Horizon Energy Corporation signed an option agreement with Ponta E&P LLP, a Texas oil and gas operator, for the Holmes Oil Unit Number 1 leases in Cherokee and Rusk counties of eastern Texas. Horizon Energy Corporation is a Wyoming-based business that identifies, acquires and develops areas for oil and natural gas production. The company also focuses on reopening previously drilled wells to produce oil and natural gas with newer technologies.
The option agreement for the Holmes Oil Unit Number 1 leases covers 82.89 acres of land in the Pettit formation, located near the town of Rusk. This is Horizon Energy Corporation's second prospective project.
Cherokee County has 478 producing leases and 2,647 producing wells owned by 40 different operators. The output of the wells was 19,750 barrels of oil and 1,356,164 Mcf of natural gas in November 2013.
Rusk County has 2,981 producing leases and 18,200 wells operated by 139 businesses. In November 2013, the Rusk County wells produced 157,548 barrels of oil and 8,558,541 Mcf of natural gas.