NEW YORK, March 2, 2012 /PRNewswire/ -- (OTC PINK LHPT) On
February 21, 2012 the State of Delaware Secretary of State Division
of Corporation stamped Lighthouse Petroleum, Inc. Certificate of
Amendment of Certificate of Incorporation to have the following
share structure:
750,000,000 Common Shares par value .0001 - This is reduced from
10,000,000,000 Common Shares. "I believe that 10 billion common
shares authorized was unnecessary and prevented the company from a
lot of opportunities. Based upon the financial shape of the company
the company is going to suffer the pain of dilution but 10 billion
authorized shares was ridiculous. 750,000,000 is still a large
number of shares but based upon all the numerous regulatory changes
that have been taking place on the OTC exchange; 750,000,000 is
really a guess at what the company may need over the next several
years," said Todd Violette, CEO.
10,000,000 Preferred Stock - The amount of authorized preferred
shares remained the same.
1,500,000 shares of Series A Preferred Stock - 1,500,000 Issued
100% owned by Barclay Lyons LLC, which is controlled by the CEO
Todd Violette. Barclay Lyons,
LLC returned and retired 6,000,000 Series A Preferred Shares.
Each Preferred A Share carries 500 votes per share and may
not be sold or transferred except in the case of a foreclosure.
500,000 shares of Series B Preferred Stock - None issued or
outstanding.
1,000,000 shares of Series C Preferred Stock - 87,500 Issued -
this is a new class of preferred that was authorized by the Board
of Directors to complete the acquisition of Home Creek Development
Joint Venture, which owned the rights to the Perry and Perry "A" lease. This is a $4.00 redeemable preferred. The company is paying
a 6% semi-annual interest on the preferred and is obligated to
redeem $0.25 every 90 days starting
six months after issuance for the succeeding four years. The
holders of the preferred series C may convert their redemption
rights of the preferred into common stock with a 5% discount to
market. The market dilution should only be impacted by no more than
$21,875 of principle redemptions plus
interest every 90 days. The total cash commitment was
$350,000 for the initial issuance
of 87,500 shares. These shares have been issued and delivered
to the managing partner of Home Creek Development Joint Venture
managing partner completing the transaction.
7,000,000 shares of Preferred Stock remaining undesignated.
In the first two months of 2012 Lighthouse has accomplished the
following
1.) Purchased participating interest in a well in Louisiana in which work is currently being
done to bring production online. Picture and photographs of the
work can now be found on our web site www.lighthouselhpt.com,
YouTube, and Facebook.com.
2.) Purchased and paid for the purchase of the leases know as
the Perry and Perry A lease in
Haskell County, Texas. The company
paid $350,000 by issuing a Preferred
Series C shares to acquire the Lease. Management has also conducted
a site inspection of the wells and has been working with a local
operator to begin work on the well in mid to late March.
3.) Restructured the shares capital to allow the company to
build and have a foundation for growth and opportunities.
"I feel accomplishing these three objectives so far is laying
the foundation for revenue generation and bringing assets into the
company. There are several challenges still ahead of the company. I
feel it will take time and work to build Lighthouse into a good
company," said Todd Violette,
CEO.
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 and Arch- Fort Worth Basin. Lighthouse
is a growth orientated junior Oil & Gas Company that
trades on the OTC markets under the symbol "LHPT."
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.
1-403-241-5498
info@lighthouselhpt.com
SOURCE Lighthouse Petroleum, Inc.