Blue Horizon Acquires Acreage in Canada

Rigzone reported that Blue Horizon’s 100% owned subsidiary, Blue Horizon Energy has completed a transaction with a private oil and gas company pursuant to which it acquired a 100% interest in 4,160 acres of non-producing petroleum and natural gas rights located in the Haro, Alberta and Waskada, Manitoba areas.

As quoted in the market news:

The acquisition of the 100% interest in the petroleum and natural gas rights underlying the six sections of land at Haro Alberta and the half section of land in the Waskada area of Manitoba allows Blue Horizon Energy to uniquely position itself to cost effectively potentially establish light oil reserves adding to the Company’s diversity in the energy sector. This acquisition has set the stage for Blue Horizon Energy to drill horizontal wells in areas where a number of major oil and gas companies are already operating. The Corporation will initially focus on horizontally drilling for oil in the prolific Spearfish formation in Manitoba where licensing and permitting of the first new drilling location has been initiated in anticipation of meeting the Corporation’s target to horizontally drill, complete and fracture a minimum of two horizontal wells by April 2012.

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