Horizon Petroleum late to file FY 2025 results

Executive Summary

• Horizon Petroleum Ltd. has announced a delay in filing its annual audited financial statements, Management’s Discussion and Analysis (MD&A), and related certifications for the fiscal year ended August 31, 2025.
• The delay is attributed to the auditor, McGovern Hurley LLP, being unable to complete the audit by the original deadline of December 29, 2025. The company now expects the audit to be completed by February 16, 2026.
• In response to the delay, Horizon has applied to the Alberta Securities Commission for a Management Cease Trade Order (MCTO). If granted, this will prohibit management from trading company securities until the annual filings are submitted.

Key Details

• Delayed Documents:
  • Annual audited financial statements for the year ended August 31, 2025.
  • Management’s Discussion and Analysis (MD&A) for the year ended August 31, 2025.
  • Form 51-101F1, F2, and F3 for the year ended August 31, 2025.
  • Certification of the annual filings for the year ended August 31, 2025.
• Original Deadline: December 29, 2025.
• New Expected Completion Date: February 16, 2026 (for the audit), with filings to follow as soon as possible thereafter.
• Regulatory Action: Application submitted to the Alberta Securities Commission for a Management Cease Trade Order under National Policy 12-203.
• Consequences of MCTO: Prohibits management from trading in the company's securities until annual filings are filed. The Commission may also impose an issuer cease trade order if filings are not made timely.
• Compliance Measures:
  • Management and insiders are subject to an insider trading blackout until filings are complete.
  • The company must issue biweekly default status reports (news releases) while the annual filings remain outstanding.
• Operational Status: No material business developments have occurred since the interim financial reports for the period ended May 31, 2025 (filed July 30, 2025). There are no insolvency proceedings involving the company.

Notable Quotes

• "McGovern Hurley LLP, the company's auditor, has advised the company that it may be unable to complete its audit of the annual financial statements by Dec. 29, 2025."
• "The company expects that McGovern Hurley will be able to complete the audit by Feb. 16, 2026, with the annual filings to be completed as soon as possible thereafter."