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Re: News Releases - Tuesday, September 18, 2007
ADDITIONAL 360 ACRES ACQUIRED AT NEW WAVERLY INCLUDING
PROSPECTIVE RE- ENTRY WELLS AND PRODUCTION FACILITIES
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VANCOUVER, CANADA -- September 18, 2007 -- Horizon Industries Ltd.
(Horizon) (TSXV:HRZ), is pleased to announce that it has been informed
by the operator of the New Waverly Prospect, Pan American Production
Company, that a farm out agreement has been concluded on adjoining
lands increasing the New Waverly Prospect by approximately 360 acres.
The new lands host up to five prospective shallow well locations
similar to the Hammond #1 well including three re-entry prospects.
Plans are in place to re-enter these existing well bores to test and
develop prospective sands discovered in the Hammond #1 Well. Pan
American has commenced construction of drilling locations for each of
the three re-entry wells and a drilling rig is scheduled to move onto
the first location within seven to ten days. Horizon has exercised its
right to participate in these additional lands.
Also on the additional lands are existing production facilities for
which a Use of Facilities Agreement has been concluded. These
facilities have production capacity of up to 10 million cubic feet of
natural gas per day and will be utilized for the production and sale of
gas from the recently completed Hammond #1 well and subsequent wells to
be drilled at the New Waverly Prospect. Access to these facilities
represents significant savings in both time and money. Construction of
the gas line from the Hammond #1 well to the tie in and production
facilities is nearly completed and it is anticipated that sales from
this well will commence within approximately one week.
The New Waverly Prospect comprises approximately 3,460 acres.
Exploration potential exists in the Vicksburg/Jackson, Yegua, Cook
Mountain, Wilcox, and Woodbine formations. Focus is currently centered
on the shallow, lower risk Vicksburg/Jackson formations where the
operator believes there are as many as 45 prospective well locations on
the existing acreage.
Pan American Production Company, Inc.
Pan American is an oil and gas production company specializing in low
risk oil and gas prospects where opportunity exists to generate high
return through production enhancement and application of exploration
techniques. Pan American currently holds production and prospects
covering approximately 30,000 acres in Texas.
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"
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) 2007 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 Tue Sep 18, 2007 at 9:12:28 AM Pacific Time
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