Horizon Energy Corporation announced in early April that it signed an option agreement for an oil and gas lease in Webb County, TX. The land consists of 1,340 acres located close to Mirando City.
Webb County is in the dry gas window of the Eagle Ford Shale, and also produces oil and gas from the Lobo and Wilcox formations. Horizon, formerly Solar America Corp., did not divulge any of the agreement's terms.
“We are actively evaluating this and other acquisition opportunities of oil and gas properties that are a match with our strategy,” said Robert Bludorn, President and CEO of Horizon Energy Corporation. He added, “We are encouraged by the deal flow we are identifying that has the potential to allow us to build our company with quality assets.”
SM Energy and Lewis Energy are the largest operators with production focused in the Eagle Ford shale in Webb County. Other top operators with active leases in the area include Chevron, ConocoPhillips and Swift Energy.
In March of 2014, Swift Energy tested three Eagle Ford wells in the Fasken area of Webb County, with average initial production (IP) rates of 22.1 mmcf/d. The Company has identified an additional 50-60 undeveloped lower Eagle Ford locations in the Fasken area.
Read more: Swift Energy Reveals Initial Production Rates for Six Eagle Ford Test Wells
Click Here to read the Horizon press release