LEVELLAND, Texas, Dec. 7, 2012 /PRNewswire/ -- (OTC PINKS; LHPT) Lighthouse Petroleum, Inc. is pleased to announce the company has begun site inspections and due diligence process to acquire producing wells located in Jones County, Texas. The agreement calls for Lighthouse to acquire a 100 percent working interest in the wells.
Recent research indicates Jones County, Texas has produced about 505,905 BBL this year and 317,837 Natural Gas (MCF). Jones County is in north central Texas and other oil companies have targeted Jones County and management believes this is because of the potential of the wells having between 20-45,000 barrels of recoverable oil per well.
Properties in the area have been part of a large, multi-year drilling program with multiple significant pay zones. The target wells are producing from the Tannehill field located in Jones County, Texas.
This transaction marks the third transaction for Lighthouse in 2012. Upon the closing, Lighthouse's Texas well count would increase from 3 current wells to 7 wells and increase Oil production immediately. Management of Lighthouse believes the Estacado acquisition is a prime target based upon on our business plan. We feel there is potential to increase production from this property. "This acquisition is an example of our ability to utilize the broad range of relationships we have in the oil and gas industry. These relationships will be key part of the future growth of Lighthouse. Adding producing wells and having the opportunity to expand our footprint in the area is key to our future success. I feel we are paying a reasonable price for the flowing barrels, for the equipment and lease. This will also mark the first transaction where Lighthouse is acquiring producing properties." said Anthony Maye, President of Lighthouse Texas.
About Lighthouse Petroleum, Inc.
Lighthouse Petroleum, Inc. is in the initial development stages as a junior oil and gas company. Lighthouse's initial focus will be on acquiring abandoned wells and land leases believed to still have sustainable development opportunities. Lighthouse believes the use of modern technology will enable the company to reduce its 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 assets in our targeted areas. The management's focus is on acquiring and developing assets located in the Permian Basin, Mid-Continent Areas and Arch- Fort Worth Basin. Lighthouse is a growth orientated junior Oil & Gas Company that trades on the OTC markets under the symbol "LHPT.
SOURCE Lighthouse Petroleum, Inc.
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