HAMMOND, La., Jan. 17, 2013 /PRNewswire/ -- Lighthouse Petroleum, Inc. (OTC: LHPT) is pleased to announce it has advanced on its commitment to explore for oil in the Tuscaloosa Marine Shale. The initial investment in this Shale by Lighthouse was in 2012, and management of Lighthouse has made the decision to increase its investment going forward in 2013.
While several elements played roles in Management's decision to expand, the Department of Natural Resources of Louisiana's belief that there is a potential of 7 billion barrels of recoverable oil in the area ultimately put the plan in motion. The two wells Lighthouse has invested in are in the Liverpool Field Area. The Company's objective is to recover about 2,000,000 barrels of oil that we believe is in the Liverpool Field Area and is still recoverable. Lighthouse has increased its working interest in the Lucy Lee well and acquired 35% working interest in the Mina Travis No. 1 Well. Both wells are located in the St Helena Parish in the Liverpool Field. Details regarding this information can be found on Lighthouse's filing on www.otcmarkets.com.
The Project plan calls for the operator to begin installing a Rod Pump and ICI Hydraulic Golden 120-inch stroke lift on the Lucy Lee and the Mina Travis No. 1. Both wells will be set at 7,000 feet. Lighthouse is expecting, based upon weather, to have a Rig on location and working on Monday (1/21/13). Once the rig is on site, it should take anywhere from 10 to 14 days to complete the installation.
Ninety days after production begins, Lighthouse will hire an engineering firm to complete a reserve analysis on the potential, future recoverable production from the field.
Information about the Tuscaloosa Marine Shale from http://dnr.louisiana.gov/index.cfm?md=pagebuilder&tmp=home&pid=909
What is the Tuscaloosa Marine Shale (TMS)?
The Tuscaloosa Marine Shale (TMS) is a sedimentary rock formation that consists of organic-rich, fine-grained materials (sediments) deposited in a marine environment that existed across the Gulf Coast region approximately 90 million years ago. The TMS includes the Eagle Ford Shale being similar in geological age. The August, 1987 Bulletin (Volume 7) of the LSU-Basin Research Institute (BRI), Baton Rouge, indicates a potential reserve of about 7 billion barrels of oil in the TMS. Its thickness varies from 500 feet in southwestern Mississippi to more than 800 feet in the southern part of the Florida Parishes in southeastern Louisiana, within an approximate depth range of 11,000 feet to the north to more than 15,000 feet to the south.
The current TMS Oil Play targets unconventional reservoirs that are petroleum source rocks where petroleum hydrocarbons (oil and gas) originated in a high pressure and temperature geological subsurface environment. Not all of the petroleum hydrocarbons originally generated have migrated out of the source rock (TMS) which is now being explored for oil and /or liquid hydrocarbons with advanced (horizontal) drilling and completion (hydraulic fracturing, called fracking) technologies in a current favorable economic climate.
In 1977, the La. Geological Survey (LGS) released a report on the Tuscaloosa Marine Shale, citing its potential for some 7 billion barrels of oil. http://www.lgs.lsu.edu/deploy/uploads/Tuscaloosa%20Marine%20Shale.pdf
Currently, here are the parishes for TMS and Eagle Ford Shale activity:
- East Feliciana Parish
- Rapides Parish
- Sabine Parish
- St. Helena Parish
- Tangipahoa Parish
- Vernon Parish
- West Feliciana Parish
Several companies have permitted wells and producing wells in this shale play. The companies are:
- Encana Oil and Gas
- Devon Energy Production Company
- Indigo II
- Denbury Onshore
- Exchange Exploration and Production Company
- Justiss Oil
- EOG Resources, Inc.
About Lighthouse Petroleum, Inc.
Lighthouse Petroleum, Inc. is in the initial development stages as a junior oil and gas company. 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, Tuscaloosa Marine Shale 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.