Lighthouse Petroleum Inc. Completes Acquisition of Navarro County Oil & Gas Lease
January 28 2014 - 10:30AM
Access Wire
New Orleans, LA - Jan. 28, 2014 (Accesswire) - Lighthouse
Petroleum, Inc. (Pinksheets: LHPT) announced today that it has
closed a transaction to acquire 100% of a certain oil and gas
property from a third party in Navarro County, Texas, for an
aggregate purchase price of approximately $300,000, utilizing a
combination of cash and notes.
The acquired property, the Galahad Lease, consists of two
producing wells in the Pecan Gap Formation of the Corsicana Field.
The current operator, Fox Fire Productions, Inc., will continue to
operate the lease. The two wells currently produce an average
of 6-10 bopd from the Pecan Gap, and the company expects to expand
production by drilling a third well into the Woodbine
Formation.
"The acquisition of the Galahad Lease is the first step in
executing a much anticipated plan to refurbish and rebuild
Lighthouse Petroleum (LP)" said Gerard Danos, Chairman and Chief
Executive Officer. "The company needed a large-scale overhaul and a
radical change in direction to accomplish our goal of producing
revenue growth, and I believe that this property, along with
retaining the very able and skilled operator, is a great step
forward for LP. It is hoped that closing this acquisition
will contribute to the restoration of shareholder confidence in our
Oil & Gas Company."
Mr. Danos added, "We are also in the process of securing a
letter of intent (LOI) to acquire a second producing property from
the same party with three times the oil production of the Galahad
Lease."
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:
Gerard Danos, Chairman/CEO
Lighthouse Petroleum, Inc.
gdanos@lighthouselhpt.com
1-985-237-1701