Horizon Petroleum announced that it has completed the acquisition of 100% ownership of its Polish subsidiaries, Energia Karpaty Zachodnie Sp. Z.o.o. and Energia Karpaty Zachodnie z ograniczona odpowiedzialnoscia Sp.K. (collectively known as EKZ), following amended transaction terms with San Leon Energy.
The subsidiaries hold the Bielsko-Biala and Cieszyn concessions in southern Poland. Horizon said it has paid the agreed consideration to San Leon Energy, which confirmed receipt of the funds, making the transaction officially closed.
Under the original agreement, Horizon was to pay $1.08 million in cash, issue C$1 million in common shares, and grant San Leon a 6% net profits interest. However, delays related to transforming the concessions into Poland’s new concession structure led to changes in the transaction.
Under the amended terms, Horizon agreed to pay $1.6 million entirely in cash and eliminate the previously contemplated share issuance and 6% net profits interest. The changes remove potential shareholder dilution and increase Horizon’s reserve value.
As part of the agreement terminating the net profits interest, EKZ agreed to release San Leon from obligations associated with the Kety well and assume responsibility for monitoring and any future remediation requirements related to the well. San Leon also agreed to transfer the plot of land containing the Kety well to EKZ for PLN 1 plus VAT.
The payment became effective on June 10, 2026, completing the transaction between the companies.
The Bielsko-Biala and Cieszyn concessions cover approximately 1,100 square kilometers in southern Poland. Horizon plans to focus on developing natural gas resources across the acreage to support domestic gas production and strengthen Poland’s energy security.
Calgary-based Horizon Petroleum is focused on the appraisal and development of natural gas reserves and clean energy projects aimed at enhancing energy independence and security across Europe.
KEY QUOTES:
“We are very pleased to have finally concluded the transaction with San Leon. The amended terms benefit both companies. The all-cash consideration meets both companies needs and for Horizon removes the dilution associated with issuing common shares. The termination of the NPI will lead to an increase in Horizon’s gas reserves and reserve value and payment of the consideration reduces the debt on our balance sheet. Horizon is now clear to unlock the significant potential reserve value at Lachowice and to develop the natural gas resources across it’s 1,100km2 land base in southern Poland and play a significant role in increasing domestic gas supplies and enhancing Poland’s energy independence.”
Dr. David Winter, CEO of Horizon Petroleum
