LEVELLAND, Texas, June 5, 2012 /PRNewswire/ -- Lighthouse (OTC: LHPT) is pleased to announce it has been notified by our operator that a Rig has moved onto the Perry A lease. Management expects the Perry A2 to start producing fluid over the next couple of days with the potential to add about a 50% increase in our current production levels under our Company Controlled Projects.
Lighthouse business plan calls for Company Controlled Projects to be the largest growth division for the development of the company. Management believes the Perry project's size and scope is allowing us to build the necessary infrastructure to handle larger and more complex Company Controlled Projects. "Therefore I have given instructions to our team to begin looking for projects that have the multiple drill targets for wells that have the potential to produce between 50 to 80 BOE a day with extensive reservoirs. Next week part of our management team is expected to begin reviewing seismic reports in relation to an area identified by the company as Section 13 as a potential lease target," said Todd Violette, CEO.
About the Perry A2
The Perry A 2 Well is drilled to a total depth of 3,895 feet and had it first production in September 1992. Lighthouse expects to produce from the reservoir known as the Patio "D" Sands. The Perry A2 well has produced 12,020 barrels of oil historically since its first production. Management expects with modern recovery techniques and artificial stimulation we should recover and achieve strong economic value from this well in the current producing zone and potentially could exploit other zones from this 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".
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.