SOURCE: Lighthouse Pertoleum Inc.

March 24, 2010 10:05 ET

Lighthouse Petroleum Provides Corporate Update

DALLAS, TX--(Marketwire - March 24, 2010) - Lighthouse Petroleum Inc. (PINKSHEETS: LHPT) provided today a corporate update to its shareholders.

According to the company, the reorganization of the company's finances is now completed. Management has been able to negotiate and clear pending litigation to the exception of one case, which is currently being negotiated and management expects favorable outcome in the very near term. The company has also reduced overall liabilities by over $663,000. 

"These actions were necessary in order to enter our second phase of development and have provided us with an immediate return towards creating shareholder value," said Glen Kennedy, CEO of Lighthouse Petroleum. "These actions and others that have followed will enable us to further negotiate the acquisition of producing oil and gas properties," further added Mr. Kennedy.

The company expects to continue to update its shareholders on a bi-monthly basis and provide details on the pending acquisitions, production and oil reserves.

About Lighthouse Petroleum Inc.
Lighthouse Petroleum Inc. (PINKSHEETS: LHPT) is an oil & gas exploration company headquartered in Dallas, Texas. The company is publicly traded on the over-the-counter Pink Sheets trading system under the symbol LHPT.

Currently, Lighthouse Petroleum is focused on acquiring oil and gas assets both domestically and internationally. Lighthouse Petroleum's first acquisition is located within the Wind River Basin allowing Lighthouse Petroleum the opportunity to develop unproven oil and gas reserves, thus contributing to our domestic energy needs. Additionally, management is currently seeking exploitation opportunities within Texas that will complement our Diamond Springs Drilling Prospect. With the ability to acquire and exploit under producing assets, it is the Company's mission to further build upon shareholder value.

Forward-Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. 

Contact Information

  • Contact info:
    Glen Kennedy
    President
    972-863-9349