12:43 PM EDT, 09/22/2025 (MT Newswires) -- Horizon Petroleum (HPL.V) on Monday said it terminated a planned $7.5-million best-efforts share-unit offering after failing to meet the required funding thresholds by the deadline.

"As Horizon has been unable to raise the Minimum Amount before September 20, 2025 , the Company has withdrawn the Base Shelf Prospectus (and the filed Supplement for the Offering) and will not issue any securities pursuant thereto. The Company and the agents have terminated the Offering," the company said.

Despite the setback, the Calgary-based oil and gas company says it remains focused on financing its European operations, notably its Polish gas projects, including the Lachowice gas field in the Bielsko-Biala concession. Horizon is now engaging with financiers in Europe to secure alternative sources of funding.

Horizon Petroleum shares were last seen down $.025 to $0.06 on the TSX Venture Exchange.

Price: 0.06, Change: -0.03, Percent Change: -29.41