VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 22, 2012) -

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

Horn Petroleum Corporation ("Horn Petroleum" or the "Company") (TSX VENTURE:HRN) reports that it has agreed to sell on a non-brokered private placement basis an aggregate of up to 18.75 million units at a price of
.80 per unit for gross proceeds of up to $15 million.

Each unit is 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. In the event that Horn Petroleum common shares trade at or above $1.50 for a period of 20 consecutive days, a forced exercise provision will come into effect. A 5% finder's fee may be payable in either cash or units on all or 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 will be subject to a four month hold period. 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