Lighthouse Petroleum, Inc. report that the Perry Lease located in Haskell County Texas has begun to produce oil. Initial estimates for production will be between 135 to 160 barrels of oil each month. Lighthouse has 100% working interest with 75% NRI (net revenue interest) in the lease.
The Company had announced earlier it is reworking both the Perry Lease and the Perry A1 Lease. The restoration project for the Perry Lease, that is currently producing oil, went according to plan and budget. However, the Perry A1 well has been successful in repairing the lower casing but the repair costs have exceeded the allocated budget. This repair has opened the ability for the well to potentially be able to move to an additional oil bearing zone. Management is currently reviewing well logs and geological reports regarding operations for the well. In summary, 1 well of 3 are online we are producing the 135-160 bbls of oil and we expect that to go up with the additional wells coming online.