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Lighthouse Petroleum Enters into Agreement with HCE Operating, LLC to Purchase Oil and Gas Producing Leases in Haskell County, Texas
Lighthouse Petroleum Enters into Agreement with HCE Operating, LLC to Purchase Oil and Gas Producing Leases in Haskell County, Texas.
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[{"type":"text","content":" 0 0 1 962 5490 Brinen & Associates, LLC 45 12 6440 14.0 Normal 0 false false false EN-US JA X-NONE LIGHTHOUSE PETROLEUM, INC., ENTERS INTO AGREEMENT WITH HCE OPERATING, LLC TO PURCHASE OIL AND GAS PRODUCING LEASES IN HASKELL COUNTY, TEXAS Geological Report Indicates An Estimated Economic Value Of $13,500,000Levelland, Texas, July 16, 2012 - Lighthouse Petroleum, Inc. (OTC Pink: LHPT), is pleased to announce that it has entered into an exclusive Memorandum of Understanding (“MOU”) with HCE Operating, LLC (“HCE”) to purchase a 100% Working Interest and 75% Net Revenue Interest in leases, wells, well bores and equipment for the Reames/Masterson Production located within the Lindsea Bea Field of Haskell County, Texas. Lighthouse has negotiated to purchase the leases, wells and equipment from HCE for One Million Two Hundred Thousand Dollars ($1,200,000.00). Based on a 1998 geological report, indications are that the leased property contains a producing zone called the Lindsea Bea Conglomerate. The report states that there are Four Hundred Seventy-Two Thousand (472,000) proven undeveloped barrels (“PUD”) of oil, less approximately Twenty-Two Thousand (22,000) barrels produced since that date, supporting an economical assumption value of Thirteen Million Five Hundred Thousand Dollars ($13,500,000.00). It is agreed that the report will be updated during the verification process. The MOU and the 1998 geological report were posted as a Supplemental Information Disclosure on OTC Markets on July 13, 2012. Currently there are Thirteen (13) wells, Two (2) of which are active, producing approximately Six (6) BOE of oil and Twenty-Two (22) MCF of gas per day. In addition to the purchase cost, the MOU states that Lighthouse will incur additional costs to extract the oil and gas and will bear all the risk associated with the recovery. The additional costs for extraction are estimated to not exceed One Million Dollars ($1,000,000.00). This oil and gas evaluation of reserves report is based solely on the reserve of the Lindsea Bea Conglomerate. The zone is located at a depth of 4,990ft – 5,018ft. The Hendrick Ranch Field, which is the field where these wells are located, is a multi-pay area that contains wells producing from nearby intervals identified as the Li...