Horizon Industries Ltd.

Horizon Industries Ltd.

August 24, 2006 15:41 ET

Horizon Industries Ltd.: Operations Update-Horizon/Funk #1

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 24, 2006) - At the direction of Horizon Industries Ltd. (TSX VENTURE:HRZ), the Company's operator of record, Dirnett, Inc. has placed the Horizon Funk #1 Well in Goliad County on "tight hole" status pending the conclusion of lease negotiations. Testing continues and results will be announced once the well has been put in production and removed from "tight hole" status.

Horizon Industries Ltd. currently holds a 79% working interest in the Funk Prospect. The Funk Prospect is located in the G. Barrera survey A-2 in Goliad County and currently consists of two tracts of land comprising 240 acres and 160 acres. The Funk Prospect is situated in the prolific Middle Yegua gas trend, a formation that has produced gas and condensate in the nearby Maetze Yegua, Perdido Creek and Jobar fields.

About Horizon Industries Ltd.

Horizon Industries Ltd. is an emerging oil and gas exploration and production company building a high quality asset base in focused areas throughout the United States. The Company is currently developing strategic alliances in high impact oil and gas plays in Western Canada. For more information, please visit www.horizonindustriesltd.com.

On Behalf of the board of directors,

Christopher Wensley, President

WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

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