New Horizon Exploration, Inc.: The Little Engine That Could Steams Into Port Lisas; A New Type of Oil Company Brings a New Type of Production to the Caribbean Nation of Trinidad & Tobago.Business Editors RICHARDSON, Texas--(BUSINESS WIRE)--June 21, 2001 The first land-based oil drilling rig to be shipped to Trinidad & Tobago in almost twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. has arrived at Port Lisas, it was announced today by Greg Boyles, president of New Horizon Exploration, Inc. (NHE NHE Normal Hydrogen Electrode NHE National Housing Endowment NHE No Happy Ending NHE Sodium Hydrogen Exchanger ), of Richardson, Texas Richardson is a suburb in Dallas County and Collin County, Texas. As of the 2000 census, the city had a total population of 91,803, while according to a 2006 estimate, the population had grown to 99,200. , owner and operator of the drilling rig and partner in a new venture to develop the rich oil resources of Trinidad & Tobago. Through a joint venture partnership with Petrotrin, the National Oil Company of Trinidad & Tobago, New Horizon Exploration is developing Block E in the famed Parrylands oil field. Petrotrin is providing an extensive infrastructure including paved roads, access to crude oil pipelines, utilities, and a market for the crude through its refinery at Pointe a Pierre, which recently underwent a $100 million upgrade to produce products that meets U.S. specifications. The Petrotrin refinery is capable of processing approximately 170,000 barrels of crude daily, most of which is currently exported to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . "New Horizon is to provide the necessary capital to develop the Block and share its knowledge, expertise and technological innovation with Petrotrin and students," said Allen Russell Allen Russell may refer to:
NHE has invested over $5 million in the project through the first half of 2001. The company is drilling 18 vertical and 3 horizontal development wells within the Block with its rig, shipped from Texas. Over the next four years, NHE plans to invest up to $35 million to fully develop the block, estimated to contain 60 million barrels, using their Six Pac(TM) enhanced oil recovery process. The Six Pac(TM) combines proven horizontal drilling with steam injection, and is expected to recover more than 50% of the oil in place in less time than other methods, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Boyles, as it combines gravity drainage with secondary and tertiary recovery methods. "We aren't here just to pump oil and be an absentee landlord Absentee landlord is an economic term for a person who owns and rents out a profit-earning property, but does not live within the property's local economic region. This is a common corporate practice. ," explained Boyles. "We are committed to being a hands-on operator and making a positive contribution to the economy and to the health and welfare of the people here. Our success depends on having a long-term commitment to the people we involve in each project. As world oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. mature, we believe independents can secure big opportunities if they have the right experience, and are willing to share it locally so that everyone may benefit," said Boyles. "'The Little Engine That Could' is not just a bedtime story -- it's who we are and what our world can be, if we have the determination to keep chugging along." About New Horizon Exploration NHE is an international oil and gas production company incorporated in Texas in 1985. The company has extensive drilling and well completion experience gained as an oil and gas operator in California, Colorado, Louisiana, New Mexico, Oklahoma, Texas, and Trinidad & Tobago. NHE specializes in enhanced recovery methods blending state of art technology with proven drilling expertise and effective business strategy. NHE specializes in producing the maximum amount of oil in each field it operates, and is experienced in carefully managing fields in beautiful areas, such as a golf course in the Los Angeles, Calif., area. About the Republic of Trinidad & Tobago The dual-island Republic of Trinidad & Tobago is separated from Venezuela by only 7 miles. The two islands comprise 1,980 square miles, about one and a half times the size of the state of Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. . The nation's population is approximately 1.3 million. The petroleum sector is by far the most important contributor to the economy of Trinidad & Tobago, with an average contribution to GDP GDP (guanosine diphosphate): see guanine. of 25% from 1994-1998. The energy sector, including natural gas and petrochemicals in addition to petroleum, boosts sub-sectors such as distribution, transportation, construction and local manufacturing. |
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