Horn Petroleum Corporate and Operations Update

Horn Petroleum Corporation ("Horn Petroleum" or the "Corporation") (TSX
VENTURE:HRN) reports that the 45,535,195 warrants of the Corporation (the
"Warrants") issued on September 20, 2011 have been accepted for listing by the
TSX Venture Exchange (the "Exchange") and will begin trading on or about
December 16, 2011 under the symbol "HRN.WT". 


On August 2, 2011, the Corporation completed a non-brokered private placement of
an aggregate of 45,535,195 subscription receipts of the Corporation at a price
of $0.90 per Subscription Receipt for gross proceeds of $40,981,195. On
September 20, 2011, the subscription receipts converted into Common Shares and
Warrants of the Corporation. Each Warrant is exercisable to purchase one fully
paid and non-assessable common share in the capital of the Corporation at a
price per share of $1.50 if exercised prior to 5:00 p.m. on September 20, 2013
(the "Warrant Expiry Time").


If the closing price of the common shares on the Exchange is greater than $2.00
for a period of 30 consecutive trading days, then on the date that is the 30th
consecutive trading date (the "Acceleration Trigger Date") the Warrant Expiry
Time shall be accelerated to that date that is 20 Business Days after the
Acceleration Trigger Date. The Company shall give written notice to the
Warrantholder specifying the earlier time of expiry of the Warrants within three
business days of the Acceleration Trigger Date.


In addition, the Company reports that drilling operations continue on the
Dharoor Block in Puntland, Somalia and the well is expected to spud in January,
2012.


Horn Petroleum Corporation is a Canadian oil and gas company with assets in
Puntland, Somalia. The Corporation holds a 60% interest in the Dharoor and
Nugaal blocks encompassing a Jurassic Rift Basin on trend and analogous to the
large oil fields in Yemen. The Corporation's shares are listed on the TSX
Venture Exchange under the symbol "HRN".


ON BEHALF OF THE BOARD

David Grellman, President and CEO

FORWARD LOOKING INFORMATION

Certain statements contained in this press release constitute forward-looking
information. These statements relate to future events or future performance. The
use of any of the words "will" and similar expressions and statements relating
to matters that are not historical facts are intended to identify forward
looking information and are based on the Corporation's current belief or
assumptions as to the outcome and timing of such future events. Actual future
results may differ materially. Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or projections set out in
forward-looking information. Those assumptions and factors are based on
information currently available to the Corporation. The forward-looking
information contained in this release is made as of the date hereof and the
Corporation is not obligated to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the risks,
uncertainties and assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.

(TSXV:HRN)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024