Horizon's initial due diligence on Cherokee County oil and gas lease suggests potential

Wednesday, April 23, 2014      
  • The agreement is with Ponta E&P LLP, a Texas partnership involved in oil and gas exploration and production in the area.

Horizon Energy Corporation (OTCQB: HORI) announces its initial due diligence is favorable and it will soon be ready to move forward with final negotiations on its option agreement for leases known as the Holmes Oil Unit Number 1 in the East Texas counties of Cherokee and Rusk. The agreement is with Ponta E&P LLP, a Texas partnership involved in oil and gas exploration and production in the area.

The land under consideration, 83 acres located in the Pettit formation close to the town of Rusk, the Cherokee county seat, is the second project in Horizon's ongoing efforts to identify prospective opportunities for the exploration, development and production of domestic oil and gas.

Earlier this year, Apache Corporation (NYSE:APA) identified East Texas and Louisiana as areas of interest in its quest for the next big find. Throughout East Texas, producers such as Anadarko Petroleum Corporation (NYSE:APC) and EOG Resources, Inc. are returning to fields that were considered played out and applying new technology. This mirrors initial activities in the Permian basin on the state's western side, where producers revisited previously drilled fields, successfully employing horizontal drilling and hydraulic fracturing.

'Oil companies are vying to establish new fields in light of rapidly declining output in some areas, and East Texas, which gave birth to the modern oil age, is an excellent prospect,' said Robert Bludorn, President and CEO of Horizon Energy Corporation. He added, 'Our initial research is showing a geology in Cherokee County that validates a renewed drilling program.'


Article Tags

United States North America Fracking Houston

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 80,000 oil and gas professionals who receive our weekly newsletter.

You may unsubscribe at any time with one click.

Upcoming OilVoice Training Course

Petroleum Systems of West Africa
Summary Course is split into two sections, namely a regional review of West Africa’s geological development through time (including numerous paleogeographic paleotectonic and source rock maps) and a review of the elements of several discrete basin categories, with a type example used for each. Inclu...
London - 11 May

Duncan Macgregor


Discount Code
OilVoice-10 for 10% off any course.View Course

All OilVoice Training Courses
Popular Headlines View all

Mars Omega Inside Track View all

OilVoice has teamed up with specialist information providers Mars Omega, to provide you with exclusive reports on the most complex and volatile areas of exploration.

Politics and power: an insight into Iran's decision makers and takers

Nigeria: navigating the Delta

Latest Opinion View all

Join 90,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Create profile

Time for a change? All jobs Jobs near you

OilVoice Training All upcoming


OilVoice, established in 2002, is your leading source of upstream news, jobs and industry information.


Each week we send our weekly industry round-up. Why not try it? You may unsubscribe at any time.

Contact OilVoice

Milton Keynes
United Kingdom
Phone: +44 207 993 5991
Contact Us

Stay Connected

2015 © OilVoice  .  Privacy Policy  .  Terms of Service  .  Oil Careers  .  Advertise with us