Lighthouse Reduces Authorize Shares
NEW YORK, March 2, 2012 /PRNewswire/ -- (OTC PINK LHPT) On February 21, 2012 the State of Delaware Secretary of State Division of Corporation stamped Lighthouse Petroleum, Inc. Certificate of Amendment of Certificate of Incorporation to have the following share structure:
750,000,000 Common Shares par value .0001 - This is reduced from 10,000,000,000 Common Shares. "I believe that 10 billion common shares authorized was unnecessary and prevented the company from a lot of opportunities. Based upon the financial shape of the company the company is going to suffer the pain of dilution but 10 billion authorized shares was ridiculous. 750,000,000 is still a large number of shares but based upon all the numerous regulatory changes that have been taking place on the OTC exchange; 750,000,000 is really a guess at what the company may need over the next several years," said Todd Violette, CEO.
10,000,000 Preferred Stock - The amount of authorized preferred shares remained the same.
1,500,000 shares of Series A Preferred Stock - 1,500,000 Issued 100% owned by Barclay Lyons LLC, which is controlled by the CEO Todd Violette. Barclay Lyons, LLC returned and retired 6,000,000 Series A Preferred Shares. Each Preferred A Share carries 500 votes per share and may not be sold or transferred except in the case of a foreclosure.
500,000 shares of Series B Preferred Stock - None issued or outstanding.
1,000,000 shares of Series C Preferred Stock - 87,500 Issued - this is a new class of preferred that was authorized by the Board of Directors to complete the acquisition of Home Creek Development Joint Venture, which owned the rights to the Perry and Perry "A" lease. This is a $4.00 redeemable preferred. The company is paying a 6% semi-annual interest on the preferred and is obligated to redeem $0.25 every 90 days starting six months after issuance for the succeeding four years. The holders of the preferred series C may convert their redemption rights of the preferred into common stock with a 5% discount to market. The market dilution should only be impacted by no more than $21,875 of principle redemptions plus interest every 90 days. The total cash commitment was $350,000 for the initial issuance of 87,500 shares. These shares have been issued and delivered to the managing partner of Home Creek Development Joint Venture managing partner completing the transaction.
7,000,000 shares of Preferred Stock remaining undesignated.
In the first two months of 2012 Lighthouse has accomplished the following
1.) Purchased participating interest in a well in Louisiana in which work is currently being done to bring production online. Picture and photographs of the work can now be found on our web site www.lighthouselhpt.com, YouTube, and Facebook.com.
2.) Purchased and paid for the purchase of the leases know as the Perry and Perry A lease in Haskell County, Texas. The company paid $350,000 by issuing a Preferred Series C shares to acquire the Lease. Management has also conducted a site inspection of the wells and has been working with a local operator to begin work on the well in mid to late March.
3.) Restructured the shares capital to allow the company to build and have a foundation for growth and opportunities.
"I feel accomplishing these three objectives so far is laying the foundation for revenue generation and bringing assets into the company. There are several challenges still ahead of the company. I feel it will take time and work to build Lighthouse into a good company," said Todd Violette, CEO.
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 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.