Dr. David Winter reports

HORIZON PETROLEUM GRANTED A MANAGEMENT CEASE TRADE ORDER FOR ANNUAL FILINGS BY THE ASC

Horizon Petroleum Ltd.'s principal regulator, the Alberta Securities Commission, has granted a management cease trade order (MCTO).

As previously announced on Dec. 29, 2025, the company applied for the MCTO due to an expected delay in the filing of the audited consolidated financial statements for the year ended Aug. 31, 2025, annual management discussion and analysis for the same period and management certifications of annual filings. The MCTO restricts the company's management from all trading in securities of the company until such time as the annual filings have been filed by the company and the MCTO is no longer in effect. The MCTO does not affect the ability of other shareholders of the company to trade in securities of the company. The company and its auditor continue to work diligently toward completing the annual filings as soon as possible with the goal of filing the annual filings by Feb. 16, 2026.

The company confirms that, since the date of the announcement: (i) there has been no material change to the information set out in the announcement that has not been generally disclosed; (ii) the company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under National Policy 12-203, Management Cease Trade Orders, and issue biweekly default status reports for so long as the delay in filing the annual filings continues, each of which will be issued in the form of a news release; (iii) there has not been any other specified default by the company under NP 12-203; (iv) the company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the company that has not been generally disclosed.

About Horizon Petroleum Ltd.

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

We seek Safe Harbor.