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Horizon Receives Cease Trade Order Due To Delay In Filing Annual Financial Results

Horizon Petroleum Ltd. (the "Company" or "Horizon") (TSXV: HPL) announces today that the filings of its annual financial statements, the related management’s discussion and analysis and the certification of the annual filings for the year ended August 31, 2019 (collectively, the "Annual Financial Filings") were not completed by the deadline of December 31, 2019. As a result, on January 6, 2020 the Alberta Securities Commission issued a cease trade order (the "CTO") against the Company and securities have been halted from trading on the TSX Venture Exchange ("TSXV").

If the Company files the Annual Financial Filings within 90 days of the date of the CTO, the filing of the Annual Financial Filings constitutes the application to revoke the CTO. Once the CTO is revoked, the Company will be subject to a reinstatement to trade review by the 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.

Advisories

Note Regarding Forward Looking Statements.
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, management focus, strategies, financial, operating and production results, industry conditions, commodity prices and business opportunities. The forward-looking information is based on certain key expectations and assumptions made by Horizon’s management. 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.

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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200107006070/en/

Contacts

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