(PRZCF.OTCBB) (PH0.FRANKFURT) (TSXV.PHE)
VANCOUVER, July 20 /PRNewswire-FirstCall/ - PETRO HORIZON
ENERGY CORP. (TSXV.PHE), is pleased to announce that it has
executed a Sales, Amendment and Settlement Agreement ("Agreement")
with SK& Co. ("SK") of Dallas
Texas in respect of the New Waverly Prospect located in
San Jacinto County approximately
60 miles north of Houston. This
Agreement provides that in exchange of its right to participate in
up to 37.5 % working interest ownership in this prospect; PHE will
be carried for a 12.5 % cost share through to casing point in a
11,700 foot targeted Wilcox test
well. The New Waverly prospect
comprises of approximately 4,238 gross acres with numerous targets
in the Jackson Formation (3,000 foot depth), the Yegua Formation
(4,000 foot depth), Cook Mountain Formation (5,000 foot depth) as
well as the Wilcox. For further
information on SK's program at Waverly, please visit their website
at "skoilandgas.com". Based on seismic interpretation, SK believes
that there could be upwards of 15 drillable Wilcox locations on the joint venture lands.
As a result of this Agreement, PHE will in the quarter ending
September 30, 2010 reduce its current
payable to SK by approximately $54,000.
On Behalf of the board of directors,
"Ron Bourgeois"
Ron Bourgeois, President
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Tel: (604) 488-3900, email: info@petrohorizonenergy.ca
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking statements relating to future events or future
performance and reflecting Petro Horizon's management's
expectations or beliefs regarding future events include, but are
not limited to, statements with respect to completion of the
private placement and related matters. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Petro Horizon to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include, among others,
risks related to actual results of current exploration activities;
changes in project parameters as plans continue to be refined;
future prices of resources; possible variations in ore reserves,
grade or recovery rates; accidents, labour disputes and other risks
of the mining industry; delays in obtaining governmental approvals
or financing or in the completion of development or construction
activities; as well as those factors detailed from time to time in
Petro Horizon's interim and annual financial statements and
management's discussion and analysis of those statements, all of
which are filed and available for review on SEDAR at www.sedar.com.
Although Petro Horizon has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements.Accordingly,
readers should not place undue reliance on forward looking
statements.
SOURCE Petro Horizon Energy Corp.
