Search panel in condensed area or listed

I have a web form where I show filters and result pane.

For the moment (1st picture), all filters are grouped into an area, like in 2 vertical columns. I use chosen for select lists.

The suggestion (2nd picture) could be to put all filters in horizontal line, and could take form of drop-down. When user select an item in the dropdown, the selected item would appears just under filters.

The problem is that I think that the vertical menu and the new horisontal are too mutch.

Any ideas to help me to decide? Improovments to suggest?

Thanks