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Re: News Releases - Saturday, January 10, 2009
RE-ENTRY RESULTS AT NEW WAVERLY PROSPECT, SAN JACINTO COUNTY,
TEXAS
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VANCOUVER, British Columbia -- January 10, 2009 -- Horizon Industries
Ltd. (TSXV:HRZ), announces that it has received results and evaluation
of the re-entry procedures conducted in July and August, 2008 at the
Sue Ann Browder #1 and the Cities Services Browder #B-1 wells at the
New Waverly prospect in San Jacinto County, Texas.
The Sue Ann Browder #1 well, originally drilled to a total depth of
approximately 11,500 feet in 1981, was re-entered and drilled out to a
depth of 3,500 feet. Logs identified large wash out zones in the
borehole. Productive gas was found to be present in the well and the
well was perforated at 3,100 feet and 2,800 feet. Due to the large
washouts believed to be caused when the well was originally drilled,
the well proved to have poor borehole integrity at these intervals. A
cement bond over the productive zones was not achievable despite
several attempts to correct the problem. This well is being considered
as a water disposal well for future needs as it appears to be optimal
for such use.
The Cities Services Browder #B-1 well, originally drilled in 1957 to a
total depth of approximately 11,500 feet, was also re-entered and
drilled out to 3,200 feet. Logs were run which identified productive
gas sands, however, the caliper log revealed poor borehole geometry.
This problem was caused by varied casing weights in the surface string.
Therefore it was not possible to run a packer to the productive zone.
A packer-less completion was attempted and the productive sands were
perforated. Although gas accumulated in the well, it was not producible
due to the infiltration of water from other zones. The Company is
confident that a properly engineered well would be commercial at this
location.
The Company further announces that it has accepted the resignation of
Mr. Larry Hargrave, CEO of Pan American Production Co., from the Board
of Directors of Horizon Industries Ltd. Accordingly, effective
December 19, 2008, Mr. Hargrave ceased to serve in the capacity of
director and officer of the Company.
On Behalf of the board of directors,
"Christopher Wensley"
Christopher Wensley, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this News
Release. 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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Copyright (c) 2009 HORIZON INDUSTRIES LTD. (HRZ) All rights reserved.
For more information visit our website at
http://www.horizonindustriesltd.com/ or send
mailto:info@horizonindustriesltd.com
Message sent on Fri Jan 9, 2009 at 11:28:05 AM Pacific Time
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Petro Horizon Energy Corp.
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EXPLORATEUR |
CODE : PHE.V |
ISIN : CA7164501016 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Petro Horizon Energy est une société d’exploration minière et de pétrole basée au Canada. Ses principaux projets en exploration sont NEW WAVERLY PROSPECT et FUNK PROSPECT en USA. Petro Horizon Energy est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 2,0 millions CA$ (2,0 millions US$, 1,6 millions €). La valeur de son action a atteint son plus bas niveau récent le 16 janvier 2009 à 0,01 CA$, et son plus haut niveau récent le 19 mars 2010 à 0,48 CA$. Petro Horizon Energy possède 6 504 000 actions en circulation. |