A service rig has commenced preliminary operations on two wells on the lease, the Geo-Goliad #3 and Geo-Goliad #4. Gamma and bond logs have been run on both wells and no perforations other than those originally reported were detected. Shut-in pressure for the Geo-Goliad #4 well was greater than 1,100 psi. For the Geo-Goliad #3 well, it exceeded 900 psi. Both wells are being assessed for their economic potential from their currently perforated zones.
Horizon also reports that its technical advisors have identified several potential undeveloped pay zones from the logs of both wells. The company plans to perforate and flow-test these undeveloped zones in the Vicksburg and Frio formations and assess their behind-pipe potential. This will occur immediately upon Texas Railroad Commission approval.
The wells are currently connected to the Duke Energy pipeline, and a gas sales contract is being prepared.
Horizon has also acquired 1 square mile of 3D seismic data over the Funk property. The data are being evaluated to assess other prospective drill targets identified on the property from 2D seismic data. The findings of this assessment, together with the prospective drill program, will be announced within the next 2 weeks.
The Funk Prospect is located in the G. Barrera survey A-2 in Goliad County and consists of two tracts of land comprising 240 acres and 160 acres. It is situated in the prolific Middle Yegua gas trend, a formation that has produced gas and condensate in the nearby Maetze Yegua, Perdido Creek, and Jobar fields.
The Perdido Creek field is located 1.5 miles northeast of the Funk Prospect. It hosts seven producing wells with cumulative production of approximately 3-4 Bcf and 80,000 barrels of oil and condensate from the Yegua sands. The best well in Perdido Creek, the Vrazel #1 produced 1.8 BCF and 30,000 barrels of oil and condensate from a 90-foot sand covering 36 acres. These Yegua sands appear to be similar to those underlying the Funk prospect, which hosts 2D-defined Yegua sand bodies of 35 to 50 acres in aerial extent.
The Maetze Field, is located 3,500 feet to the southeast of the Funk lease. Total production from this field was approximately 5BCF. The best well in this field, the Cron Dreier, was drilled in the early 1950s. It blew out for more than 6 months, releasing up to 2 BCF of gas before being shut-in.
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. The company is developing strategic alliances in high-impact oil and gas plays in Western Canada.
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