NEW YORK, Jan. 9, 2012 /PRNewswire/ -- (OTC Pink: LHPT) Lighthouse Petroleum, Inc. is pleased to announce it has signed a Letter of Intent to acquire up to a total of 260 acres of mineral rights on wells and tracts of 2000 feet and below on the Perry and Perry A lease in Haskell County, Texas.
The Perry Lease sits on a multi-zone field discovered in 1955 by Phil Kendrick Sr. This area includes the following productive zones: Cook Sands, Hardy B Sands, Swastika, Cross-Cut, Patio A-D Sands, Palo Pinto, Caddo Reef, Mississippian, Ellenberger Limestone. This entire field is considered in-field drilling due to the close proximity of producing wells. These zones lay in a deltaic formation of layered sediments starting at depths of 1200' to 4500'.
Perry Ranch / Hendrick Ranch Lease
The Perry Ranch Lease is named for being the original lands owned by current Texas Governor Rick Perry's family. The Governor and his family are still the Royalty/Mineral owners of the lease.
Oil was first discovered here in the 1950s by Phil Kendrick Sr. who was looking for natural gas that would travel 30 miles to power pumps in the prolific Cook Ranch Field (produced over 2 million barrels of oil). He discovered gas and oil in the Cook and Hardy B Sands, but when he drilled deeper he logged 12 separate oil rich formations. Since that time Kendrick Oil has drilled over 80 wells in the area and currently produces from 6 of the 12 zones. Phil Kendrick Jr. used the success of the Perry Ranch to fund the start of Harken Oil Inc., which is famous for its partnership with the Bush family. President George W. Bush sold his stock in Phil Kendrick's Harken Oil to purchase the Texas Rangers. Phil Kendrick Jr. is now operating almost totally now in the Perry/Hendrick Ranch area and serves as a consultant for Home Creek Energy, and active participant in this project.
The current project of drilling horizontally in the Palo Pinto reserve has been done in the nearby Cook Ranch and Salt Creek fields with success.
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 has 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.