, as the Transformation Process for the Primary Concessions had already commenced they are effectively in suspension pending a decision by the Polish government on the Transformation Process. The timing of completing the Transformation Process has been severely impacted by travel and work restrictions imposed to combat the Covid-19 pandemic, as well as by the Company's lack of financial resources. Completing the Transformation Process will involve negotiations with the Polish Government to finalise: (i) the work programs to be conducted, and (ii) the value of the concession fees and guarantees that will be paid to the Polish government. The Lachowice field is at an early stage of conventional natural gas development. Lachowice-1, Lachowice-7 and Stryszawa-2K are the primary wells of interest on the field and, despite being essentially vertical in their design and utilizing sub-optimal drilling and completion methods for naturally fractured formations, tested at rates of up to 5.8 MMcf/d, 8.9 MMcf/d, and 2.5 MMcf/d, respectively. Each of these wells was drilled and tested, with reservoir depths of 3,000-4,000 meters targeting a naturally fractured carbonate reservoir of Middle Devonian age. The natural gas is sweet, with up to 91% methane and 7 bbls/MMcf of condensate. Following receipt of the Reserves Report, Horizon is currently in the process of finalizing its development plan. In general, it is currently anticipated that the development plan would begin with the re-entry of an existing wellbore. Provided Horizon successfully closes the Acquisition and is successful with the Transformation Process, it is targeting to re-enter and test a well in the first half of 2024, with first production to occur into a temporary compressed natural gas unit Q2, 2024, with natural gas sales initially facilities constrained at approximately 1.5 MMcfe/d. If well capability is higher, incremental production and sales can be realized with the addition of more temporary facilities and trucking. The wells will produce natural gas under primary drive via the natural fractures and the matrix porosity within the reservoir. The project is considered pre-development and is expected to cost approximately USD 7.5 million to first production. Two new wells will be drilled in 2025 and a new gas processing facility built with capacity of 30MMcfe/d and a projected on stream date of First Quarter 2026. Multiple horizontal or highly deviated wells will be drilled commencing in 2026 to fill the plant to capacity by 2027. Operating netbacks are expected to be approximately USD 55.60 per Mcfe, based on current price forecast at the time of the reserves report. Timing of the development is subject to regulatory approvals, and Horizon has initiated efforts to begin and fast-track the regulatory process. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Charle Gamba was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 11
Horizon Petroleum Ltd. Approves Board Changes Horizon Petroleum Ltd. announced that at its AGM held on November 7, 2022, the shareholders elected Roger McMechan and Tan Shen Liang as directors of the company. Roger McMechan has over 35 years of diverse experience in managing domestic and international oil and gas operations. He has held senior management positions for Petro Canada and Burlington Resources in North Africa and Canada; was the Executive Vice President and Director of Winstar Resources with operations in Canada, Tunisia, Hungary and Romania; the Chief Executive Officer and Director of Iskandar Energy, a private company that operated in Bulgaria, Georgia, Poland and Ukraine; and more recently was the Technical Director of Block Energy Plc with operations in the country of Georgia. Mr. McMechan received a BSc in Mechanical Engineering from University of Waterloo. Tan Shern Liang has more than 30 years of experience in both the banking and investment industries. Mr. Tan is the founder and Chief Executive Officer of One Tree Partners, a licensed asset management firm in Singapore. One Tree Partners is one of the longest established fund management firms in Singapore. Over the years, One Tree Partners has invested in more than USD1 billion worth of mining and commercial real estate deals across the region. Prior to founding One Tree Partners, Mr. Tan held increasingly senior management and executive roles at Citibank, UBS and Goldman Sachs in Singapore. Mr. Tan graduated with a Bachelor of Business Administration (BBA) degree from the University of Michigan. Mr. Yogeshwar Sharma and Mr. Henry Wilson did not stand for re-election at the meeting. Mr. Sharma was a co-founder of the Company, and Mr. Wilson has served as a Director since 2017. Announcement • Nov 08
Horizon Petroleum Ltd. Appoints Ian Habke as Chief Financial Officer Horizon Petroleum Ltd. reported the appointment of Ian Habke to the role of Chief Financial Officer effective from November 1, 2022.Ian Habke is a Chartered Accountant with over 30 years of experience in the oil and gas industry. He has workedin a finance management roles in multiple countries including Canada, the Middle East, the UK and Latin America.Ian has acquired significant knowledge in the areas of oil and gas operations, strategic planning and budgeting,cost control, financial reporting, M&A activities, tax planning, investors relations and supply management.His experience was gained in both junior and large companies including increasingly senior financial managementroles with Nexen in the UK, Canada and Yemen. Mr. Habke completed his Bachelor of Commerce degree from theUniversity of Alberta. He is based in Calgary. Announcement • Oct 07
Horizon Petroleum Ltd. announced that it has received CAD 1 million in funding On October 6, 2022, Horizon Petroleum Ltd. closed the transaction. The company issued second and final tranche of 26,000,000 units at a price of CAD 0.02 per unit for an aggregate gross proceeds of CAD 520,000. The company has raised a total of CAD 1,000,000? in the transaction. The cmpany paid finders fees of 1,200,000 finder’s warrants. The transaction is subject to approval from regulatory authority. Announcement • Aug 24
Horizon Petroleum Ltd. announced that it expects to receive CAD 1 million in funding Horizon Petroleum Ltd. announced a non-brokered private placement of up to 50,000,000 units at a price of CAD 0.02 per share for gross proceeds of up to CAD 1,000,000 on August 23, 2022. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase on common share at a price of CAD 0.05 for a period of twelve months from the date of issuance. The transaction is subject to approval from the TSX Venture Exchange. In connection with the transaction, certain insiders are expected to purchase Units in the transaction. The company may pay finder’s fees in cash or securities, or a combination of both, as permitted by the policies of the TSX-V. Closing of the transaction is subject to the acceptance of the of the TSX-V. The securities being issued pursuant to the offering will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable Canadian securities law and the policies of the TSX-V. Announcement • Aug 18
Horizon Petroleum Ltd., Annual General Meeting, Oct 14, 2022 Horizon Petroleum Ltd., Annual General Meeting, Oct 14, 2022. Board Change • Aug 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Harry Wilson was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 