Horizon Petroleum Appoints Chief Financial Officer

Calgary, Alberta--(Newsfile Corp. - November 7, 2022) - Horizon Petroleum Ltd. (TSXV: HPL.H) (the "Company" or "Horizon") is pleased to report 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 worked in 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 management roles with Nexen in the UK, Canada and Yemen. Mr. Habke completed his Bachelor of Commerce degree from the University of Alberta. He is based in Calgary.

"We are very pleased to have a financial professional of Ian's calibre join Horizon, and assume the position of Chief Financial Officer. I look forward to working with Ian in moving the Company forward with its European gas acquisition and development strategy. With his international financial and industry experience, Ian's appointment is an important step in rebuilding the company to execute our strategy after a difficult period for the company," commented David Winter, President and CEO of Horizon.

About Horizon Petroleum Ltd.

Calgary-based Horizon is focused on the appraisal and development of oil & gas reserves in Europe. The Management and Board of Horizon consist of oil & gas professionals with significant international experience in the appraisal, development and exploration for oil and gas fields.

For further information about the Company, please contact:

Dr. David Winter
President & CEO
+1 403 619-2957
david.winter@horizon-petroleum.com

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. 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 furtherance of Horizon's European acquisition and development strategy.

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 believes 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, levels of activity and achievements and such statements are not guarantees of future performance.

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