Horizon Energy Corporation announces the initial geological report is positive, as it considers a recent option agreement for a two-tract oil and gas lease totaling 1,340 acres in Webb County, Texas.

The report states there are approximately 24 million barrels of oil remaining in the field with about 20% of it underlying the Horizon leasehold, which equals 4.8 million barrels of oil in place. Assuming a 20% recovery of that figure, the report estimates the property can yield 1.4 million barrels, which at current prices for West Texas Intermediate Crude oil is valued at $146 million.

The geological report for the Horizon lease further states there are several inactive wellbores on the property that can yield instant production while further recovery methods are investigated.

Tags: Horizon Energy