Horizon Energy Completes Oil and Gas Lease Option Agreement in East Texas
Cherokee County acreage is second project under consideration
HOUSTON -- April 11, 2014
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
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.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: This news release contains forward-looking information within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including statements
that include the words "believes," "expects," "anticipates," or similar
expressions. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results, performance
or achievements of the company to differ materially from those expressed or
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anyone's past success, either financial or strategic, is no guarantee of
future success. This news release only speaks as of the date of its
Horizon Energy Corporation
Robert Bludorn, 228-822-4708
President and CEO
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