LEVELLAND, Texas, Dec. 7, 2012 /PRNewswire/ -- (OTC PINKS; LHPT) Lighthouse Petroleum, Inc. is pleased to announce the company has begun site inspections and due diligence process to acquire producing wells located in Jones County, Texas. The agreement calls for Lighthouse to acquire a 100 percent working interest in the wells.
Recent research indicates Jones County, Texas has produced about 505,905 BBL this year and 317,837 Natural Gas (MCF). Jones County is in north central Texas and other oil companies have targeted Jones County and management believes this is because of the potential of the wells having between 20-45,000 barrels of recoverable oil per well. Properties in the area have been part of a large, multi-year drilling program with multiple significant pay zones. The target wells are producing from the Tannehill field located in Jones County, Texas.
This transaction marks the third transaction for Lighthouse in 2012. Upon the closing, Lighthouse's Texas well count would increase from 3 current wells to 7 wells and increase Oil production immediately. Management of Lighthouse believes the Estacado acquisition is a prime target based upon on our business plan. We feel there is potential to increase production from this property. "This acquisition is an example of our ability to utilize the broad range of relationships we have in the oil and gas industry. These relationships will be key part of the future growth of Lighthouse. Adding producing wells and having the opportunity to expand our footprint in the area is key to our future success. I feel we are paying a reasonable price for the flowing barrels, for the equipment and lease. This will also mark the first transaction where Lighthouse is acquiring producing properties." said Anthony Maye, President of Lighthouse Texas.
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, Mid-Continent Areas 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.