HOUSTON--(BUSINESS WIRE)--Horizon Energy Corporation (OTCQB:HORI) today announced it has signed an option agreement for leases known as the Holmes Oil Unit Number 1 in the East Texas counties of Cherokee and Rusk. The land under consideration consists of 82.89 acres located in the Pettit formation close to the town of Rusk, which is the Cherokee county seat. The agreement with Ponta E&P LLP is the second project in Horizon’s ongoing efforts to identify prospective opportunities for the exploration, development and production of domestic oil and gas.
According to Texas oil and gas data provider texasdrilling.com, there are 478 producing leases in Cherokee County, with 2,647 drilled wells that produced 19,750 barrels of oil and 1,356,164 MCF of natural gas in November 2013. Neighboring Rusk County (924 sq. miles) has 2,981 producing leases with 18,200 drilled wells. Rusk County produced 157,548 barrels of oil and 8,558,541 MCF of gas in November 2013.
“Horizon Energy Corporation is very committed to establishing long-term relationships with its partners to identify and capitalize on drilling opportunities by working in low production wells and small fields requiring technology and capital,” said Robert Bludorn, President and CEO of Horizon Energy Corporation. He added, “The Pettit formation has proven to be an area which provides conservative asset appreciation and our research validates the probabilities for success.”
Major operators in the area include Marathon Oil (NYSE:MRO) and Forest Oil Corporation (NYSE:FST).
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. Details can be found at www.horizonenergyusa.com.
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