I never x-ray something like this. If it is not going to diagnose a lameness or going to determine the way I treat or handle something, I don't x-ray a cut. If it is a closed swelling (no cut or puncture) or a 'mystery' lameness -- x-rays may be needed for diagnostic purposes. If x-rays are not going to change the outcome, they are just wasted money.
I see nothing here like that. It could have been barbed or smooth wire. Almost every barbed wire cut I've treated where a horse was not 'hung up' on the wire for a long time, looked just like this one.
I would, however, be treating it a LOT differently.
I would use the Penicillin. I would not use Bute. The anti inflamatory qualities slow healing and reduces the blood supply to it. Horses handle the pain better than the side effects.
I would never let water touch it (much less soak it) after the initial cleaning. I would wrap tightly with Furacin on gauze covered with Vet Wrap and duct tape. I would do this until proud flesh closes up the wound. Wrapping tightly keeps the bulb of the heel from separating and causing a much bigger scar and later problems. As soon as the wound was closed and completely filled in, I would treat as a open wound. I would still keep it wrapped if there was any chance of it getting wet. Water feeds proud flesh. Every time a wound gets wet, the proud flesh grows and grows and grows.