Horizon Petroleum Management Cease Trade Order Status Update

Executive Summary

• Horizon Petroleum Ltd. is subject to a temporary Management Cease Trade Order (MCTO) that restricts its CEO and CFO from trading the company’s securities until required annual filings are submitted.
• The filing deadline for the Annual Audited Financial Statements, MD&A, and certifications has been pushed from February 16 2026 to March 2 2026 due to audit completion time and the need to raise additional capital.
• No other material changes have occurred since the initial MCTO announcement; the company will continue filing bi‑weekly status reports as required by NP 12‑203.

Key Details

• MCTO Scope: Prohibits only the Chief Executive Officer and Chief Financial Officer from buying, selling, or otherwise acquiring Horizon securities; other shareholders remain unrestricted.
• Required Filings: Annual Audited Financial Statements for year ended August 31 2025, Management Discussion & Analysis (MD&A) for same period, and certification of those filings under NI 51‑102.
• Original Filing Deadline: December 29 2025; previously announced expected filing date was February 16 2026.
• Revised Expected Filing Date: March 2 2026 – delay attributed to audit completion time and need for additional capital to fund the audit.
• Bi‑weekly Reporting: Under NP 12‑203, Horizon must issue news releases with default status reports during the MCTO period; this release satisfies that requirement.
• Company Statement: No material change to previously disclosed information, no failure to meet alternative information guidelines, and no other undisclosed material information exists.

Notable Quotes

• “The Company and its auditor continue to work diligently toward completing the Annual Filings.” – Horizon Petroleum Ltd.

Materiality Assessment: Material – Negative (the trading restriction on senior executives and delayed financial disclosures represent a significant adverse development for investors).