HOUSTON--(BUSINESS WIRE)--Horizon Energy Corporation (OTCQB: HORI) today announced it has signed an option agreement for an oil and gas lease in Webb County, Texas. The land under consideration consists of two tracts totaling 1,340 acres located close to Mirando City. The agreement is part of Horizon’s ongoing efforts to identify prospective opportunities for the exploration, development and production of domestic oil and gas.
Webb County (3,376 sq. miles) is located in south Texas. The county is a legacy producing area that produces oil and natural gas from the Lobo and Wilcox formations and is home to a large swath of the Eagle Ford shale play. According to Texas oil and gas provider texasdrilling.com, there are currently 81 producing operators in Webb County, with 3,799 active leases that produced 7,859 barrels of oil and 35,368,299 MCF of natural gas in September, 2013.
“We are actively evaluating this and other acquisition opportunities of oil and gas properties that are a match with our strategy,” said Robert Bludorn, President and CEO of Horizon Energy Corporation. He added, “We are encouraged by the deal flow we are identifying that has the potential to allow us to build our company with quality assets.”
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.
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