SOURCE: Lighthouse Petroleum, Inc.

May 11, 2011 11:06 ET

Lighthouse Petroleum, Inc., Signs Letter of Intent for Lease for Land in Callahan County

DALLAS, TX--(Marketwire - May 11, 2011) - In February Management announced its plan to identify 2 or 3 properties for Lighthouse to acquire in the first half of 2011. Management is pleased to announce that Lighthouse Petroleum, Inc., (PINKSHEETS: LHPT) has entered into a letter of intent for a transaction that could potentially allow LHPT to drill wells for the next 5 years and control up to approximately 8 sections (one section equals 640 acres) of lands in Callahan County Texas. The Company has completed the initial business review of the properties and is moving into the legal due diligence phase to complete the acquisitions of these leases. Management believes it is in the best interests of the Company to acquire domestic properties to build the foundation for LHPT and these properties fit this objective. Due to the size and nature of this transaction Management believes the Company will need to begin hiring additional staff.

This transaction will have LHPT acquiring the following: a lease for 1560 Acres with 62.5% working interest, a second lease for 960 Acres and 100% working interest and an option for an additional 2,670 acres with 100% working interest. In addition to the leases LHPT will acquire a well with 62.5 % working interest in the Ellenberger along with wellhead, casing, tubing and all equipment (50%WI APO) and a second well with 87.5% working interest to payout then a 75% APO with any and all equipment.

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. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.

Contact Information

  • Contact
    Glen Kennedy
    CEO
    Lighthouse Petroleum, Inc.
    1-972-342-2525