LEVELLAND, Texas, Aug. 16, 2012 /PRNewswire/ -- Lighthouse
Petroleum, Inc. (OTC Pink: LHPT) and Paradigm Oil and Gas, Inc.
(OTC Pink: PDGO) is pleased to announce the first joint project
with Paradigm Oil and Gas to begin oil operations in Haskell County, Texas. Management
has approved a budget to begin work for "Project 1" and has
scheduled operations to begin by mid-September.
"Project 1" includes the following productive zones: Cook Sands,
Hardy B Sands, Swastika, Cross-Cut, Patio A-D Sands, Palo Pinto, Caddo Reef, Mississippian and
Ellenberger Limestone. This entire field is considered
in-field drilling due to the close proximity of producing
wells. These zones lay in a deltaic formation of layered
sediments starting at depths of 1200' feet to 4500'.
This joint operation with Paradigm is a step in building a
steady stream of cash flowing projects for the Company.
Management believes this approach will build the Company's
cash flow while maintaining its operational overhead. The
Company firmly believes that by targeting quarter over quarter
growth with projects like this that is cash manageable, builds a
solid foundation of revenue while positioning the company to
participate in areas of interest such as the Reames/Masterson
project.
Lighthouse Petroleum expects to have 100% Working Interest and
75% net revenue interest in "Project 1". Information provided
to Management shows that "Project 1" could have both oil and gas
from the well.
"After doing a site inspection we are very excited about this
project. I believe the infrastructure and the resources at
'Project 1' will take some elbow grease and could be a strong first
step for both companies to kick off a joint business model of
developing cash flow from the rework of projects in Texas. The combination of the Deep Rights
opportunities Lighthouse has in Louisiana and the investment in Central Texas is anticipated to give the
company a revenue stream from the reworks, increased assets from
the Reames/Masterson and upside potential from the deep well rights
in the Tuscaloosa Marine Shale," said Todd
Violette, CEO.
Once the work begins Lighthouse will put operational updates and
video footage of all the projects that can be accessed on the
company website www.lighthouselhpt.com and
www.paradigmoilinc.com or visit us on our Facebook under
Lighthouse Petroleum or on Twitter at @lighthousepetro.
On Wednesday, August
15th, 2012, Management held a conference call for
shareholders to address the Company's updates and
developments. Playback information for the Conference Call
can be heard at the following number:
Number 1-559-670-1099
Access Code 321599#
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 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 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.
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 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,
Lighthouse's 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:
Todd Violette, CEO
Lighthouse Petroleum, Inc.
1-214-784-3103
tviolette@lighthouselhpt.com
Henry Harrison
Investor Relations
IR Pro, 2.0, Inc.
407-682-2255
henry@insidewallstreet.com
SOURCE Lighthouse Petroleum, Inc.
