NEW YORK, March 13, 2012 /PRNewswire/ -- (OTC Pinks LHPT) Lighthouse Petroleum, Inc. during the first quarter of 2012 has successfully closed two transactions of the year. Lighthouse initial transaction was a purchase of a participation interest in a well in Lucy Lee Well located in St. Helena Parrish, Louisiana. The second transaction was the closing of the purchase of the Perry Lease and Perry "A" Lease. "I believe the foundation for Lighthouse's future growth has been laid with the closing of these two transaction. I expect the Lucy Lee well to begin generating revenue for Lighthouse before the end of the quarter March 31, 2012. In addition I am pleased to announce the Perry and Perry "A" Lease now have an approved budget and we are currently work with the operator to begin scheduling work on both Perry leases." said CEO Todd Violette. "The Louisiana Project has several benefits for the long term development of the company. It puts Lighthouse right in the middle of some major projects going on in that area targeting the Tuscaloosa Marine Shale. Several majors oil and gas companies have been drilling in Louisiana targeting the Tuscaloosa Marine Shale and are producing very solid returns based on public disclose management is able to find. Since the Lucy Lee project is much larger in terms of required cash than what Lighthouse could have done on its own, partnering and buying a non- operator participating interest has given us a foothold in the area and a relationship with a local operator."
Management expects that if the Lucy Lee project is successful the Company will have an opportunity to work with the same local operator on additional projects in the area. Management completed an inspection of another well in February 2012. Recent Google searches done by management of oil and gas projects in the surrounding area indicated two key findings (1) that a similar well in the area have produced 290 Barrels of day of oil and some gas, and (2) major oil and gas companies are investing and requesting exploration permits in the areas of Louisiana and Mississippi targeting the Tuscaloosa Marine Shale. Information management relied upon when deciding to invest in the Lucy Lee indicates that it has the potential to produce between 200 to 400 barrels per day of fluid with an expected oil cut of about 20%.
The Tuscaloosa Marine shale (TMS) has long been identified as the source of oil in the Lower Tuscaloosa sandstone and Austin Chalk in Mississippi and Louisiana. Its Texas equivalent, the Eagle Ford shale, is currently one of the hottest development areas in the lower 48. Wells drilling through the TMS typically encounter oil and gas shows. Report of oil on the pits is common while drilling through the TMS. Devon and Encana are the most active drillers in TMS Play Trend in SE Louisiana. Both operators are utilizing long laterals and multi-stage fracs in their wells.
Operational Updates and video footage of the Lucy Lee project can be found on the company website www.lighthouselhpt.com or visit us on our Facebook under Lighthouse Petroleum or on twitter at @lighthousepetro.
About Lighthouse Petroleum, Inc.
Lighthouse Petroleum, Inc. is in the initial development stages as a junior oil and gas company. Lighthouse's initial focus will be on acquiring abandoned wells and land leases believed to still have sustainable development opportunities. Lighthouse believes the use of modern technology will enable the company to reduce its risk in the initial phase of development and open up new opportunities. Lighthouse plans to create a base cash flow from reentering these wells and establish the network to acquire additional land assets in our targeted areas. The management's focus is on acquiring and developing assets located in the Permian Basin, Mid-Continent Areas and Arch- Fort Worth Basin. Lighthouse is a growth orientated junior Oil & Gas Company that trades on the OTC markets under the symbol "LHPT."
Forward Looking Statement
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Lighthouse Petroleum, Inc. is an exploration company with limited experience in the oil and gas industry. At the time of this release Lighthouse Petroleum, Inc. lacks the financial capabilities to meet its financial obligations and its management expects to dilute the company's shares to raise the necessary operating capital. Based upon industry standards Lighthouse would be considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider are that this list is limited and additional risk not mentioned may apply: failure to meet Lighthouse's financial and contractual obligations, Lighthouse's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
Todd Violette, CEO
Lighthouse Petroleum, Inc.
SOURCE Lighthouse Petroleum, Inc.