Lighthouse Petroleum, Inc. Announces Successful Re-Entry of its Perry #2A Well in Haskell County, Texas With the Re-Entry of Perry #2A, the Company Now Has Two Wells Producing Oil on the Perry Lease
NEW YORK, June 3, 2013 /PRNewswire/ -- Lighthouse Petroleum, Inc. ("Lighthouse") (PINKSHEETS: LHPT), a growth-oriented energy company focusing on the exploration and production of oil and gas, today announces the successful re-entry operations at its Perry #2A well within its Perry Lease in Haskell County, TX.
On Thursday, May 30, 2013, Lighthouse Petroleum re-entered the existing Perry #2A well, removed all rods and tubing, ran a wire line log utilizing both gamma ray and neutron technology, replaced the tubing, acidized the well, and replaced the rods. A successful fluid test was then performed and the well was then placed into production on Saturday, June 1, 2013.
Lighthouse Petroleum President, Gerard Danos, who was on-site from start to finish of the project stated, "In keeping with our business strategy of finding and bringing online undervalued oil wells and increasing production of current leases, management reviewed the historical data on our Perry #2A well. We determined that allocating funds and resources to re-enter this well was warranted. I am extremely pleased that not only were we successful in bringing the well into production, we were able to do it within budget. The two well completions on the Perry Lease promise to provide a significant boost to volumes and we are extremely excited about this outcome. Additionally, it contributes considerable upside to our growing production profile with the benefit of significantly increasing our future financial flexibility. From all respects, this project further advances our core strategy as we seek to become a rapidly growing, oil and gas company."
Mr. Danos further commented, "We will be informing our shareholders of stabilized production numbers within the coming weeks. Also, we will be uploading pictures and videos of the entire project to our website and Facebook page within the next several days."
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of 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 common stock to raise the necessary operating capital. Based upon industry standards, Lighthouse is considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider are: 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. The above list of risks is limited and additional risks not mentioned may occur. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
Gerard Danos, President
Lighthouse Petroleum, Inc.
SOURCE Lighthouse Petroleum, Inc.