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voloenx daferd 1226 Vancouver, British Columbia (PRWEB) Might possibly seven, 2009 - PETRO HORIZON Electricity CORP. (TSXV.PHE), is delighted to offer the subsequent Business update.
Trading to the TSX - PHE.v
New Waverly, San Jacinto County, Texas
The Company's main target is definitely the New Waverly Prospect situated sixty miles north of Houston, Texas. The brand new Waverly Prospect presently comprises roughly four,200 acres. Petro Horizon Power Corp., as a result of its wholly owned US subsidiary, retains a 25% functioning curiosity above four hundred acres in addition to a 37.five percent doing work curiosity more than the remainder of your prospect and location of mutual fascination. The newest Waverly Prospect is mostly a strategic undeveloped acreage block located adjacent to and amidst major historic manufacturing and recent exploration and progress. Potential formations while in the vicinity encompass the Jackson development (depth two,800 ft), the Yegua development (depth four,four hundred ft), the Cook Mountain development (depth five,five hundred ft), the Wilcox development (eleven,five hundred - twelve,000 ft), the Midway development (depth thirteen,000 ft) along with the Woodbine development at about sixteen,000 ft.
Nearby manufacturing through the Cook Mountain/Yegua formations was founded on adjacent acreage simply to the south of New Waverly through the Vondra Massey Ferguson Unit one very well which manufactured one.38 BCF of fuel and from your Carter Langham Ellisor Unit two properly which developed .78 BCF like .twenty five BCF through the Jackson development. Simply to the North west from the New Waverly prospect, the Strand Gnemi #1 perfectly drilled in early 2002 made one.seven BCF fuel and 457 bbl oil from your Yegua development.
Major manufacturing in the Wilcox development continues to be set up inside a good sized quantity of close by wells but of most sizeable fascination are a few wells found on acreage without delay adjacent into the New Waverly prospect. Throughout the highway with the south, the Barnes one Johnson clearly made three.three BCF. However creating from your Wilcox development on adjacent acreage would be the Metropolitan areas Expert services Browder one effectively which has developed four.seven BCF gasoline and 21,000 bbl oil thus far; the Brammer Browder WB1 perfectly drilled in 2002 which has up to now developed three.five BCF fuel; and then the Brammer Browder WB2 properly drilled in 2004 which has manufactured about one BCF gasoline so far.
Success within the Woodbine development was set up while in the Double A Wells Industry located in Polk County for the east where by commencing in 1990 and continuing by 2001, sixty wells had been drilled (53 proceed to provide). The Double A Wells Industry has generated almost four hundred BCF of fuel and twenty million bbl of oil thus far. Exploration for Woodbine development targets is energetic during the fast vicinity of New Waverly. All of such formations are possible at New Waverly.
Given the present promote selling price for pure fuel and the latest decline in drilling prices, our emphasis is on great influence potential customers from the Yegua, Cook Mountain and Wilcox formations. Give good results is at the moment underway to discover reduced Wilcox creation over the New Waverly acreage and also to company up areas during the Cook Mountain and Yegua formations. Interpretation and analysis of seismic information has presently disclosed as much as 3 potential Cook Mountain/Yegua areas. The business is doing work with all the Operator, SK & Co, Oil and Gasoline to prepare a drilling program and schedule to exploit these Yegua/Cook Mountain targets. Based upon examination of your information up to now, confidence is increased that a quantity of drillable Wilcox potential customers will be developed at New Waverly. Study continues using the objective of refining, big grading and scheduling drilling of those potential customers.
Goliad County, Texas
The Funk #1 perfectly in Goliad County continues to provide fuel in the Frio development in excess of 100 mcf per day. The business is evaluating the merits of additional proposed wells at Funk and expects to reach a decision on whether to proceed with additional drilling in summer 2009. Petro Horizon Power Corp by way of its wholly owned subsidiary, Horizon Industries (USA) Ltd owns a 54% functioning curiosity inside Funk Prospect. Operations have ceased at the Stewart Prospect in Goliad Count, Texas and arrangements are underway to complete abandonment or other disposition in the Stewart #1 clearly.
Other Projects
The Business is actively evaluating oil and fuel creation and advancement properties. In this environment of bring down acquisition and drilling expenditures, the business would like to position itself to benefit from future upside as markets strengthen. The organization also recognizes that these are unique times and that other opportunities exist that would not otherwise arise if not for present-day historic economic and marketplace conditions. Utilizing the long term qualified experience of geologists to the Company's board of directors and management, the business is considering and evaluating opportunities inside the precious metals resource sector.
On Behalf with the board of directors,
"Christopher Wensley"
Christopher Wensley, President
Neither TSX Venture Exchange nor its Regulation Solutions Provider (as that term is defined during the policies of this TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Suite 1710 - 1040 West Georgia Street Vancouver, B.C., V6E 4H1
Investor Relations Enquiries: Anderson Financial Consultants, Mr Bruce Korhonen - Vancouver, BC, Tel: 604-628-7065; Petro Horizon Power Corp, Vancouver, BC, Tel: (604) 488-3900
Author Information
Christopher Anderson
Anderson Financial Marketing
