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CALGARY,
AB, Nov. 27, 2023 /CNW/ - Horizon
Petroleum Ltd. ("Horizon" or the "Company") (TSXV:
HPL.H) announces that the Directors have approved a consolidation
of its common shares on the basis of one (1) new common share for
every existing five (5) common shares (the "Consolidation"),
subject to regulatory approval, including approval of the TSX
Venture Exchange. Management believes that the Consolidation is
necessary to provide the Company with a share structure that will
better attract capital financing and that will provide for future
growth as the Company executes it's European gas strategy and
planned gas development in Poland.
This Consolidation was approved by the Company's shareholders at
it's Annual General and Special Meeting of the shareholders on
June 8, 2023.
Effective on or about November 30,
2023, Horizon will complete the Consolidation. Where the
exchange results in a fractional share, the number of common
shares will be rounded up to the next greater whole number of
common shares. A new CUSIP number of 44053J409 replaces the old
CUSIP number of 44053J201 to distinguish between the pre- and
post- consolidated shares. The Company's name and trading symbol
will remain unchanged.
The Consolidation is being conducted on a "push-out" basis.
Shareholders of the Company without a physical share certificate
do not need to take any action with respect to the Consolidation.
DRS statements for the post-Consolidation common shares will be
mailed on or about December 5, 2023.
Shareholders of the Company with physical share certificates
should send their physical share certificate, to the addresses
below, to receive a post-Consolidation share certificate:
By Mail:
Computershare Investor
Services Inc.
P.O. Box 7021
31 Adelaide Street East
Toronto, Ontario M5C 3H2
Attention: Corporate Actions
By Registered Mail, Hand or
Courier:
Computershare Investor Services Inc.
8th Floor, 100 University Avenue
Toronto, Ontario M5J 2Y1
Attention: Corporate Actions
Commencing at the opening of trading on or about November 30, 2023 the common shares of the
Company will trade on a post-Consolidation basis on the TSX
Venture Exchange. Prior to the Consolidation, there are 118,930,676
pre-Consolidation shares outstanding. Following the
Consolidation, there are expected to be 23,786,135
post-Consolidation shares outstanding.
Corporate Update
Further to its press release dated August
23, 2023 Horizon has been informed that the Transformation
Process is expected to be completed in Q1 2024 and the
Bielska-Biala and Cieszyn concessions converted to the new dual
concession granting exploration/appraisal as well as exploitation
rights to hydrocarbons. With completion, the Company will initiate
its plans and commence operations to develop the Lachowice gas
discovery.
The Lachowice gas development project within Bielska Biala
concession has been independently evaluated to contain gross
probable reserves of 34 bcf of natural gas with 262mbbls of
condensate as well as 2C gross risked contingent resources of 164
bcf and over 1,200 mbbls of condensate.
The Transformation Process is fully described in the Annual
Financial Statements and Management Discussion and Analysis but in
summary, a transformation of the concessions to the new
Polish concession laws ("Transformation Process")
implements amendments to Poland's geological and mining laws
allowing the Company's to expand it's rights to
exploration/appraisal as well as exploitation of hydrocarbons. The
Transformation Process had been initiated by Horizon's predecessor
company in Poland, San Leon Energy
and had been stalled during the COVID pandemic.
The Company continues to evaluate a number of natural gas
production and development M&A opportunities in Europe with a goal to establish a production
and cash flow base to provide funding for development activities.
We will update shareholders in due course.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined under the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. The Company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to the Company. Additional information identifying risks
and uncertainties is contained in the Company's filings with the
Canadian securities regulators, which filings are available at
www.sedarplus.com.
Forward-Looking Statements
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation. All
statements, other than statements of historical fact, included
herein are forward-looking information. In particular, this news
release contains forward-looking information regarding: the
Consolidation, the Transformation Process, the continuing
evaluation and review of opportunities for the acquisition of
assets or businesses that will enhance shareholder value. There
can be no assurance that such forward-looking information will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such forward-looking
information. This forward-looking information reflects Horizon's
current beliefs and is based on information currently available to
Horizon and on assumptions Horizon believes are reasonable. These
assumptions include, but are not limited to: the underlying value
of Horizon and its common shares; TSX Venture Exchange approval of
the Consolidation; the ability of Horizon to find transactions that
are acceptable to the market, directors and shareholders that will
increase shareholder value, the ability to obtain financing on
acceptable terms in relation to such transactions; the ability to
obtain all required approvals, including TSXV approvals, in
relation to any such transactions; expectations regarding the
Company's ability to raise capital and to continually add to
reserves through acquisitions and development; operational risks
and liabilities inherent in oil and natural gas operations;
uncertainties associated with estimating oil and natural gas
reserves; the accuracy of oil and gas reserves estimates and
estimated production levels as they are affected by exploration
and development drilling and estimated decline rates; the
accuracy of assessments of the value of benefits to be
obtained from acquisitions and exploration and development
programs; the Company's expectations regarding commodity prices and
costs; and the performance characteristics of the Company and its
oil and natural gas properties. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Horizon to be materially different from those
expressed or implied by such forward-looking information. Such
risks and other factors may include, but are not limited to:
general business, economic, competitive, political and social
uncertainties; general capital market conditions and market prices
for securities; delay or failure to receive board or regulatory
approvals; the actual results of future operations;
competition; changes in legislation affecting Horizon; the timing
and availability of external financing on acceptable terms;
long-term capital requirements and future developments in the
Company's markets and the markets in which it expects to compete;
lack of qualified, skilled labour or loss of key individuals. A
description of additional risk factors that may cause actual
results to differ materially from forward-looking information can
be found in Horizon's disclosure documents on the SEDAR+ website at
www.sedarplus.ca. Although Horizon has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. Readers are cautioned that the
foregoing list of factors is not exhaustive. Readers are further
cautioned not to place undue reliance on forward-looking
information as there can be no assurance that the plans, intentions
or expectations upon which they are placed will occur.
Forward-looking information contained in this news release is
expressly qualified by this cautionary statement. The
forward-looking information contained in this news release
represents the expectations of Horizon as of the date of this news
release and, accordingly, is subject to change after such date.
However, Horizon expressly disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities law.
SOURCE Horizon Petroleum Ltd.
