LEVELLAND, Texas, May 8, 2012 /PRNewswire/ -- (OTC: LHPT) Lighthouse Petroleum, Inc., is pleased to announce the Lucy Lee well located in Central Louisiana has the necessary equipment installed to kick-off its highly anticipated production run on Tuesday, May 8th.
During the installation of the gas lift valves at multiple intervals of this 12,000 ft well, the pressure of the formation continued to grow lifting fluids to the surface and "blowing out" into the tanks. Heavy water was bought in to help control the wells pressure during the installation of the valves. A nitro lift unit was brought in from Oklahoma and last week it was successful in forcing the fluid out of the well and unloading the heavy fluids. During the tests once production fluids began to pushed up a strong oil cut was pulled off the well.
The next step for the Lucy is the installation of a nitrogen circulation unit on the compressor. This cutting edge technology allows us to filter the "inert" nitrogen gas from the atmosphere and use that to compress and be the force to lift fluids. This allows us to maintain a lift constantly and does not have us relying on the natural gas from the well to continue producing. In additional to the forthcoming full production of the Lucy Lee well, is the fact that Lighthouse Petroleum has received its first oil revenues from the Lucy Lee well. During the work over process enough fluid came to surface on its own pressure to instigate the first truck load sale of oil from the Lucy Lee well.
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 it 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".
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.