Horizon announces sale of oil field interest

Red Deer-based Blue Horizon Industries Inc. (CNSX: BH) has announced the sale of a two per cent working interest in an Alberta oil field by its subsidiary Blue Horizon Energy Inc. to an undisclosed purchaser for $65,000.

Red Deer-based Blue Horizon Industries Inc. (CNSX: BH) has announced the sale of a two per cent working interest in an Alberta oil field by its subsidiary Blue Horizon Energy Inc. to an undisclosed purchaser for $65,000.

Blue Horizon Energy had held a 15 per cent working interest in the 160-acre site before announcing the sale of a three per cent interest in June for $97,500.

That deal included an option for the purchaser to buy the remaining 12 per cent for a further $390,000. The purchaser now has the right to buy the remaining 10 per cent working interest for 45 days from Aug. 5.

Blue Horizon Industries said a test well on the property has already been drilled, cased and fracked, and is scheduled to go into production in the third quarter of 2012.

In addition to Blue Horizon Energy, Blue Horizon Industries operates Blue Horizon Bio-Diesel Inc., Blue Horizon Mining Inc. and Blue Horizon Contracting.