VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 6, 2007) - Horizon Industries Ltd. (TSX VENTURE:HRZ), is pleased to announce that drilling of the Hammond #1 Well at the New Waverly prospect in San Jacinto County, Texas is completed and the partners have elected to proceed with completion operations.
Drilling of the well reached total depth of 3,200 feet and electric logging and side wall core sampling has been completed. Evaluation of the logs and side wall cores shows multiple prospective pay zones and confirms the presence of hydrocarbons in the targeted sands. Completion operations are underway and it is anticipated that flow testing of the well will occur within the next 10 days. The Hammond #1 well is the first of up to five wells proposed to be drilled on the initial 400 acre phase of the New Waverly prospect currently comprising approximately 3,100 acres having prospective potential to host up to approximately 40 such well locations.
Horizon holds a 25% working interest in the initial phase of the prospect and has an option to acquire up to 37.5% working interest in the balance of the prospect. The Waverly prospect is operated by Pan American Production Company of Houston, Texas. For details on the New Waverly Prospect, please refer to the Company's news release dated May 14, 2007.
About Pan American Production Company, Inc.
Pan American is an oil and gas production company specializing in low risk oil and gas prospects where opportunity exists to generate high return through production enhancement and application of exploration techniques. Pan American currently holds production and prospects covering approximately 30,000 acres in Texas.
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. For more information, please visit www.horizonindustriesltd.com.
On Behalf of the board of directors,
Christopher Wensley, President
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations Enquiries:
First Canadian Capital Corp. - Toronto, Ont.
(416) 742-5600 or 1-866-580-8891
Princeton Research Corporation - Las Vegas, NV
Horizon Industries Ltd.
Suite 1710 - 1040 West Georgia Street