Horizon Receives Optimistic Report Regarding Webb County Lease Option
21 April 2014 - 1:30PM
Business Wire
Horizon Energy Corporation (OTCQB: HORI) announces the initial
geological report is positive, as it considers a recent option
agreement for a two-tract oil and gas lease totaling 1,340 acres in
Webb County, Texas. The report states there are approximately 24
million barrels of oil remaining in the field with about 20% of it
underlying the Horizon leasehold, which equals 4.8 million barrels
of oil in place. Assuming a 20% recovery of that figure, the report
estimates the property can yield 1.4 million barrels, which at
current prices for West Texas Intermediate Crude oil is valued at
$146 million.
The geological report for the Horizon lease further states there
are several inactive wellbores on the property that can yield
instant production while further recovery methods are
investigated.
The county has received global attention for being part of the
Eagle Ford shale play and Texasdrilling.com reports there are
currently 18,234 drilled wells in Webb County. Although activity in
the area is focused in the Eagle Ford play at the northwest portion
of the county, that play is nestled among various geologic layers,
many of which are also producing oil and gas and may be more or
less prevalent in different areas with depths varying across all
formations. This has many oil and gas companies returning to some
of the previously drilled oil fields that for decades have produced
using traditional vertical wells, and successfully applying
horizontal drilling techniques.
“We are encouraged by this report and expect the Webb County
property to become a vital part of our portfolio,” said Robert
Bludorn, Chairman and CEO of Horizon Energy Corporation. He added,
“Horizon is optimistic about its potential relationship with the
drillers in Webb County as there are tremendous opportunities to
produce oil and gas in an environment of rising oil prices and
attractive finding and development costs.”
Major operators in Webb County include ConocoPhillips
(NYSE:COP), SM Energy (NYSE:SM) and Lewis Energy in partnership
with BP (NYSE:BP).
About Horizon Energy Corporation
Horizon Energy Corporation was incorporated in the state of
Wyoming in 2010. Its business model and scope of operation includes
traditional and nontraditional energy sector opportunities. It is
currently in the business of acquiring, discovering and developing
oil and gas properties. Additional information is found at
www.horizonenergyusa.com.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: This news release contains
forward-looking information within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements
that include the words "believes," "expects," "anticipates," or
similar expressions. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the actual results, performance or achievements of the company to
differ materially from those expressed or implied by such forward
looking statements. In addition, description of anyone's past
success, either financial or strategic, is no guarantee of future
success. This news release only speaks as of the date of its
distribution.
Horizon Energy CorporationRobert Bludorn, Chairman and CEO,
228-822-4708