SOURCE: Lighthouse Petroleum, Inc.

May 17, 2011 14:00 ET

Update From Glen Kennedy, Chief Executive Officer of Lighthouse Petroleum, Inc.

DALLAS, TX--(Marketwire - May 17, 2011) - (PINKSHEETS: LHPT) "A little over a year ago I took over Lighthouse with the commitment to build a strong oil and gas company. Lighthouse currently has two target projects in Brown County, Texas with a three well project and our recent LOI to bring in up to eight sections of land with two reclamation projections. In addition, we have secured a quality accounting and legal team that have worked to position the company for a strong future. My long-term view is to build the company in three phases over the next three to five years. Phase one of the plan will be focused on opening eight reclamation wells to establish a steady cash flow and build the management infrastructure of the company. The focus of phase two will be land acquisition and new well drilling. Phase three is the final phase, designed to position the company to be acquired," said Glen Kennedy, Chief Executive Officer.

In September 2011 we plan to hold a Shareholders' Meeting. Lighthouse will look to appoint new board members that are committed to the Three Phase Plan. Management hopes to appoint an audit committee with the objective of guiding the Company to improved reporting, present a capital formation plan for the following 12 months for shareholders to approve and to present the annual budget. We will be requesting shareholder approval to reduce the authorized common shares and authorize a new series of preferred shares.

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.
    Email Contact
    972-342-2525