LEVELLAND, Texas, Aug. 10, 2012 /PRNewswire/ -- (OTC: PDGO and
LHPT) Recently the Lighthouse Petroleum, Inc. and Paradigm Oil and
Gas, Inc. have posted the following information on their
website.
The management of Paradigm Oil and Gas, Inc., has begun
discussion with an independent private oil and gas producer in the
United States. The objective is to purchase existing proven
production. Management's internal plan is to purchase up to 1,500
barrels a month in production. Management believes this would
require Paradigm to purchase up to 25 wells, with minimum
production of about 2 BOE/d. Management has also come to an
agreement with the independent private oil and gas producer for two
price-points for acquisition of production.
Management also believes buying Lighthouse Petroleum, Inc., a
Texas company and wholly owned
subsidiary of Lighthouse Petroleum, Inc., a Delaware (OTC: LHPT) company will give
Paradigm an oil producing asset upon closing and position Paradigm
to potentially take over the Reames/Masterson Letter of Intent. The
reserve study for the Reames/Masterson shows about 450,000 barrels
in reserve, which at a market price of $90.00 per barrel could create an asset for
Paradigm in the range of about $40,500,000. Documents related to the transaction
were published on OTC Markets on July 12,
2012 as Supplemental Information for Lighthouse Petroleum,
Inc. It is Management's belief that the DTC "chill" on Lighthouse's
stock has affected its trading and valuation. Management believes
upon completion of the merger with Paradigm, Lighthouse's position
with properties in Louisiana will
allow the company to pursue deep drilling opportunities in the
Tuscaloosa Marine Shale. The operator of the Lucy Lee well believes
that the Liverpool Field in St.
Helena Parrish could potentially have up to 3 million
barrels in Reserve.
How Does Paradigm plan to Purchase the wells and projects get
done without massive dilutions at these levels?
The Board of Directors have approved and filed with the state of
Nevada a Designation of Rights and
Preferences creating Class B Preferred shares with $4.00 face value with redemption of $.25 of the $4.00
every 90 days after a 6 month grace period over 54 months and
paying semi-annual interest payments of 7% or 14% annual. "My
position is that Paradigm has created an attractive plan to
purchase producing assets from independent operators looking for an
exit strategy. Paradigm is paying an attractive rate of interest
and can manage dilution by paying for the acquisition out of cash
flow. Some of the targeted companies have main members of
management with health concerns and can no longer operate their
business at their normal capacity so selling to Paradigm has become
a good option. A small start up like Paradigm will be aggressive
during my tenure as CEO, pursuing a model of acquiring small cash
flowing businesses until we position the Company to increase its
opportunities."
New Subsidiary: Paradigm has incorporated a new subsidiary in
which management has begun establish business partners the new
subsidiary's operations.
At the request of many shareholders today's conference call will
be reschedule from today to Wednesday Morning, August 15, 2012 at 9:00
AM.
The conference call will be a lecture style hosted by CEO
Todd Violette. Shareholders that
have questions they wanted answered on the call may email them to
tviolette@lighthouselhpt.com prior to the call.
Call in number
1-559-670-1000
Participant Code
321599#
A Shareholders Questions and Answer sections will start being
posted today around 2 pm EDT.
About Lighthouse Petroleum, Inc.
Lighthouse Petroleum, Inc. is in the initial development 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 it 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 asset in
our targeted areas. The management's focus is on acquiring and
developing assets located in the Permian Basin and Arch-Fort Worth
Basin. Lighthouse is a growth orientated junior Oil & Gas
Company that trades 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.
Paradigm Oil and Gas, Inc., and Lighthouse Petroleum, Inc., (the
"Companies") are exploration companies with limited experience in
the oil and gas industry. At the time of this release the Companies
lack the financial capabilities to meet their financial obligations
and their management expects to dilute the Companies' shares to
raise the necessary operating capital. Based upon industry
standards the Companies 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 the
Companies' financial and contractual obligations, the Companies'
managerial errors made based upon the Companies' 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
Todd Violette, CEO
214-784-3103
tviolette@lighthouselhpt.com
SOURCE Lighthouse Petroleum, Inc.
