GULFPORT — Horizon Energy Corporation reports better-than-expected results for its exploration project in East Texas, and has received the first proceeds from the initial well.
The well came out of workover and stimulation operations in July. Horizon is conducting the joint exploration project with Ponta E&P and is currently evaluating other drilling opportunities with Ponta that can be recompleted in similar fashion.
“The well’s performance to date is encouraging and has validated our decision to explore options in East Texas,” said Robert Bludorn, president and CEO of Horizon. “The successful renewal of this mature well with oil recovery technology exemplifies the opportunities that lie within other East Texas fields.”
While the Texas Railroad Commission reports most of the top Texas counties for oil production are located in the Eagle Ford Shale, some operators are returning to fields such as those being targeted by Horizon in East Texas, using oil recovery technology to stimulate wells that are long overlooked or barely tapped.
Horizon’s operation at Holmes Unit Number 1 is located in a demonstrated producing trend on the border of Cherokee and Rusk Counties in East Texas. Based on historical data, other wells in the proximity of the Holmes Unit have also recently demonstrated successful completion as the area experiences renewed interest.