CALGARY, AB, July 7, 2026 /CNW/ - Horizon Petroleum Ltd. (TSXV: HPL) (FRA: HPM) (Tradegate: HPM) ("Horizon" or the "Company") is pleased to announce that further to its press release dated June 23, 2026 and subject to TSX Venture Exchange acceptance, it has closed its oversubscribed, unit private placement ("Units") of the company at a price of $0.15 per unit, for aggregate gross proceeds of $4,125,950.
Dr. David Winter, CEO of the Company commented: "We are pleased to close this oversubscribed financing and are excited to begin work with the well workover and production testing operations at the Lachowice 7 gas well. The well site construction is complete, the wellhead has been installed, and we are ready to receive the workover rig as soon as the contract with the rig supplier is finalized. We expect to complete the well workover and production testing program over the next three months. These operations are the key first step towards our goal to establish early production from the Lachowice gas development. We are evaluating several gas monetization options open to us for the early production phase. These include gas to power - generating and selling electricity into the local electricity grid, compressed natural gas for direct sale to end users and gas supply for a modular data center. We look forward to updating shareholders as we progress with work in the field and our plans for the full field development over the next 3-4 years unlocking the asset value potential exceeding US$500 million. The Lachowice development will play a significant part in increasing domestic gas supplies in Poland and so assist the country's goals of energy independence and security. We are very pleased that the project has received a great deal of support from the local authorities and people living in the area. The interest and support of our shareholders and key advisors at Leede Financial is much appreciated by the Company and has been instrumental in this successful financing."
The Company issued 27,506,333 Units at a price of CAD$0.15 for gross proceeds of CAD $4,125,950. The Units comprised: (i) one common share in the capital of the Company ("Common Share"), and (ii) one transferable share purchase half warrant entitling the holder thereof to acquire one Common Share at a price of CAD$0.25 ("Warrant") per share. The rights under the Warrants have a term of 36 months following the closing date. The funds will be used to advance the Company's Lachowice gas development project in Poland and for general working capital.