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Re: News Releases - Thursday, August 30, 2007
HORIZON SETS NUMBER OF SHARES TO BE ISSUED IN RESPECT OF
ACQUISITION OF NEW WAVERLY PROSPECT
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VANCOUVER, CANADA -- August 30, 2007 --- Further to Horizon Industries
Ltd.'s (Horizon) (TSXV:HRZ) news release dated August 22, 2007, in
which Horizon announced it had completed the acquisition of a 37.5 %
working interest in an additional 2,700 acres at the New Waverly
prospect, the Company announces that the number of shares to be issued
against the final payment of consideration for this acquisition has
been set.
Horizon has paid US $78,750 cash consideration and will issue 200,000
shares in the capital stock of Horizon Industries Ltd. to Pan American
Production Company, Inc. ("Pan American") or its nominee, at a deemed
price of CDN $0.25 per share in respect of this acquisition. In
addition, upon the successful completion of six wells on the prospect
lands, Horizon will pay further consideration to Pan American equaling
US $60,000. This sum will be paid in the capital stock of Horizon at a
deemed price of CDN $0.35 per share totaling 180,000 shares, subject to
approval by the TSX Venture Exchange. This consideration will be
payable after successful completion and tie in to sales of six
producing wells on the prospect lands.
Pan American is the operator of the New Waverly Prospect and has
successfully completed drilling of the first of up to 40 prospective
wells in the shallower Vicksburg formation. The Hammond #1 well will
be tied into sales upon acquisition of an existing tie-in and
production facility on adjoining lands, which is expected to conclude
within the next several days. Sales line installation is currently
underway. It is anticipated that an independent four point flow test
will be conducted and the well turned to sales within two weeks.
Geologic evidence also supports prospectivity in the deeper Yegua, Cook
Mountain, and Wilcox formations.
The Company has also granted 50,000 stock options to a consultant at an
exercise price of $0.33 per share. The options shall vest quarterly and
have a term of two years.
Pan American Production Company, Inc.
Pan American is an oil and gas production company specializing in low
risk oil and gas prospects where opportunity exists to generate high
return through production enhancement and application of exploration
techniques. Pan American currently holds production and prospects
covering approximately 30,000 acres in Texas.
Horizon Industries Ltd.
Horizon Industries Ltd. is an emerging oil and gas exploration and
production company building a high quality asset base in focused areas
throughout the United States. For more information, please visit
www.horizonindustriesltd.com
On Behalf of the board of directors,
"Christopher Wensley"
Christopher Wensley, President
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of the content of this News Release. WARNING:
The Company relies on litigation protection for "forward looking"
statements. Actual results could differ materially from those
described in the news release as a result of numerous factors, some of
which are outside the control of the Company.
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Copyright (c) 2007 HORIZON INDUSTRIES LTD. (HRZ) All rights reserved.
For more information visit our website at
http://www.horizonindustriesltd.com/ or send
mailto:info@horizonindustriesltd.com
Message sent on Thu Aug 30, 2007 at 10:34:06 AM Pacific Time
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