The Horizon Funk #1 Well was drilled to a total depth of 2,530 feet. As announced in August, logs were completed indicating fifteen feet of pay extending from a depth of 2,018 feet to 2,033 feet. Subsequently, side wall core analysis was completed which determined the zone to be gas charged sands with no indication of water. On August 22, 2006, a four foot interval was perforated between 2,020 feet and 2,024 feet. The well came on immediately and unloaded all perforation fluids on an 8/64ths choke while flowing gas at a rate of 231 mcf per day and pressure of 650 psi.
An independent four point flow test has been completed by Fesco Petroleum Engineers. Shut in pressure was 845 psi. The flow test was conducted with stable well head pressure on choke sizes of 8/64ths, 9/64ths, 10/64ths and 12/64ths producing dry gas at flow rates of 306 mcf, 344 mcf, 464 mcf and 611 mcf respectively. There was no pressure draw down while flowing at all choke settings. Completion operations are continuing and tie in to sales is anticipated within approximately two weeks.
Horizon's President, Chris Wensley commented, "These results greatly exceeded our expectations for this well. We have much optimism in our ongoing drilling prospects at Funk and we are proceeding as quickly as possible with preparations to commence our next well." Edde Drilling is scheduled to move on site to drill the 6,000 foot Horizon Funk #2 Well within approximately 45 days.
Further study of the 3D seismic data set over the Funk Prospect and surrounding lands has revealed several other nearby targets not situated on the Funk Property. Accordingly, the Company has acquired additional leases in the immediate vicinity, increasing the scope and size of the Funk Prospect.
Horizon Industries Ltd currently owns a 79% working interest in the Funk Prospect.
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