Horizon Announces Second Closing of Acquisition in Poland

Source Press Release
Company Horizon Petroleum Ltd.San Leon Energy Plc 
Tags Asset Deals, Deals, Upstream Activities
Date August 26, 2019

Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV: HPL) is pleased to announce that, following its recent initial acquisition of two concessions, including the Biesko-Biala concession, from subsidiaries of San Leon Energy plc (“San Leon”) (see press release dated August 21, 2019) it has completed the acquisition(the “Acquisition”) of two further concessions from subsidiaries of San Leon. San Leon and Horizon have agreed that cash consideration of $10,000, plus closing adjustments, for each of the concessions will be payable to San Leon upon completion of the awards process by the Polish government.

To date, Horizon has closed on four of the five concessions to be acquired, as previously announced in Horizon’s press release dated September 19, 2017. The acquisition of the fifth concession, Buchowice, under a similar but separate transaction, is expected to close within 60 days.

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