The Funk #3 well was perforated from 2,140 feet to 2,144 feet in a twelve-foot sands zone. The well was put to sales on November 30 at the rate of 110 mcf of natural gas per day with flow tubing pressure of 190 psi and continues to produce. An additional zone exists further up hole and will be tested at a later date after the current zone is depleted. Workover continues at the Funk #4 well which is being evaluated for its potential productivity.
Horizon Industries Ltd currently owns a 66% working interest in the Funk Prospect.
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. The Funk Prospect 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, located one and a half 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' 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 5 BCF. The best well in this field, the Cron Dreier, drilled in the early 1950's 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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