HORIZON PETROLEUM ANNOUNCES AMENDED DEAL TERMS AND FINAL CLOSING FOR ACQUISITION OF 100% OWNERSHIP OF IT'S POLISH ASSETS

About this update from Horizon Petroleum Ltd.

CALGARY, AB, June 15, 2026 /CNW/ - Horizon Petroleum Ltd. (TSXV: HPL) (FRA: HPM) (Tradegate: HPM), ("Horizon" or the "Company") is ‎pleased to announce that it has reached an agreement with San Leon Energy on amended terms for the acquisition of its Polish subsidiaries Energia Karpaty Zachodnie Sp. Z.o.o and Energia Karpaty Zachodnie z ograniczona odpowiedzialnoscia Sp.K. (together "EKZ") that hold the Bielsko-Biala and Cieszyn Concessions. The Company has paid the consideration due, as detailed below, to San Leon Energy who have confirmed full receipt of the agreed amount. With the consideration payment fully discharged, the transaction is now considered to be closed. Dr. David Winter, CEO of the Company commented: "We are very pleased to have finally concluded the transaction with San Leon. The amended terms benefit both companies. The all-cash consideration meets both companies needs and for Horizon removes the dilution associated with issuing common shares. The termination of the NPI will lead to an increase in Horizon's gas reserves and reserve value and payment of the consideration reduces the debt on our balance sheet. Horizon is now clear to unlock the significant potential reserve value at Lachowice and to develop the natural gas resources across it's 1,100km2 land base in southern Poland and play a significant role in increasing domestic gas supplies and enhancing Poland's energy independence." Original Deal Terms The terms agreed and previously announced by Horizon and San Leon were for Horizon to pay San Leon consideration at closing of US$1,080,000 in cash (net) (the "Cash Consideration"), C$1,000,000 in Horizon shares (the "Share Consideration" and collectively with the Cash Consideration, the "Consideration"), and a 6% Net Profits Interest ("NPI"). Horizon and San Leon originally agreed that San Leon would transform the concessions prior to closing. However, due to delays in the transformation process, Horizon had agreed to take responsibility for the completion of the transformation of the concessions, and in exchange, the parties agreed that payment of the Consideration would be made contingent upon the transformation of the Biesko-Biala concession. The transformation of the concessions involved the conversion of the Bielsko-Biala and Cieszyn conce...

View stock analysis, news, and events for Horizon Petroleum Ltd.