Lighthouse to Purchase 3 Wells in Texas
Lighthouse has entered into a letter of intent to acquire three shut in wells located in Brown County, Texas. These are wells with an approximate depth of 2,600', and are located within the prolific Bend Arch-Ft. Worth Basin, more specifically the Quita Ellenberger Field which has produced significant quantities of crude.
Management expects to re-work all three wells within the next 60 days with the expectation of producing in excess of 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 will immediately begin the process of becoming a licensed and bonded operator within the State of Texas.
"This acquisition along with others planned in the near future as well as the existing Rocky Mountain Assets are only the beginning towards building our production," said Glen Kennedy, President of Lighthouse Petroleum. "Our approach in continuing to increase daily production and further land based assets will provide shareholders with a sustainable value and deliver a positive EPS for many years to come," further added Mr. Kennedy.