(PRZCF.OTCBB) (PH0.FRANKFURT) (TSXV.PHE)
VANCOUVER, July 20 /CNW/ - 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, President
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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.
For further information: For further information: Petro Horizon Energy Corp, Vancouver, BC, Tel: (604) 488-3900, email: email@example.com