Horizon Energy Corp hits stride after Latest Signing of Eagl Ford Lease Option
Horizon Energy Corp (HORI) helps meet the challenges of achieving national energy self-sufficiency by boosting low producing oil wells or bringing previously drilled reservoirs back online. In sum, HORI engages primarily in the acquisition, exploration and development of properties for the production of crude oil and natural gas, onshore in the United States.
HORI works to generate and execute scalable, low unit cost, development and re-development opportunities that minimize or eliminate exploration risks. These opportunities involve the application of proven oilfield technology, Horizon’s proprietary technology and the company’s specific expertise in overlooked areas of the United States.
After market last Friday HORI made its biggest announcement to date. Following a series of press releases discussing the Horizon’s outlined plan to identify companies engaged in exploration, development and production of domestic oil & gas, in addition to bringing on a consulting company (Listo Energy Ltd.) to identify prospective opportunities within the industry, HORI dropped a bombshell. Horizon Energy announced that it had signed an option agreement for an oil and gas lease in Webb County, Texas. The land under consideration consists of two tracts totaling 1,340 acres located close to Mirando City.
If you’re unfamiliar with oil and gas regions in the US, I think the one major take away is that the region HORI is developing its latest project within is the Eagle Ford Shale play which is the US’s leader in expanded production of oil per rig with nearly 500 barrels per day. Moreover, the county (Webb County) that Horizon has signed its lease within is the fastest growing within all of Eagle Ford having moved up from 3rd to 2nd best gas producer in the state!
Who are some of the heavy hitters sharing Webb County? For starters, Lewis Energy through a partnership with BP (BP) has found itself to be one of the founders in the space. In 2002, Lewis Energy completed the first well in the Eagle Ford and in 2009 BP formed a strategic partnership with the company. Chevron Corporation, SM Energy, and ConocoPhillips also call this area within the Eagle Ford region home to their developments. With many of the “big boys” focusing on large reserves, Horizon has an open opportunity of untapped potential by enhancing production of locations that have not been identified as profitable by much larger companies simply because of the overall size of organizations mentioned above have such a massive amount of overhead and production costs to incur.
With all of that said, HORI is a blossoming company and it looks to me that we’re seeing it during its very early stage of operating within the oil and gas space. HORI has identified the three components of its growth strategy which include:
-Cost effective implementation of internally and externally generated drilling projects.
-Development of new oilfield drilling, completion and production technologies.
-Identification and acquisition of strategic producing properties that may be enhanced with the implementation of our pumping technology.