NEW YORK, April 11, 2012 /PRNewswire/ -- Lighthouse Petroleum, Inc. (OTC Pink: LHPT) is pleased to announce it has begun work for the Perry and Perry "A" Leases. The Perry Project will be the first rework for Lighthouse in 2012 and will entail a work over on three wells and repair/clean up on the tank battery.
The Perry Project is first step for building a steady stream of cash flowing projects for Lighthouse Petroleum. Management approach has been building the Company's cash flow while maintaining its operational overhead. Management firmly believes by targeting quarter over quarter growth with projects that are cash manageable, it can build a solid foundation of revenue while positioning the company to participate in areas of interest.
Lighthouse Petroleum recently completed the acquisition of the Perry and the Perry "A" lease for a cost of $350,000. The Company purchased the mineral rights for 2,000 feet and below on the lease with 100% Working Interest and 75% net revenue interest on the leases. There are currently 3 operational pumping units on site with 3 storage tanks and separators.
The work on the site will consist of the following:
1. Repair tank #1 of 3 that has a 174 Barrel of fluid capacity tank. This is a steel tank that the former owner was using to store salt water that has shown signs of leakage. The Company plans to repair or replace the tank with a new fibreglass tank with similar capacity.
2. Complete dirt work around the collection and separation area on the land, which will include building a 3 foot beam around the tank battery and road grating improvements for oil truck access.
3. Down-hole work on the wells that will entail bringing in a Pulling Unit to replace rods and an acid to the zone, replace 4-5 tubing joints and refurbish pumps. Included will be the use of a sand pump to clean the bottom hole of debris and mud.
4. Surface work to include separator repair and replace transfer pump 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 and 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' feet to 4500'.
Lighthouse collected about 16 inches of oil in the tanks on the first night after the work on the Perry A1 which is about 20 barrels and we have 2 more wells to work on. It will take the next 90 days to determine the long term production of the well.
Picture and operational updates are found on the company's website www.lighthouselhpt.com
Perry Ranch / Hendrick Ranch Lease
Oil was first discovered here in the 1950's 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 producing from 6 of the 12 zones. Phil Kendrick Jr. used the success of the Perry Ranch to fund the start of Harken Oil Inc. Phil Kendrick Jr. is now operating almost totally now in the Perry/Hendrick Ranch area and serves as a consultant for Home Creek Energy the operator for 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.
Once the work begins the company will put operational updates and video footage of the all projects that can be accessed on the company website www.lighthouselhpt.com or visit us on our Facebook under Lighthouse Petroleum or on twitter at @lighthousepetro.
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".
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.