Found this on the internet.
Did LHPT now finally acquire these wells or is this an old press release? (See press release of april where it was stated that a letter of intent was signed to acquire these wells)
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Lighthouse Petroleum Inc. Acquires Oil and Gas Assets
By D. Jones
Dated: Sep 28, 2010
Dallas, Texas--(BUSINESS WIRE)--Lighthouse Petroleum, Inc., (Pink Sheets:LHPT) is pleased to
announce to shareholders that management has acquired three shut in wells located in Brown County,
Texas.
Dallas, Texas--(BUSINESS WIRE)--Lighthouse Petroleum, Inc., (Pink Sheets:LHPT) is pleased
to announce to shareholders that management has acquired three shut in wells located in Brown
County, Texas. These wells have an approximate depth of 2,600 ft. and are located within the
prolific Bend Arch-Ft. Worth Basin, more specifically the Quita Ellenberger Field that in the
past, has produced significant quantities of crude. Cumulative production from these three wells
has been approximately 30,000 barrels with an estimated total ultimate recovery of 100,000
barrels. Management believes five-year cash flow is expected to rise predicated on anticipated
work-over results as well as current crude price levels.
Management expects to begin reworking all three wells within the next 90 days with the
anticipation of producing at least 20 barrels of oil per day. Two of the three wells will be used as
producers while the third will act as a disposal well for the anticipated produced water typically
associated with these wells. Lighthouse Petroleum expects to act as the operator and has begun
the process of becoming a licensed and bonded operator within the State of Texas.
Mr. Glen Kennedy states, “We are pleased that Lighthouse Petroleum can deliver such exciting
news to our shareholders and will now begin a steady and methodical approach for LHPT to
deliver positive results for shareholders.” Management believes the strategy of becoming a cash
flow positive organization can only occur by properly identifying undervalued assets in proven
oil producing areas which are either shut in or producing below their natural decline curve due to
mechanical issues. Mr. Kennedy further states “I have had success in this particular area in my
previous endeavors and was part of a team that utilized this exact strategy of reworking shut in
wells. It is LHPT’s goal to bring these wells online in an expeditious fashion while
simultaneously identifying similar exploitation opportunities for near term acquisitions.”
Further updates regarding the process of bringing these wells back into production will be
forthcoming. Please send all inquiries regarding this press release to IR@lhpetro.com .
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