I didn't really see how it was a horror until 2/3 the way in, and it wasn't exactly scary then. You have only got 7 minutes and that should be 7 minutes of horror. The sound was all over the place too, that's to be expected in 48 hours but makes it had for the ears!
Representing Palmy with pride, this had a great setup of the discovery of betrayal and someone being told to simply run for their life as they were going to be hunted. I love human hunt films as the danger seems so much more real, but after the fantastic start, the horror element basically went missing. Well shot, poor sound but I felt it needed to do more to actually give us some tension once the hunt started (sorry for harping on about the same point)
Great camera work :)
Not sure I got the horror aspect - sure there was killing, but horror? I was impressed that it looked like there were quite a few locations shot, which is never easy to cram in multiple locations within the 48hrs. Personally I would have reversed the casting of the male lead and the cheating friend as I think it would have been more believable that way around.