VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 20, 2007) - Horizon Industries Ltd. (Horizon) (TSX VENTURE:HRZ), is pleased to announce that the Company has received positive flow test results from the operator of the Hammond #1 well at the Waverly Prospect, San Jacinto County, Texas.
The operator, Pan American Production Company Inc., has completed perforation and flow testing of the first of several primary zones of interest as identified by logs and side wall cores previously reported in our news release of June 6, 2007. Four feet of perforations were shot in this first zone. The well was flow tested for 2 hours each on a 6/64ths choke, an 8/64ths choke and for 4 hours on a 10/64ths choke. The well flowed at stable rates of 264 MCF, 461 MCF and 611 MCF dry gas per day respectively, with stabilized flowing tubing pressures of 1,135 PSI, 1,120 PSI and 1,080 PSI respectively. The operator is preparing to tie in the well for production and anticipates installation of facilities and a sales line within the next two to three weeks. An independent four point flow test will be conducted during this interval.
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. The New Waverly prospect currently comprises approximately 3,100 gross acres.
Horizon holds a 25% working interest in the initial 400 acre phase of the prospect and intends to exercise its option to acquire 37.5% working interest in the balance of the prospect comprising approximately 2,700 additional acres. The Waverly prospect is operated by Pan American Production Company, Inc. of Houston, Texas.
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.
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:
First Canadian Capital Corp.
Investor Relations Enquiries
(416) 742-5600 or Toll Free: 1-866-580-8891
Freeform Communications
Investor Relations Enquiries
(604) 288-7222
Princeton Research Corporation
Investor Relations Enquiries
(702) 650-3000
Email: mike@princetonresearch.com
Horizon Industries Ltd.
Chris Wensley
(604) 488-3900
Email: cwensley@horizonindustriesltd.com
Horizon Industries Ltd.
Patrick Forseille
(604) 488-3900
Email: info@horizonindustriesltd.com
Website: www.horizonindustriesltd.com
