Lighthouse to Drill in Wy. Acreage
Lighthouse announce that both Lighthouse Petroleum along with their working interest partner have filed for the inaugural drilling permit on the Diamond Springs Location submitted to Bureau of Land Management on April 20, 2010. The initial drilling location is located in T. 32 N., R. 90 W., Sec. 9 of Fremont County, Wyoming.
Based upon 3rd party Geological Assessments, this particular section of the Diamond Springs Prospect represents approximately 25+ drilling locations, out of a total of 75+ overall drilling locations on the Diamond Springs acreage, and up to 1.5MM barrels of crude, out of a total potential 4.3MM barrels of crude that exist on the Diamond Springs acreage. If the drilling of this well is successful and the determination of an existing stratigraphic trap is validated, this could represent future Gross Revenues of over $120MM (8/8ths basis) based on today's current crude price.
Mr. Glen Kennedy stated, "Since joining Lighthouse Petroleum last month, we have made significant progress in achieving our goal of drilling on our Wyoming Oil and Gas Acreage. Now that the permitting process has been submitted, we will now focus our efforts on the drilling and completion of the DSP #1."