The Horizon/Funk #1 well was drilled to a total depth of 2,530 feet. The well was logged by Schlumberger and shows a gas pay zone spanning 15 feet from 2,018 feet to 2,033 feet. The sand appears very clean with indicated porosities in excess of 30% throughout with estimated permeability of 500md.
Side wall core analysis is underway and the drilling contractor is preparing to set pipe. Flow tests will be performed within the next 10 days to two weeks after which the well is expected to be tied in to sales.
Horizon Industries Ltd. currently holds an 86.5% working interest in the Funk Prospect and a 93.25% working interest in the GeoGoliad #3 and GeoGoliad #4 wells.
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. Perdido Creek hosts seven producing wells with cumulative production of approximately 3-4 Bcf and 80,000 bbl. 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 that 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, drilled in the early 1950s blew out for over six 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 currently developing strategic alliances in high-impact oil and gas plays in Western Canada.
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