Lighthouse Petroleum reported that the three wells to be acquired in Brown County could yield up to $2,500,000 over a period of five years once the work-overs have been completed and could possibly exceed this amount if the price of crude continues to rise.
According to production records, the three wells have produced over 30,000 barrels and could have an estimated total ultimate cumulative oil recovery of 100,000 barrels. The wells are approximately 2,600 feet deep and are located in the prolific Bend Arch-Ft. Worth Basin.
"With the price of crude on the rise and America's objective to reduce dependency to foreign oil provides tremendous validation to our business model," said Glen Kennedy, President of Lighthouse Petroleum, Inc. "We are continuing to negotiate for further acquisitions and our goal is to acquire over 100 wells with the possibility of generating up to $250 million in cash flow for our shareholders and create sustainable value," further added Mr. Kennedy.
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