Horizon Industries Announces Completion Tie At Funk #2 Well In Texas
VANCOUVER, BRITISH COLUMBIA -- Horizon Industries Ltd. (TSX VENTURE: HRZ), is pleased to announce it has completed tie in procedures at the Funk #2 well in Goliad County, Texas.
Log results reported in the Company’s news release dated January 10, 2007 showed four prospective pay zones in the well; two upper zones between 3,121 feet to 3,278 feet; a pay zone in the Yegua formation from 5,580 feet to 5,680 feet; and another pay zone in the Cook Mountain formation from 5,820 feet to 5,840 feet.
The well was put on line to sales on February 22, 2007 with initial production coming from the Cook Mountain formation where flow rates in excess of 2,000 mcf gas per day were measured during an independent four point flow test. The pay zone in the Cook Mountain zone, as anticipated, was of limited areal extent and a recompletion has commenced in the Yegua formation. The well remains on line to sales with commercial production of oil and gas from eight feet of perforations at the top of the Yegua pay zone. Flow is being monitored with additional perforations being evaluated for this extensive zone.
There are up to six additional prospective well locations at the Funk prospect. The Company is currently finalizing plans to drill its next well at Funk to test a target in the Catahoula Formation similar to the Funk #1 well.
Horizon Industries Ltd. holds a 54% working interest in the Funk Prospect.
The Funk Prospect is located in the G. Barrera survey A-2 in Goliad County and comprises approximately 500 acres. The Funk Prospect is situated in the prolific Middle Yegua gas trend, a formation that has produced gas and condensate in the nearby Maetze Yegua, Perdido Creek and Jobar fields. The Funk prospect currently has two producing wells, the Funk #1 and #3 wells.
About Horizon Industries Ltd.
Horizon Industries Ltd. is an emerging oil and gas exploration and production company building a high quality asset base in focused areas throughout the United States. For more information, please visit www.horizonindustriesltd.com.
On Behalf of the board of directors,
Christopher Wensley, President
WARNING: The Company relies on litigation protection for “forward looking” statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
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