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Whatley #1 Development Prospect
Spartan Field
San Patricio County, Texas
Horizon Industries Ltd., through its wholly owned subsidiary, Horizon Industries U.S.A. Ltd., reached agreement with PB Energy USA, Inc. ("PB") to acquire a 12% Participating Interest to earn a 9% Working Interest in the Whatley #1 Development Prospect, in the Spartan Field, San Patricio County, Texas.
Whatley Prospect Map
click to enlarge
The Whatley #1 Development Prospect is located on a 312-acre lease in the Spartan Field, San Patricio County, Texas. The Spartan Field was discovered in the 1940's by 2D seismic exploration. Multiple pay zones are common and production begins as shallow as 1700' to depths greater than 9000'. Thirty-two (32) different pay zones of production occur in the field and twenty-three (23) are adjacent to the Whatley lease. Total cumulative production for all these sands in the field to date has been approximately 28.5 BCF of gas and 1,900,000 BO.
Two intersecting seismic lines were interpreted across the Whatley #1 Development Prospect and amplitude anomalies correlate extremely well to productive sands in offsetting wells. These amplitude anomalies continue up dip from nearby producing reservoirs into the Whatley drill-site block. Here they show increasing amplitude strength and speed indicating the presence of hydrocarbons trapped in this block. The water drive mechanism in the offsetting wells ensures that no depletion has occurred on the up dip section.
The Whatley #1 Development Prospect is a development well location with primary target sands having twelve (12) possible pay zones, with some zones spanning the entire width of the lease. These sands have been identified geologically and seismically as being high in structural elevation.
Cautionary Note to U.S. Investors-The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms on this web site, such as probable and possible reserves, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our annual Form 51-101, available from us at 1710 - 1040 West Georgia Street, Box 83, Vancouver, BC V6E 4H1. You can also obtain this form at www.sedar.com.
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