CALGARY,
AB, May 29, 2023 /CNW/ - Horizon Petroleum
Ltd. (the "Company" or "Horizon") (TSXV: HPL) is pleased
to report the appointment of Mr. Riccardo
M. Monti to the Board of Directors of the Company, and Dr.
Cezary Filipowicz as the Company's
Representative and Manager in Poland.
Mr Monti brings wide ranging international business and
government relations experience and expertise to Horizon. Mr. Monti
is Executive Chairman of Triboo S.p.A, a leading Italian digital
services and e-commerce company, listed on the Milan Stock
Exchange. Previously he was Chief Executive Officer in the same
company. He is also currently the Executive Vice President of the
Italy-China Foundation, established in 2003 to foster economic,
political and cultural exchanges between the two countries.
Previously, Mr. Monti was the President of Interporto Sud Europa
S.p.A (Marcianise), a leader in Italian infrastructure logistics,
Chairman of Italferr S.p.A., Italy Largest Engineering firm, active
in 30 countries in infrastructure projects and President of Grandi
Stazioni, a large retailer.
From 2012 to 2016 Mr. Monti has worked for the Italian
Government as President of Italian Trade and Investment Agency
(ICE) and Deputy chairman of Simest (state owned Equity investor
who supports Italian companies internationalization process). From
1997 to 2011 he was a Top Management Consultant, with Booz Allen and Hamilton and with Value Partners, working for
corporations and governments in over 50 countries, in USA,
Europe and in key emerging markets
in Latin America, Asia and the Middle East.
Mr. Monti has a degree in Economics from Naples University and an MSc in Business
Technology from Brooklynn Polytechnic and is based in Milan, Italy.
The Company has also appointed Dr. Cezary Filipowicz as its Company Representative
in Poland and a Director of our
wholly owned Polish subsidiary companies.
Dr. Cezary Filipowicz has almost
40 years of professional experience gained in the oil and gas
business, Government services and academia in Poland and other countries. He is a Vice
President of UOS Energy and prior to an Advisor and Vice President
of United Oilfield Services and UOS Drilling. Previously he held
senior positions as a Founder and Deputy President of PKN Orlen SA
(the largest independent oil and gas company in central and eastern
Europe), a Board Member of
AB Mazeikiu Nafta in Lithuania, a
Director of the International Pipeline Company MPR "SARMATIA" Ltd,
a Director of the Representative Office in Poland of the Ukrainian Joint Stock Company
"UKRTRANSNAFTA" and President of the International Oil Company MTN
"Golden Gate" S.A.
Dr. Filipowicz is also active in the field of ecology. He was
chief ecologist of the Bank for Environmental Protection (BOS Bank
S.A.); director of "GeoCO2 Consortium" and coordinator of the
Polish Carbon Capture and Storage (CCS) pilot project.
In Government, Dr. Filipowicz has served as an advisor to the
Deputy Prime Minister, Minister of Economy of the Republic of
Poland and to the Chancellery of
the President of the Republic of Poland.
Dr. Filipowicz has a Doctorate and a MSc in geology from the
University of Warsaw. He has also
held Lecturer positions at the University of Warsaw, Kansas
University and Ohio State
University. He lives in Warsaw,
Poland.
Dr. David Winter CEO of Horizon commented "We are very pleased
to have businessmen of Riccardo's and Cezary's calibre and
experience to work with us to execute our European gas acquisition
and development strategy, to increase cleaner domestic energy
production and to improve energy independence and security. With
their international business and Government experience, their
appointments will provide Horizon with important European business
experience and government relations that will complement the
current Board and management team".
Stock Option Issuance
The Company further reports the grant of a total of 9,500,000
stock options to the Board, Management, Consultants and Advisors at
a price of $0.05, which shall vest as
to 1/3rd on the date of grant, 1/3rd after 12
months, and the final 1/3rd after 24 months; the stock
options expire 5 years from the date of grant. These
options are being granted under the Company's stock option plan,
and are subject to the acceptance of the TSX Venture Exchange.
The Company announces that it has adopted a new rolling 10%
stock option plan (the "New Plan") in place of its current stock
option plan in order to align with the TSX Venture Exchange's
Policy 4.4 – Security Based Compensation. The New Plan
limits the total number of common shares of the Company that may be
issued on exercise of stock options outstanding at any time to 10%
of the number of common shares issued and outstanding. All
outstanding stock options will be subject to the terms of the New
Plan. The adoption of the New Plan is subject to the
approval of the shareholders of the Company at its annual general
and special meeting of shareholders scheduled to be held on
June 8, 2023 and final TSX Venture
Exchange approval. Please refer to the management information
circular of the Company dated May 4,
2023 available on SEDAR at www.sedar.com under the
Company's profile for a copy and summary of the New Plan.
The stock option grant is subject to regulatory approval.
The Company has determined that exemptions from the various
requirements of TSX Venture Exchange Policy 5.9 are available for
the grant of stock options to each of the individuals. The
Company has further determined that an exemption from the various
requirements of Multilateral Instrument 61-101 is available as the
fair market value of the grant of options is less than 25% of the
market capitalization of the Company.
About Horizon Petroleum
Ltd.
Calgary-based Horizon is
focused on the appraisal and development of natural gas reserves
and clean energy sources to increase energy independence and
security in Europe. The Management
and Board of Horizon consist of oil & gas, business and finance
professionals with significant international experience.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains "forward-looking statements" or
"forward-looking information" (collectively referred to herein as
"forward-looking statements") within the meaning of applicable
securities legislation. Such forward-looking statements include,
without limitation, forecasts, estimates, expectations and
objectives for future operations that are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of Horizon. Forward-looking statements are statements that
are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur or be achieved. This press release
contains forward-looking statements pertaining to, among other
things entering into the Definitive Agreements and completion of
the transaction, and the furtherance of Horizon's European
acquisition and development strategy.
Forward-looking information is based on current expectations,
estimates and projections that involve a number of risks, which
could cause actual results to vary and in some instances to differ
materially from those anticipated by Horizon and described in the
forward-looking information contained in this press
release.
Although Horizon believes that the material factors,
expectations and assumptions expressed in such forward-looking
statements are reasonable based on information available to it on
the date such statements were made, no assurances can be given as
to future results, levels of activity and achievements and such
statements are not guarantees of future performance.
Further steps will include adding professionals with operating
and management experience in Poland as we prepare for our first operations
as well as further acquisitions. We will update the market as
we make further additions to the management team.
SOURCE Horizon Petroleum Ltd.