LEVELLAND, Texas, Aug. 16, 2012 /PRNewswire/ -- Lighthouse Petroleum, Inc. (OTC Pink: LHPT) and Paradigm Oil and Gas, Inc. (OTC Pink: PDGO) is pleased to announce the first joint project with Paradigm Oil and Gas to begin oil operations in Haskell County, Texas. Management has approved a budget to begin work for "Project 1" and has scheduled operations to begin by mid-September.
"Project 1" includes the following productive zones: Cook Sands, Hardy B Sands, Swastika, Cross-Cut, Patio A-D Sands, Palo Pinto, Caddo Reef, Mississippian and Ellenberger Limestone. This entire field is considered in-field drilling due to the close proximity of producing wells. These zones lay in a deltaic formation of layered sediments starting at depths of 1200' feet to 4500'.
This joint operation with Paradigm is a step in building a steady stream of cash flowing projects for the Company. Management believes this approach will build the Company's cash flow while maintaining its operational overhead. The Company firmly believes that by targeting quarter over quarter growth with projects like this that is cash manageable, builds a solid foundation of revenue while positioning the company to participate in areas of interest such as the Reames/Masterson project.
Lighthouse Petroleum expects to have 100% Working Interest and 75% net revenue interest in "Project 1". Information provided to Management shows that "Project 1" could have both oil and gas from the well.
"After doing a site inspection we are very excited about this project. I believe the infrastructure and the resources at 'Project 1' will take some elbow grease and could be a strong first step for both companies to kick off a joint business model of developing cash flow from the rework of projects in Texas. The combination of the Deep Rights opportunities Lighthouse has in Louisiana and the investment in Central Texas is anticipated to give the company a revenue stream from the reworks, increased assets from the Reames/Masterson and upside potential from the deep well rights in the Tuscaloosa Marine Shale," said Todd Violette, CEO.
Once the work begins Lighthouse will put operational updates and video footage of all the projects that can be accessed on the company website www.lighthouselhpt.com and www.paradigmoilinc.com or visit us on our Facebook under Lighthouse Petroleum or on Twitter at @lighthousepetro.
On Wednesday, August 15th, 2012, Management held a conference call for shareholders to address the Company's updates and developments. Playback information for the Conference Call can be heard at the following number:
Access Code 321599#
About Lighthouse Petroleum, Inc.
Lighthouse Petroleum, Inc. is in the initial development 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 asset in our targeted areas. The management's focus is on acquiring and developing assets located in the Permian Basin and Arch-Fort Worth Basin. Lighthouse is a growth orientated junior Oil & Gas Company that trades on the OTC markets under the symbol "LHPT".
About Paradigm Oil and Gas Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) identifies and acquires energy properties with previously discovered known oil and gas reserves that have not either been fully produced from, or fully developed and defined. For more information about Paradigm Oil & Gas, visit the website at www.ParadigmOilInc.com.
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.
IR Pro, 2.0, Inc.
SOURCE Lighthouse Petroleum, Inc.