The well was drilled to a total depth of 6,060 feet on Thursday morning, January 4, 2007. Electric logging was delayed until mid day Friday, January 5, while the well was conditioned with heavier mud to control over pressure from the geo-pressured formation (4,200 psi bottom hole pressure) and to circulate out gas flowing into the well bore. A mud weight of 13.4 lbs was required to stabilize the well.
The well was logged using a High Definition Induction tool with a compensated neutron and density log. Interpretation of the logs and side wall cores by R. W. Dirks Petroleum Engineer, Inc. shows four significant potential producing zones and two additional zones of interest for later exploration.
The target zone, (the Yegua Formation), was intersected from a depth of 5,580 ft to 5,680 ft with gross pay of 102 feet of laminated sands. The side wall cores and logs show the development of significant porosity (28% to 30%) and permeability (500 md) at intervals throughout the zone. Side wall cores contained condensate with associated gas, and in one interval 34 to 37 degree API gravity oil. The logs and cores are analogous to the nearby Vrazel #1 well located 1.6 miles to the northeast in the Perdido Creek Field. This well produced from a similar Yegua zone over an interval of approximately 45 feet covering 35 acres. The Vrazel #1 had cumulative production of 1.7 BCF and 28,000 bbl of condensate with average monthly production rates as high as 2,700 mcf per day plus 72 bbl of condensate. The Yegua structure at the Funk #2 well is approximately 102 ft over 50 acres.
The secondary zone occurs in the Cook Mountain Formation at a depth of 5,820 ft - 5,840 ft and shows total pay over 12 ft. The cores show permeability from 200 - 400 millidarcies and porosity ranging up to 29%. The side wall cores in this zone contain condensate together with associated gas.
Two further well developed gas sands appear in the Frio Formation having net pay of approximately 22 ft and 8 ft respectively. These zones occur between 3,121 ft - 3,129 ft and 3,210 ft - 3,278 ft. Side wall cores indicate gas as the probable production with permeabilities ranging from 150 - 500 millidarcies and porosities of up to 42%.
Subject to weather and service rig availability, it is anticipated that the well will be perforated and flow tested within the next 10 days.
There are six additional prospective well locations at the Funk prospect and the Company plans to drill up to four additional wells at Funk over the balance of the winter and through the spring.
Horizon Industries Ltd. has completed its planned farm out program and currently holds a 54% working interest in the Funk Prospect.
The Funk Prospect is located in the G. Barrera survey A-2 in Goliad County and comprises approximately 500 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 Funk prospect currently has two producing wells, the Funk #1 Horizon Industries Ltd. 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.
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