Horizon Energy signs option agreement for prospective oil and gas production

Horizon Energy signs option agreement for prospective oil and gas production 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.

For more information on oil exploration and production in Texas, go to PennEnergy's Research Center.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs