Horizon Announces Revocation of Cease Trade Order

Calgary, Alberta--(Newsfile Corp. - July 18, 2022) - Horizon Petroleum Ltd. (TSXV: HPL.H) ("Horizon" or the "Company") announces that it has been successful in its applications to the Alberta Securities Commission, as principal regulator, and the British Columbia Securities Commission, to revoke the cease trade orders issued on January 6, 2020 and January 16, 2020, respectively (collectively, the "Cease Trade Orders"). The Cease Trade Orders were issued as a result of the Company's failure to file its annual audited financial statements, annual management's discussion and analysis and certification of its annual filings for the year ended August 31, 2019.

The Company has filed audited annual financial statements as at and for the years ended August 31, 2021 and 2020, as well as the interim financial statements for the three-months ended November 30, 2021 and the six-months ended February 28, 2022, along with the related management's discussion and analysis and required certifications. The Company has otherwise met its continuous disclosure obligations pursuant to securities laws and the revocation orders granted by the securities regulators.

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

Neither the TSX Venture Exchange nor its Regulation Service 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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