Dr. David Winter reports

HORIZON PETROLEUM ANNOUNCES PRIVATE PLACEMENT FOR UP TO $4 MILLION

Horizon Petroleum Ltd. has arranged a non-brokered private placement for up to 26,666,667 units in the capital of Horizon at a price of 15 cents per unit for gross proceeds of up to $4-million, subject to approval from the TSX Venture Exchange. Each unit will consist of one common share and one-half of one common share purchase warrant in the capital of the company. Each warrant will entitle the holder to purchase one common share at a price of 25 cents for a period of 36 months from the date of issuance.

The offering remains subject to TSX-V approval. The securities will be subject to a four-month hold period.

In connection with the offering, Horizon may pay finders' fees of up to 7 per cent cash and up to 7 per cent finder warrants, or a combination of both, as permitted by the policies of the TSX-V.

The proceeds of the offering will be used to complete the workover and testing operations at the Lachowice 7 well to confirm the reservoir productivity, for Lachowice development planning, and for general corporate purposes.

About Horizon Petroleum Ltd.

Calgary-based Horizon is focused on the appraisal and development of natural gas reserves and clean energy sources to increase energy independence and security in Europe. The management and board of Horizon consist of oil and gas, business, and finance professionals with significant international experience.

We seek Safe Harbor.