STAMFORD, Texas, April 26, 2012 /PRNewswire/ -- Lighthouse Petroleum, Inc. (OTC Pink: LHPT) is pleased to announce that the Perry Lease located in Haskell County Texas has begun to produce oil. Initial estimates for production will be between 135 to 160 barrels of oil each month. Lighthouse has 100% working interest with 75% NRI (net revenue interest) in the lease.
In an earlier release the Company announced it is reworking both the Perry Lease and the Perry A1 Lease. The restoration project for the Perry Lease, that is currently producing oil, went according to plan and budget. However, the Perry A1 well has been successful in repairing the lower casing but the repair costs have exceeded the allocated budget. This repair has opened the ability for the well to potentially be able to move to an additional oil bearing zone. Management is currently reviewing well logs and geological reports regarding operations for the well. In summary, 1 well of 3 are online we are producing the 135-160 bbls of oil and we expect that to go up with the additional wells coming online.
Lighthouse Petroleum, Inc. has opened an office in Levelland, Texas as part of establishing a base and central point of operations. Part of the development plan for the company will include holding a shareholders' meeting during the first week of July, 2012. The ideal date would be July 2 or 3, 2012 and Lighthouse believes the Dallas/ Fort Worth Area would be the best location for the Annual shareholders meeting. Management would like to have audit committee members approved by the shareholders. Additionally the Company would like to approve a capital plan for the next 12 months that will include anticipated dilution for raising capital and address retirement of debt obligations left over from the former management.
"Our first project this year has been successful with some difficult challenges but in the end Lighthouse is producing oil. The success from this project has lead management of Lighthouse to begin negotiations for a larger project in the same area. Early discussion has Lighthouse looking at different leases with several well locations in the same area. If successful negotiation take place and budget numbers get approved, operations on this project could begin before the end of the quarter," said Todd Violette CEO.
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".
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.