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Blue Horizon Global Capital Corp. Subsidiary Mooncor Energy Inc. Receives Positive Regulatory Update and Confirms Asset Value
Toronto, Ontario — October 1, 2026 — Leads & Copy — Blue Horizon Global Capital Corp. (CSE: BHCC) has received a significant update regarding its subsidiary Mooncor Energy Inc.'s heavy oil assets in the Lloydminster region, including a positive step in its regulatory appeal process and confirmation of asset value through an independent reserve report.
Mooncor commissioned MKM Engineering to prepare a reserve report, effective August 1, 2026, evaluating its Proved Developed Non-Producing and Probable Non-Producing reserves. The report estimates total Proved and Probable reserves at 47,170 barrels of heavy oil, with a Net Present Value (10% discount, before tax) of US$1,304,880 (approximately CAD$1.79 million) and Future Net Revenue (undiscounted, before tax) of US$2,363,690.
The MKM Report specifically highlights two non-producing heavy oil wells, located in the Sparky Formation. One of these wells is scheduled for a workover operation in the fourth quarter of 2026, with a forecast return to production within the same quarter. The report also incorporates US$125,000 in future development costs for the planned workover. The company stated that these workover operations are contingent upon securing the necessary financing.
This independent evaluation supports management's view that the Lloydminster assets hold tangible value. Mooncor's strategy includes restoring production from these wells to generate cash flow for growth and to meet regulatory compliance obligations.
In a separate but related development, Mooncor has been granted its request for a regulatory appeal by the Alberta Energy Regulator (AER). Previously, on April 30, 2026, the AER issued an Abandonment Order against Mooncor, citing concerns over outstanding field and administrative non-compliance, including failure to meet Mandatory Closure Spend Quotas. The order mandated the abandonment of seven wells within 60 days and the submission of reclamation plans.
Mooncor filed its Request for Regulatory Appeal on May 7, 2026, arguing that the timelines imposed by the order were unreasonable due to remote well locations and winter-only access. The company also noted that the wells are designated as medium-risk Type 6 wells with no immediate environmental concerns, and that a security deposit of approximately $402,467.23 had been posted. Mooncor emphasized its active pursuit of financing to complete the work and its need for an achievable timeline.
On September 28, 2026, the AER issued a Disposition Letter granting Mooncor's appeal request. The AER determined that Mooncor is an eligible person and the order is an appealable decision. The matter has now been referred to the Chief Hearing Commissioner for assignment to a hearing panel.
Blue Horizon views this decision as a positive development, providing Mooncor an opportunity to seek a variance to the Abandonment Order. This would allow the company to meet regulatory requirements while accounting for its financial and operational constraints. Mooncor is also continuing discussions with the AER to develop a mutually agreeable approach for regulatory compliance.
Moving forward, Mooncor will focus on preparing for and participating in the regulatory appeal hearing. The company will also continue its financing initiatives, engaging with potential investors and lenders to secure capital for the well workovers and broader regulatory obligations. The MKM Report is expected to aid these financing discussions. The workover plan for the 02/04-28-049-02W4 well is being finalized with the aim of returning it to production in Q4 2026, subject to securing financing.
Management believes that a successful regulatory appeal, coupled with the securing of necessary financing, will enable Mooncor to demonstrate its commitment to regulatory compliance and maximize asset value for Blue Horizon shareholders.
Blue Horizon Global Capital Corp. is a diversified investment company. Its subsidiary, Mooncor Energy Inc., is a junior oil and gas company focused on oil and gas resource exploration and development in Western Canada.