VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 7, 2005) - Christopher Wensley, President of Horizon Industries Ltd. (TSX VENTURE:HRZ), an emerging oil and gas exploration and development company, announces that the Stewart #1 well at the Stewart East Prospect was spudded late Friday evening, November 4. Surface casing was set to 700 feet on Saturday afternoon and drilling continues. Total depth for the Stewart #1 well is 5,700 feet which will likely occur by the end of the week.
The 272 acre Stewart East Property is located in Goliad County, Texas within the Jobar field. In late 1997, Edge Petroleum discovered the Jobar field, with production from the middle Yegua formation between 5300 and 5500 feet. There are 9 wells in the field which have produced to date a cumulative 5.894 Bcf (billion cubic feet) of gas, an average of 655Mmcf (million cubic feet) per well. Average initial production was reported at 1,800 mcf per day with the best well producing 2,100 mcf per day. The field appears to be a series of isolated bar deposits trending in a north east /south west direction. The field was discovered using 2D seismic amplitude analysis. The well will test an amplitude anomaly based on Horizon's 3D seismic program conducted over the property.
The Company holds a 30% working interest in the Stewart prospect comprised of the Stewart East and the Stewart West properties covering approximately 544 contiguous acres.
About Horizon Industries Ltd.
Horizon Industries Ltd. is an emerging oil and gas exploration and production company building a high quality asset base in focused areas throughout the United States. The Company is currently developing strategic alliances in high impact oil and gas plays in Western Canada. For more information, please visit www.horizonindustriesltd.com.
WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
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Horizon Industries Ltd.