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Lighthouse Petroleum Inc. Announces Initial Drilling Location on the Diamond Springs Drilling Prospect
May 4, 2009 9:47:00 AM Copyright Business Wire 2009
SALT LAKE CITY--(BUSINESS WIRE)-- Lighthouse Petroleum, Inc. (Pink Sheets:LHPT) is pleased to announce to shareholders that G2 Petroleum, LLC has concluded its initial due diligence on the inaugural well to be drilled on the Diamond Springs Prospect and intends on filing an intent to drill within 30 days to the Bureau of Land Management.
The initial location that G2 Petroleum intends to file for an immediate drilling permit sets CSENW of Section 9-T32N-R90W with a target depth of 800' targeting the Dakota, Lakota, and Morrison Sands. According to the 3rd party Geological Assessment provided by Geologist, C.P. Abrassart, A.A.P.G. Cert Pet Geol #1284, WYO. Prof.Geol. 2548, the Dakota Sand (Estimated 10 feet of effective porosity) may yield 270MBO-540MBO as well as 2.7MMCF-5.4MMCF of gas. The Lakota Sand (Estimated 40 feet thick) may yield 496MBO-993MBO and 10.8MMCF-21.6MMCF of gas. This covers only the portion of the "North Diamond Spring Prospect" and does not include any reserves associated with the other two portions of this drilling prospect. Based on 40 acre spacing, 27 well locations are possible on just the North Diamond Springs.
Lighthouse Petroleum CEO, Paul Norat, states, "The science that has been performed on this location is very compelling. Initially, we spent much time deliberating about purchasing this Working Interest in this project but were eventually convinced that the 3rd party data had enough evidence behind it that some sort of a geological trap might exist on this acreage. What further excites us is the fact that the Geosensing Data, commissioned by Force Energy, is the initial drilling location identified by Mr. Charles Abrassart correlates with the possible existence of hydrocarbons as computed by the Geosensing data." Mr. Norat further states, "One can see where the initial location is proposed by the Geologist and how that is in line with what the Geosensing data is suggesting."
Although Geosensing Data is not 100% accurate, it can pose a high degree of accuracy in some instances. G2 Petroleum LLC feels strongly enough about this science that it is currently preparing an AFE, on the initial well, to be supplied to all Working Interest partners which include not only Lighthouse Petroleum but Force Energy (FORC.OB) as well, sometime within the next two weeks. Further data will be supplied to shareholders as it becomes available to LHPT Management.
Management has posted links to http://www.lhpetro.com/projects.html showing the Diamond Springs inaugural well location and the Diamond Springs Geosensing Map. Please note that Section 9 is where the initial well is to be drilled.
The Prospect
The Diamond Springs Prospect is composed of three independent but geologically similar prospective locations within the 3,300-acre tract. West of Casper, Wyoming in the Sweetwater Mountains, this prospect is adjacent to both the Wind River Basin and the Casper Arch in Fremont County and is in close proximity to productive gas and oil fields.
The Northwest, North, and West Diamond Springs are shallow drilling prospects, 200 feet to 1,100 feet in depth, with 72 possible drilling sites within the three locations (based on 40-acre spacing). The drilling sites consist of stratigraphic pinch-outs of sands of the Cretaceous, Frontier, Dakota, Lakota, Jurassic, Morrison, and Sundance formations.
Third-party geological assessments suggest that there may be greater potential for further exploration in the deeper formations that may be present within this prospect. The initial focus is to exploit the shallower formations in order to take advantage of reduced investment risk and quicker return on investment.
About Lighthouse Petroleum, Inc.
Lighthouse Petroleum, Inc. (Pink Sheets:LHPT) is an oil & gas exploration company headquartered in Salt Lake City, Utah. The company is publicly traded on the over-the-counter Pink Sheets trading system under the symbol LHPT.
Currently, Lighthouse Petroleum is focused on acquiring oil and gas assets in the Williston Basin, the Permian Basin, as well as within the Wind River Basin. Lighthouse Petroleum's first acquisition is located within the Wind River Basin allowing Lighthouse Petroleum the opportunity to develop unproven oil and gas reserves, thus contributing to our domestic energy needs. Additionally, management is currently seeking exploitation opportunities within the Permian Basin as well as within the Williston Basin that will complement our Diamond Springs Drilling Prospect.
Legal Notice Regarding Forward-Looking Statements
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the Company's products, technical problems with the Company's research and products, price increases for supplies and components, litigation and administrative proceedings involving the Company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Source: Lighthouse Petroleum, Inc.
---------------------------------------------- For Lighthouse Petroleum Inc. Integrity Capital Group LLC Daniel Covill 619-269-4285 Managing Partner IR*lhpetroleum.com www.lhpetro.com
-------------------- " Cash is King " Posts: 1102 | From: NJ | Registered: Mar 2006
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Yes, the news is 10 days old but I hear there may be a push on this one soon. Just posting as a stock to watch over the next few days. Might be good for a quick pop .... imho
-------------------- " Cash is King " Posts: 1102 | From: NJ | Registered: Mar 2006
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