HORIZON PETROLEUM LTD. ANNOUNCES UPSIZE OF CONVERTIBLE DEBENTURE OFFERING UP TO $4 MILLION

• On 2026‑04‑06 Horizon Petroleum announced an upsize of its convertible debenture offering from a previously announced $3 million to up to $4 million aggregate principal.
• Each $1,000 debenture unit converts into 9,524 common shares at $0.105 per share plus 4,762 warrants exercisable at $0.15 for 36 months.
• Interest is 7% per annum, payable semi‑annually in cash or shares; maturity is 24 months after closing.
• Proceeds will fund civil works and production testing at the Lachowice‑7 gas well (summer 2026), ongoing technical/operational planning, and general working capital in Poland and Canada, including repayment of existing liabilities.
• Closing is expected on or before 15 April 2026, subject to TSX Venture Exchange approval; securities carry a statutory four‑month hold period.
• Insiders (directors/officers) are expected to participate; the transaction qualifies as a related‑party offering under MI 61‑101 but is exempt from formal valuation/minority‑approval requirements.

• The upsize adds $1 million (≈33% increase) to a financing that was already disclosed on 2026‑03‑27.
• Funds are earmarked for the same previously announced activities (civil works at Lachowice‑7, working capital, debt repayment); no new project milestones or operational updates accompany the financing.
• The terms (interest rate, conversion price, warrant structure) remain unchanged from earlier tranches, indicating no material alteration to the company’s funding profile.
• Consequently, the news represents an incremental, expected development rather than a surprise or game‑changing event.

Horizon Petroleum Ltd. is a junior oil & gas company focused on the exploration, development, and production of natural gas assets in Poland (Lachowice concession) and Canada. Its flagship initiative is the re‑entry and production testing of the Lachowice‑7 gas well, planned for summer 2026. The well targets a shallow carbonate reservoir with the aim of establishing early commercial flow to generate cash flow and reduce reliance on external financing.