Horn Petroleum Closes $15 Million Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Horn Petroleum Corporation (TSX VENTURE:HRN) ("Horn Petroleum" or the "Company")
reports that the private placement announced on May 22, 2012 has closed. The
Company sold on a non-brokered private placement basis an aggregate of 18.75
million units at a price of $0.80 per unit for gross proceeds of $15 million.
The private placement has received regulatory approval and the securities have
been issued to the investors.


Each unit was comprised of one common share and one-half of a share purchase
warrant. Each whole warrant is exercisable over a period of two years at a price
of $1.20 per share. If Horn Petroleum common shares trade at or above $1.50 for
a period of 30 consecutive days, a forced exercise provision will come into
effect. A 5% finder's fee is payable in either cash or units on a portion of the
private placement.


Net proceeds of the private placement will be used towards the Company's ongoing
work program in Puntland, Somalia and for general working capital purposes.
Shares issued pursuant to the private placement are subject to a four month hold
period expiring on October 9, 2012. Shares issued to finders will be subject to
a hold period expiring four months from the date of issue. The Company will make
commercially reasonable efforts to have the warrants posted for trading on the
TSX Venture Exchange after the expiry of the hold period. 


Horn Petroleum Corporation is a Canadian oil and gas company with assets in
Puntland, Somalia. The Corporation holds a 60% interest and operatorship 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", "expected" 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 Company'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 Company. The forward-looking
information contained in this release is made as of the date hereof and the
Company 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. 


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States of America. The
securities have not been and will not be registered under the United States
Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S. Persons (as
defined in the U.S. Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws, or an exemption from such registration
is available.