Horizon Petroleum Ltd. — Proxy Solicitation & Information Statement 2024

Sep 20, 2024

Horizon Petroleum Ltd.

Notice of Special Meeting of Shareholders to be held on October 23, 2024

September 9, 2024

NOTICE IS HEREBY GIVEN THAT special meeting (the " Meeting ") of the holders (" Shareholders ") of common shares (" Common Shares ") of Horizon Petroleum Ltd. (" Horizon " or the " Corporation ") will be held at 1000, 250 - 2[nd] Street S.W., Calgary, Alberta T2P 0C1 on Wednesday, October 23, 2024 at 10:00 a.m. (Calgary time) for the following purposes:

1. to consider, and if thought fit, approve, adopt and ratify, the special resolution, as more particularly set forth in the Circular, relating to the settling of certain outstanding debt to management and fees to directors in exchange for shares of the Corporation;

2. to consider, and if thought fit, approve, adopt and ratify, with or without modification, the special resolution, as more particularly set forth in the Circular, authorizing an amendment to the articles of the Corporation to change the name of the Corporation to "Megas Energy Ltd."; and

3. to transact such further or other business as may properly be brought before the Meeting or any adjournment or postponement thereof.

The specific details of the matters proposed to be put before the Meeting are set forth in the accompanying Circular which forms a part of this Notice.

Only Shareholders of record at the close of business on September 9, 2024 will be entitled to vote at the Meeting, unless that Shareholder has transferred any Common Shares subsequent to that date and the transferee Shareholder, not later than 10 days before the Meeting, establishes ownership of the Common Shares and demands that the transferee's name be included on the list of Shareholders entitled to vote at the Meeting in respect of such transferred Common Shares.

While registered Shareholders are entitled to attend the Meeting in person, we recommend that all Shareholders vote by proxy and accordingly ask that registered Shareholders complete, date and sign the enclosed form of proxy and return it, in the envelope provided, to Horizon's transfer agent, Computershare Trust Company of Canada, Proxy Department, 100 University Avenue, 8[th] Floor, Toronto, Ontario, M5J 2Y1, so that it is received by 8:00 a.m. (Calgary time) on October 21, 2024, (or at least 48 hours prior to the commencement of any reconvened Meeting in the event of any adjournment(s) or postponement(s) thereof).

If you hold your Common Shares in a brokerage account, you are a non-registered Shareholder or beneficial Shareholder. Beneficial Shareholders who hold their Common Shares through a bank, broker or other financial intermediary should carefully follow the instructions found on the form of proxy or voting instruction form provided to them by their intermediary, in order to cast their vote.

BY ORDER OF THE BOARD OF DIRECTORS

" David Winter " David Winter Executive Chairman and Chief Executive Officer