LEVELLAND, Texas, July 16, 2012 /PRNewswire/ -- Lighthouse
Petroleum, Inc. (OTC Pink: LHPT), is pleased to announce that it
has entered into an exclusive Memorandum of Understanding ("MOU")
with HCE Operating, LLC ("HCE") to purchase a 100% Working Interest
and 75% Net Revenue Interest in leases, wells, well bores and
equipment for the Reames/Masterson Production located within the
Lindsea Bea Field of Haskell County,
Texas.
Lighthouse has negotiated to purchase the leases, wells and
equipment from HCE for One Million Two Hundred Thousand Dollars
($1,200,000.00). Based on a
1998 geological report, indications are that the leased property
contains a producing zone called the Lindsea Bea Conglomerate. The
report states that there are Four Hundred Seventy-Two Thousand
(472,000) proven undeveloped barrels ("PUD") of oil, less
approximately Twenty-Two Thousand (22,000) barrels produced since
that date, supporting an economical assumption value of Thirteen
Million Five Hundred Thousand Dollars ($13,500,000.00). It is agreed that the
report will be updated during the verification process. The MOU and
the 1998 geological report were posted as a Supplemental
Information Disclosure on OTC Markets on July 13, 2012.
Currently there are Thirteen (13) wells, Two (2) of which are
active, producing approximately Six (6) BOE of oil and Twenty-Two
(22) MCF of gas per day. In addition to the purchase cost,
the MOU states that Lighthouse will incur additional costs to
extract the oil and gas and will bear all the risk associated with
the recovery. The additional costs for extraction are estimated to
not exceed One Million Dollars
($1,000,000.00).
This oil and gas evaluation of reserves report is based solely
on the reserve of the Lindsea Bea Conglomerate. The zone is located
at a depth of 4,990ft – 5,018ft. The Hendrick Ranch Field,
which is the field where these wells are located, is a multi-pay
area that contains wells producing from nearby intervals identified
as the Lindsea Bea Conglomerate, Bend Conglomerate, Caddo Lime,
Strawn Sands, Palo-Pinto Lime, Patio
Sands, Lower King and Cook Sand formations. The Lindsea Bea
Conglomerate formation is from the Lower Pennsylvanian System, a
major producing deltaic movement within the study area. All wells
in this project have multiple pay-zones identified in their logs
via dual-density logs, dual spectrum logs, Halliburton producing
zone log analysis reports, and drilling mud logs.
The MOU stipulates that Lighthouse retains the right to have
additional partners it deems necessary to complete this
transaction.
It is noteworthy to mention that on June
18, 2012 in a press release, Mr. Todd Violette expanded his current role as CEO
of Lighthouse Petroleum and was appointed CEO and became the
controlling shareholder of Paradigm Oil and Gas, Inc., a public
company trading under the symbol (OTC Pink: PDGO). Mr.
Violette looks forward to exploring and maximizing both companies'
resources during and upon completion of this transaction.
About Lighthouse Petroleum, Inc.
Lighthouse Petroleum, Inc. is a development stage 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 establishing the network to acquire
additional land asset in targeted areas. Lighthouse is a growth
orientated junior oil and gas company that trading on the OTC
markets under the symbol "LHPT".
About Paradigm Oil and Gas Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) identifies and
acquires energy properties with previously discovered known oil and
gas reserves that have not either been fully produced from, or
fully developed and defined. For more information about Paradigm
Oil & Gas, visit the website at
www.ParadigmOilInc.com.
Forward Looking Statement
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. Lighthouse Petroleum, Inc. is an
exploration company with limited experience in the oil and gas
industry. At the time of this release Lighthouse Petroleum, Inc.,
lacks the financial capabilities to meet its financial obligations
and its management expects to dilute the company's shares to raise
the necessary operating capital. Based upon industry standards
Lighthouse Petroleum would be considered highly speculative and
lacks any competitive advantage over its competition. Additional
risks you should consider are that this list is limited and
additional risk not mentioned may apply: failure to meet
Lighthouse's financial and contractual obligations and managerial
errors made based upon the Company's limited experience and
knowledge of the industry, commodity risk, acts of God and
regulatory risk. You should consider these factors in evaluating
the forward-looking statements included herein, and not place undue
reliance on such statements.
Contact:
Investor Relations
Henry Harrison
IR Pro 2.0, Inc.
407-682-2255
Henry@insidewallstreet.com
Todd Violette, CEO
Lighthouse Petroleum, Inc.
1-214-784-3103
tviolette@lighthouselhpt.com
SOURCE Lighthouse Petroleum, Inc.
