The service rig has been scheduled to move in on Monday, August 21. Further, we are also pleased to announce results of the side wall core analysis from the well. A total of 25 side wall cores were taken at intervals throughout the well bore. Six cores corresponding to the productive interval shown on the down hole logs showed high gas saturations and were deemed to be gas productive from the analysis. Porosities ranged from 28.4% to 29.9% and permeability from 463 millidarcies to 638 millidarcies. The core analysis confirms the log analysis of approximately 15 feet of gas sand between 2,030 feet and 2,045 feet with average porosity of 29% and average permeability of 500 millidarcies.
The Company also announced that it was necessary to release the drilling rig originally intended to drill the Horizon Funk #2 well. The rig was determined to have mud weight capacity insufficient to deal with the pressures anticipated from the Horizon Funk #2 target located in the geo pressured Yegua formation. A new rig, capable of safely drilling this target, has been scheduled and is available to commence operations in approximately 60 days. The drilling contractor is Edde Drilling Co Inc. of Victoria, Texas.
Horizon currently holds an 79% working interest in the Funk Prospect and a 87% working interest in the GeoGoliad #3 and GeoGoliad #4 wells.
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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