Carbon Capture and Storage

NexGen Carbon Solutions is a wholly owned subsidiary of Horizon. You can visit NexGen’s website at www.nexgencarbonsolutions.com.

NexGen formed a joint venture (NexGen Carbon Oklahoma) with a local Oklahoma-based energy company. The joint venture recently acquired a substantial surface carbon storage lease position in northeastern Oklahoma, an area ideally suited for a large, profitable point source capture, transportation and storage project.

NexGen is affiliated with several academic institutions, including Stanford University and Oklahoma University, who are leaders in carbon capture and storage initiatives in the U.S. NexGen is closely connected with federal government agencies that are actively promoting carbon capture and storage through policies, grants and loans to support the development of the carbon capture and storage industry.

Watch a Video of the Company Purpose and History Above

Oil and Gas - California Oil and Gas - International Carbon Capture Utilization and Storage (CCUS)

California

Currently, the Company is active in two project areas – Grapevine and Mountain View. The Company is the operator and largest working interest owner in both projects that are located in Kern County, a highly prolific oil producing basin containing 4 of the 10 largest oil fields in the United States, each with cumulative oil production greater than 1 billion barrels. The oil fields in the vicinity of the Grapevine project have produced approximately 200 million barrels of oil over the past 50 years from the same geological objectives from which the Company is producing oil. The Mountain View project is within the boundaries of an oil and natural gas field that has produced over 100 million barrels of oil and oil equivalents from multiple zones over the past 90 years.

Based on the implementation of two modern size able proprietary 3D seismic surveys in 2016 and 2017, which notably were the first modern seismic data ever acquired over both areas, the Company made two significant oil discoveries, one in each project area. To date, these discoveries have produced over 925,000 barrels of oil from 3 primary wells and have generated gross revenues of over $60 million since inception. The Company has scheduled several development wells to be drilled in 2023. This drilling activity will result in a major increase in the Company’s cash flow and proven producing reserve base. Although California has recently passed legislation aimed at limiting new drilling, the new legislation is expected to have minimal negative effect on the Company’s development program as the Company’s area of operation is located primarily in an agricultural area which is not densely populated. Additionally, the Company identified over 40 million barrels of prospective oil resources situated under its proprietary 3D seismic data. An exploration program designed to target these prospects is being developed.

United Kingdom North Sea

The Company has substantial license holdings (approximately 250,000 acres) in the heart of a premier exploration area, in shallow water with shallow drilling depths, being strongly advocated for exploration by the UK government.

Horizon has developed numerous prospects supported by modern high-quality 3D seismic data. One drill-ready prospect, Dabinett, with stellar economic upside, is scheduled to be drilled in 2024. Dabinett contains un-risked mean prospective resources of 200 million barrels of oil as confirmed by an independent internationally recognized third party.

Download Dabinett Prospect Summary

Download Dabinett Prospect ERC Equipoise Independent Prospective Resource Report Summary – Feb 2023

Horizon has substantial license holdings (approximately 500,000 acres) in the heart of a premier exploration area in the UK section of the North Sea, situated in shallow water with shallow drilling depths. This area is being advocated by both industry and the UK government as a major potential source for new gas discoveries.

The UK government is supportive of exploration and development of natural gas resources in accordance with the country’s net-zero targets. The ongoing Russian/Ukrainian conflict, which has severely constrained natural gas exports to Western Europe, has demanded an increase in domestic production to ensure energy security.

Horizon has developed numerous prospects on its licenses supported by modern high-quality 3D seismic data. The first drill-ready prospect, Dabinett, is scheduled to be drilled in 2025. Dabinett contains un-risked mean prospective resources of 663 billion cubic feet of natural gas as estimated by an independent internationally recognized third party energy valuation firm.

Horizon was recently awarded 3 new licenses in the recent UK offshore licensing round adjacent to and in close proximity to the Dabinett prospect. The identified prospects are internally estimated to contain mean un-risked prospective resources in excess 10 trillion cubic feet of natural gas.