Lighthouse announced its 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. "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.
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