Lighthouse Petroleum's Development to Exceed $3 Million for 2010
Date : 04/14/2010 @ 5:09PM
Source : MarketWire
Stock : Lighthouse Petroleum, Inc. (LHPT)
Quote : 0.0225 -0.0045 (-16.67%) @ 4:00PM
Lighthouse Petroleum's Development to Exceed $3 Million for 2010
DALLAS, TX -- (Marketwire)
04/14/10
Lighthouse Petroleum, Inc. (PINKSHEETS: LHPT) is pleased to announce to shareholders the company's capital expenditures for the remainder of 2010 will be approximately $3MM. Use of proceeds will be utilized to further develop their existing Rocky Mountain Oil and Gas Assets as well as to acquire and exploit under producing assets within both the Permian and Ft. Worth Basins.
Management intends on utilizing a combination of both debt and equity to satisfy these metrics. The company's ability to access both the equity and debt markets will be derived from the results of the initial well drilled on our Wyoming acreage as well as management's successful implementation of our exploitation model. It is additionally contingent on identifying M&A targets that will allow for either commercial or mezzanine bank financing.
"With Lighthouse Petroleum's Rocky Mountain acreage and soon to be acquired Brown County, Texas exploitation assets, we are diligently positioning ourselves for immediate growth," said Glen Kennedy, President of Lighthouse Petroleum, Inc. "It is this bi-furcated system of both organic growth as well as M&A activity that will potentially allow Lighthouse to dominate the micro-cap energy space," further added Mr. Kennedy.
Please send all inquiries regarding this press release to IR@lhpetro.com.
About Lighthouse Petroleum, Inc.
Lighthouse Petroleum, Inc. (PINKSHEETS: LHPT) is an oil & gas exploration and exploitation company headquartered in Dallas, Texas. The company is publicly traded on the over-the-counter Pink Sheets trading system under the symbol LHPT.
Currently, Lighthouse Petroleum is focused on acquiring oil and gas assets within both the Wind River and Permian Basin. Lighthouse Petroleum's first acquisition is located within the Wind River Basin allowing Lighthouse Petroleum the opportunity to develop unproven oil and gas reserves, thus contributing to our domestic energy needs. Additionally, management is currently seeking exploitation acquisition opportunities within Texas that will complement our Diamond Springs Drilling Prospect. With the ability to acquire and exploit under producing assets, it is the Company's mission to further build upon shareholder value.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
Glen Kennedy
President
Tel. (972) 863-9349 (972) 863-9349
IR@lhpetro.com
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