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Re: News Releases - Wednesday, April 16, 2008
HORIZON ACQUIRES OPTION TO PURCHASE WORKING INTEREST IN SPUDDED
J. VELA #1 WELL IN ZAPATA COUNTY, TEXAS
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VANCOUVER, CANADA -- April 16, 2008 -- Horizon Industries Ltd.
(Horizon) (TSXV:HRZ), is pleased to announce that it has entered into
an agreement to acquire a 3.125% working interest from Pan American
Production Company in the recently spudded J. Vela #1 Well located in
Zapata County, Texas.
The J. Vela #1 well is located 150 feet from the existing Jonnell
Zamora #1 Well which was drilled in April 1961 and completed as a gas
well from the 1st Hinnant Sands at approximately 7,800 feet. The well
was perforated in the top ten feet of the 1st Hinnant Sands and flowed
dry gas at rates of up to 4 MMCF/day. At the time, there was not a
market for dry gas and the well was shut in. Today, a major pipeline is
located adjacent to the property. The J. Vela well is permitted to a
depth of 9,100 feet and is being drilled to test the 1st Hinnant and
the 2nd Hinnant Sands. Horizon has been informed that the well was
spudded on April 14 and that surface casing is anticipated to be set
this evening.
Horizon has advanced its share of drilling expenses to Pan American
Production Company. Upon completion of logging and a decision to
complete the well, Horizon will have the right to exercise its option
for a 3.125% working interest by paying its share of completion costs.
After pay out, Horizon agrees to assign � of its working interest to
Pan American Production Company. In the event drilling and logging do
not result in a decision to complete the J. Vela #1 Well, the monies
advanced in respect of drilling expenses will apply on account against
Horizon's share of future drilling activities at the New Waverly
Prospect.
The prospect comprises 640 acres and is operated by Ventum Energy LP.
The property has the capacity to host up to four prospective well
locations.
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
in the United States. For more information, please visit
www.horizonindustriesltd.com.
On Behalf of the board of directors,
"Christopher Wensley"
Christopher Wensley, President
The TSX 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) 2008 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 Wed Apr 16, 2008 at 7:56:07 AM Pacific Time
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