As part of its
broader focus on opportunities within the U.S. energy market, Horizon Energy is
currently exploring additional drilling prospects in Webb County, and recently
signed an option agreement for a two-tract lease totaling 1,340 acres close to
Mirando City. Webb County is part of the widely acclaimed Eagle Ford Shale play
in South Texas.
According to the
Railroad Commission of Texas’ oil and gas statistics released earlier this
year, Webb County ranks second in Texas gas production for the month of
November 2013, with 31,320,676 MCF. More money is spent on exploration and
drilling of this geological formation than any other play in the world,
directly creating more than half a million new jobs since its discovery.
Texasdrilling.com reports 18,234 currently drilled wells in Webb County.
“The U.S. energy
revolution is transforming communities across the country, but the impact is
the strongest in Texas. In areas like Webb County and other counties in South
Texas, the oil bonanza has transformed the economy,” Robert Bludorn, chairman
and CEO of Horizon Energy, stated in the news release. “Horizon has selected
this area as one to explore opportunities, where the accumulated experience of
generations of Texans is part of its rich heritage.”
While the majority
of activity in Webb County is focused in the northwest portion where wells
produce rich gas in the Eagle Ford play, that play is nestled among various
geologic layers, many of which are also producing oil and gas. These formations
may be more or less prevalent in different areas and depths vary across all
formations, and may produce oil or gas in diverse areas. For this reason, oil
and gas companies are returning to some of the oil fields using the latest
horizontal drilling techniques.
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