Horizon Energy Corp. (HORI) Enters Option Agreement for Prospective South Texas Oil & Gas ProductionWednesday, April 16th, 2014
As part of its broader focus on opportunities within the U.S. energy market, Horizon Energy is currently exploring additional drilling prospects in Webb County, and recently signed an option agreement for a two-tract lease totaling 1,340 acres close to Mirando City. Webb County is part of the widely acclaimed Eagle Ford Shale play in South Texas.
According to the Railroad Commission of Texas’ oil and gas statistics released earlier this year, Webb County ranks second in Texas gas production for the month of November 2013, with 31,320,676 MCF. More money is spent on exploration and drilling of this geological formation than any other play in the world, directly creating more than half a million new jobs since its discovery. Texasdrilling.com reports 18,234 currently drilled wells in Webb County.
“The U.S. energy revolution is transforming communities across the country, but the impact is the strongest in Texas. In areas like Webb County and other counties in South Texas, the oil bonanza has transformed the economy,” Robert Bludorn, chairman and CEO of Horizon Energy, stated in the news release. “Horizon has selected this area as one to explore opportunities, where the accumulated experience of generations of Texans is part of its rich heritage.”
While the majority of activity in Webb County is focused in the northwest portion where wells produce rich gas in the Eagle Ford play, that play is nestled among various geologic layers, many of which are also producing oil and gas. These formations may be more or less prevalent in different areas and depths vary across all formations, and may produce oil or gas in diverse areas. For this reason, oil and gas companies are returning to some of the oil fields using the latest horizontal drilling techniques.
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