Horizon Petroleum Ltd. announced that it has entered into a Reactivation Agreement and a Loan and Security Agreement with an arm's-length company for the purpose of re-activating Horizon. Under the Loan and Security Agreement, Horizon will borrow $75,000, to be used solely for the purpose of paying certain accounts payable in connection with the proposed reactivation. The loan bears interest at an annual rate of 10%, has a term of one year, and is secured by a security interest to and in favor of the lender in all of Horizon's present and after-acquired personal property. The reactivation agreement provides, among other things, that Horizon will prepare and file all continuous disclosure documents necessary to obtain the lifting of the CTO and the reinstatement of trading of Horizon's shares on the TSXV; at such time as the CTO is lifted, Horizon will effect a "best efforts" private placement in a minimum amount of $250,000, to provide working capital for future operations and in order to obtain the reinstatement of trading on the TSXV; no later than the closing date of the private placement, or such earlier date as may be chosen by the arm's-length listed company in its sole discretion, the current directors of Horizon will resign and will be replaced by directors nominated by the listed company; and at such time as Horizon has filed audited financial statements for its fiscal years ended August 31, 2019 and August 31, 2020, respectively, on SEDAR, Horizon will call an annual meeting of shareholders.