SOURCE: Lighthouse Petroleum Inc.

April 12, 2010 17:11 ET

Lighthouse Petroleum to Acquire Major Oil Assets

DALLAS, TX--(Marketwire - April 12, 2010) -  Lighthouse Petroleum, Inc. (PINKSHEETS: LHPT) is pleased to announce to shareholders that management has entered into a letter of intent to acquire three shut in wells located in Brown County, Texas. These are wells with an approximate depth of 2,600', and are located within the prolific Bend Arch-Ft. Worth Basin, more specifically the Quita Ellenberger Field which has produced significant quantities of crude.

Management expects to re-work all three wells within the next 60 days with the expectation of producing in excess of 20 barrels of oil per day. Two of the three wells will be used as producers while the third will act as a disposal well for the anticipated produced water, typically associated with these wells. Lighthouse Petroleum expects to act as the operator and will immediately begin the process of becoming a licensed and bonded operator within the State of Texas. 

"This acquisition along with others planned in the near future as well as the existing Rocky Mountain Assets are only the beginning towards building our production," said Glen Kennedy, President of Lighthouse Petroleum. "Our approach in continuing to increase daily production and further land based assets will provide shareholders with a sustainable value and deliver a positive EPS for many years to come," futher added Mr. Kennedy.

Contact Info

Further updates regarding the process of bringing these wells back into production will be forthcoming. Please send all inquiries regarding this press release to IR@lhpetro.com.

About Lighthouse Petroleum, Inc.

Lighthouse Petroleum, Inc. (PINKSHEETS: LHPT) is an oil & gas exploration and exploitation 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 in 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.

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

Contact Information

  • Contact:
    Glen Kennedy: President
    Tel. (972) 863-9349; IR@lhpetro.com