LEVELLAND, Texas, Dec. 3, 2012 /PRNewswire/ -- (OTC PINK: LHPT) Lighthouse Petroleum, Inc. ("Lighthouse" or the "Company") is pleased to announce it is exploring the potential for oil recovery from the North Texas Black Shale. Management believes this exploration is taking the Company in a new aggressive direction and has expectations of Lighthouse becoming the leader in the North Texas Black Shale.
Currently, Management believes Lighthouse may be the only company aggressively pursuing the North Texas Black Shale. Despite the risk, Management has elected to begin devoting a tremendous amount of Company resources to pursue proving the existence of oil in the North Texas Black Shale.
Our internal Management's belief is that the North Texas Black Shale is very similar to the Barnett Shale and the Eagle Ford Shale, except for its depth. The Eagle Ford Shale is typically 4,000 – 14,000 feet, while the North Texas Black Shale is between 3,800 - 4,200 feet. Management believes this shale is normally 150-200 feet thick and has been the feeder formation to the upper sand formations like the Tannehill, Caddo and Palo Pinto. Management believes the oil production from these prolific sands are fed from the North Texas Black Shale.
Management believes that in the past the North Texas Black Shale has been ignored because, despite it displaying potential for oil and gas content, it had no porosity enabling it to produce oil. Management believes that the exploitation of new technology will turn this shale into a producing zone.
"Based on the tremendous intuition Lighthouse has shown by pursing this potential new shale play, we are in merger discussions with Anthony Maye and HCE Operating, LLC to begin the process of merging into Lighthouse leaving Mr. Maye with full control of the Company. The objective in this transaction is for Lighthouse to become a licensed operator in two states, Texas and Louisiana, and to have a full, functioning staff on the ground in the Permian Basin by the end of March 2013," said Todd Violette, CEO.
About Lighthouse Petroleum, Inc.
Lighthouse Petroleum, Inc. is in 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 establishing the network to acquire additional land assets in our targeted areas. 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 and 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 risk 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 risks 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.