Horizon Energy Corporation (OTCQB: HORI) is currently exploring additional drilling prospects in Webb County, Texas. Horizon recently signed an option agreement for a two-tract lease totaling 1,340 acres close to Mirando City. According to the Railroad Commission of Texas, oil and gas statistics for the state released in January of this year put Webb County in second place in Texas gas production for the month of November 2013, with 31,320,676 MCF.
The county has garnered headlines as part of the Eagle Ford shale play. In money spent on exploration and drilling, this oil-and-gas rich geological formation surpasses every other play in the world, directly creating well over half a million new jobs since its discovery. Texasdrilling.com reports there are currently 18,234 drilled wells in Webb County. The area is home to 250,304 residents, up 29.6 percent since the previous census in 2010.
According to the San Antonio Express-News, although activity in Webb County is focused in the northwest portion where wells produce rich gas in the Eagle Ford play, that play is nestled among various geologic layers, many of which are also producing oil and gas. These formations may be more or less prevalent in different areas and depths vary across all formations. Like the Eagle Ford, the formations may produce oil or gas in diverse areas. This has the oil and gas industry returning to some of the oil fields that for decades have produced using traditional vertical wells, successfully applying horizontal drilling techniques.
“The U.S. energy revolution is transforming communities across the country, but the impact is the strongest in Texas. In areas like Webb County and other counties in South Texas, the oil bonanza has transformed the economy,” said Robert Bludorn, Chairman and CEO of Horizon Energy. He added, “Horizon has selected this area as one to explore opportunities, where the accumulated experience of generations of Texans is part of its rich heritage.”
Major operators in Webb County include SM Energy (NYSE:SM) and Lewis Energy in partnership with BP (NYSE:BP). Other top operators with active leases in the area include Chevron USA (NYSE:CVX), ConocoPhillips (NYSE:COP) and Laredo Energy.
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.
Contacts:
Robert Bludorn, 228-822-4708
Chairman
and CEO
