HAMMOND, La., Jan. 17, 2013 /PRNewswire/ -- Lighthouse Petroleum, Inc. (OTC: LHPT) is pleased to announce it has advanced on its commitment to explore for oil in the Tuscaloosa Marine Shale. The initial investment in this Shale by Lighthouse was in 2012, and management of Lighthouse has made the decision to increase its investment going forward in 2013.
While several elements played roles in Management's decision to expand, the Department of Natural Resources of Louisiana's belief that there is a potential of 7 billion barrels of recoverable oil in the area ultimately put the plan in motion. The two wells Lighthouse has invested in are in the Liverpool Field Area. The Company's objective is to recover about 2,000,000 barrels of oil that we believe is in the Liverpool Field Area and is still recoverable. Lighthouse has increased its working interest in the Lucy Lee well and acquired 35% working interest in the Mina Travis No. 1 Well. Both wells are located in the St Helena Parish in the Liverpool Field. Details regarding this information can be found on Lighthouse's filing on www.otcmarkets.com .
The Project plan calls for the operator to begin installing a Rod Pump and ICI Hydraulic Golden 120-inch stroke lift on the Lucy Lee and the Mina Travis No. 1. Both wells will be set at 7,000 feet. Lighthouse is expecting, based upon weather, to have a Rig on location and working on Monday (1/21/13). Once the rig is on site, it should take anywhere from 10 to 14 days to complete the installation.
Ninety days after production begins, Lighthouse will hire an engineering firm to complete a reserve analysis on the potential, future recoverable production from the field.