Calgary, Alberta--(Newsfile Corp. - October 6, 2022) - Horizon Petroleum Ltd. (TSXV: HPL.H) ("Horizon" or the "Company") is pleased to announce that, further to its press releases dated August 23, 2022 and September 30, 2022, and subject to receiving final regulatory approvals, the Company closed the second and final tranche of its non-brokered private placement on October 6, 2022, (the "Offering") by issuing 26,000,000 units (the "Units") at a price of $0.02 per Unit for aggregate gross proceeds of $520,000. The aggregate gross proceeds under both tranches of the Offering was $1,000,000.

Each Unit consists of one common share ("Common Share") and one common share purchase warrant ("Warrant") in the capital of the Company. Each Warrant will entitle the holder to purchase one Common Share at a price of $0.05 for a period of twelve (12) months from the date of issuance. The terms of the Offering, including a description of the Units, are contained in the Company's press release dated August 23, 2022.

In connection with the Offering, the Company paid finders' fees to certain arm's length persons consisting of 1,200,000 non-transferable finder's warrants (the "Finder's Warrants"). Each Finder's Warrant is exercisable by the holder for one compensation unit (a "Compensation Unit") at an exercise price of $0.02 for a period of twelve (12) months from the date of issuance. Each Compensation Unit is comprised of one Common Share and one common share purchase warrant (each, an "Underlying Warrant"), with each Underlying Warrant exercisable for one Common Share at an exercise price of $0.05 for a period of twelve (12) months from the date of issuance of the Finder's Warrant.

The Company intends to use the net proceeds of the Offering for: (i) the payment of $110,000 owed by the Company pursuant to a settlement agreement entered into on July 15, 2022, as further discussed in the Company's press release dated August 12, 2022; (ii) for the repayment of debt; (iii) purposes of bringing the Company's continuous disclosure record up to date; and (iv) working capital purposes.

In accordance with applicable Canadian securities laws, all securities issued pursuant to the Offering are subject to a four (4) month hold period. The Offering remains subject to final approval from the TSX Venture Exchange ("TSXV").

About Horizon Petroleum Ltd.

Calgary-based Horizon is focused on the appraisal and development of conventional oil & natural gas resources onshore Europe. The Management and Board of Horizon consist of oil & natural gas professionals with significant international experience.

For further information please contact:

Dr. David Winter
President & CEO
+1(403) 619 2957
dawinter@horizon-petroleum.com

Forward-Looking Information

This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of our anticipated future operations, receipt of TSXV approvals, the use of proceeds from the Offering and allocation thereof. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future.

The forward-looking information is based on certain key expectations and assumptions made by Horizon's management, including with respect to anticipated timing and results of capital expenditures and general economic, market or business conditions. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Horizon can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. Horizon's actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide securityholders with a more complete perspective on future operations and such information may not be appropriate for other purposes.

Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Neither the 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.

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