Business
Lighthouse Petroleum, Inc., no longer pursuing the sale of its subsidiary
Lighthouse Petroleum, Inc., no longer pursuing the sale of its subsidiary.
About this update from Supurva Healthcare Group, Inc.
[{"type":"text","content":" 0 0 1 800 4564 Brinen & Associates, LLC 38 10 5354 14.0 Normal 0 false false false EN-US JA X-NONE Lighthouse Petroleum, Inc., no longer pursuing the sale of its subsidiary Levelland, Texas (OTC Pink sheets: LHPT) Lighthouse Petroleum, Inc., is no longer going to sell its Texas operating subsidiary, Lighthouse Petroleum, Inc. (“Lighthouse Texas”). Management has made this decision based upon the following reasons: 1.) The equity valuation of Lighthouse Petroleum, Inc., has dropped since the announcement of the proposed merger. Management believes this is because most investors didn’t believe Lighthouse would have any value after the merge. This is no longer the case and Lighthouse is going to continue pursuing a plan to increase its value.2.) Management is working on improving the financial management structures and its ability to be better at financial reporting. Lighthouse became profitable for the first time in several years based mainly on the consulting side of the business during the second quarter. A tremendous amount of time has recently been placed on getting the accounting records in order to prevent future delays and to help ensure more timely filings in the future. 3.) DTCC: In August, Lighthouse learned that a ruling from the SEC earlier this year allowed us to inquire about the chill placed on the stock. DTCC responded with a list of questions and our attorneys issued an opinion to DTCC. Lighthouse hopes this response leads to the DTCC chill being lifted but DTCC notified us that they reserve the right to ask more questions. We plan to keep the shareholders updated once we receive additional information. 4.) Business Direction and the revenue model:· Lighthouse will expand its consulting and marketing business. Lighthouse has begun developing its client base and is hoping to build its pipeline of transactional revenue from the consulting division during the next several quarters. · In regards to oil production- Lighthouse’s management has become better and more technically proficient at selecting projects allowing Lighthouse to modify its focus and begin looking for projects in the Wolfcamp or the Spraberry Trend. Manage...