Exploration & Production | Deals - Joint Ventures
Horizon Inks Joint Operating, Exploration Deal in East Texas
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Horizon Energy Corporation has signed a joint operating agreement with Ponta E&P, LLP, to begin exploration in a group of oil and gas leases known as the Holmes Oil Unit Number 1 in the East Texas counties of Cherokee and Rusk.
The land consists of 82.89 acres located in the Pettet formation close to the town of Rusk, which is the Cherokee county seat. The agreement with Ponta E&P LLP is the first project in Horizon’s ongoing efforts to explore, develop and produce domestic oil and gas.
Throughout East Texas, producers are returning to fields such as the Holmes property and successfully employing horizontal drilling and hydraulic fracturing in their quest for the next "Eagle Ford."
Robert Bludorn, President and CEO of Horizon Energy Corporation, commented: "We are optimistic about our relationship with Ponta and expect this project to become an important segment of our portfolio. This area has demonstrated conservative asset appreciation and our research validates these leases are an excellent prospect for a renewed drilling program."