Lighthouse Seeks JV Partners for E&P in N. American Williston Basin
Lighthouse Petroleum announced to shareholders that LHPT is currently seeking M&A activity, as well as joint venture opportunities, within the prolific Williston Basin. The United States portion of the Williston Basin covers approximately 143,000 sq miles and encompasses much of the Northern Great Plains and extends northward into Canada. Using a geology-based assessment methodology, the U.S. Geological Survey estimated mean undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Formation of the Williston Basin Province, Montana and North Dakota.
Lighthouse Petroleum Management stated, "We are eager to secure our initial oil and gas opportunity within the Williston Basin due to the tremendous upside potential this Oil and Gas Basin presents to E&P entities. We have explored various opportunities that exist within the Williston Basin and feel that these current opportunities that exist, due to the low price of crude as compared to levels reached in 2008, should be further evaluated. Management intends on evaluating these opportunities and hopes to joint venture with an existing operator within the Williston Basin due to field specific horizontal completion techniques. Such an opportunity would allow LHPT's shareholders to capitalize on local expertise and potentially build upon LHPT'S existing oil and gas portfolio. We expect to announce to shareholders in the following days the sort of structure that could potentially allow LHPT and its shareholders the ability to participate in the acquisition and further development of producing oil and gas assets within the Williston Basin."
Lighthouse Petroleum Management concluded, "The ability to pair existing production alongside our Diamond Spring Drilling Prospect would provide a balanced portfolio of oil and gas assets. Many of our competitors are solely focusing on drilling prospects thus providing only probable and possible reserves. It is our intention to build upon our existing potentially recoverable reserves with proved reserves that can further build a case for an increase in our market capitalization. It is this way that Lighthouse Management intends on growing the company."
LHPT plans on issuing operational updates on all areas of interest which include not only the Wind River Basin but also the Permian Basin, as well as our new area of interest, the Williston Basin. With this sort of diversification, LHPT is strategically acquiring oil and gas interests in these basins to capitalize on the contango market that currently exists within the futures market.