NEW YORK, Feb. 23, 2012 /PRNewswire/ -- Lighthouse Petroleum, Inc. (OTC Pink: LHPT) is pleased to announce it has closed and fully paid for a participation interest in a 12,000 ft. well located in St. Helena Parish, Louisiana. Management was on site Wednesday, February 22, 2012 for the beginning of operation.
The current plan of operation calls for the local operator to install a submersible pump in the well. Management believes the submersible pump, which has the capacity of producing 200-800 bbls of fluid per day, is ideal for this well due to its fast fluid recovery rate and strong hydrostatic pressure which currently has fluid to the surface, and that this highly efficient process will maximize recovery to determine the wells oil production.
Management believes the sale of oil production from this well is set to start within days of completion of the installation of the pump, which is anticipated to be within the next few weeks.
Mr. Todd Violette, CEO of Lighthouse Petroleum, Inc. states, "We are excited about this initial well being brought into Lighthouse and consider it a great start in bringing production for 2012."
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 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 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.