Lighthouse Petroleum, Inc. Announces a Strategic Reorganizationadmin
Lighthouse Petroleum, Inc., formerly Well Renewal, Inc., announce that effective October 15, 2008 the Company has undergone a strategic reorganization which has recently included a 1000:1 reverse split. Additionally, the company has changed their name to Lighthouse Petroleum, Inc. in order to better reflect the strategic vision that new management intends to execute upon. This reverse split was performed with majority shareholder approval as well as unanimous consent of the Board of Directors, in order to bring the capital structure inline with similar publicly traded oil and gas organizations.
With the worst market conditions that many have seen in recent decades and the dilution that had occurred prior to arrival of the new CEO, Paul Norat, Well Renewal Inc. (currently Lighthouse Petroleum, Inc.) was placed in an unattractive position for equity placements. With the current status of the equity markets, Lighthouse Petroleum, Inc. will need to have an attractive capital structure in order to carry out the strategic objectives management has set forth for the upcoming fiscal year. With current equity markets in turmoil, Institutional Investors now have their prime choice in which to deploy to their capital. Their prime candidates will demonstrate not only a strong business acumen but a commitment to a capital structure that will seek to protect any equity investment. Many micro-cap organizations that do not follow a similar strategy, such as the one Lighthouse Petroleum has recently executed, may find their equity placements diminishing. The Company’s survival is imperative and this recent reorganization should greatly assist in ensuring its existence during this turbulent time that our world markets are currently experiencing.
LHPT has realigned their vision to strictly focus on the exploration and production of oil and gas within the domestic United States. Management has decided to move away from energy services and provide a more strategic focus on our core business. Lighthouse Petroleum, Inc. is currently exploring multiple opportunities that will complement their new found focus. These opportunities will be addressed in the upcoming shareholder letter. In this letter, it will detail to shareholders what the corporate vision is to create value for LHPT as well as address past press releases.
Paul Norat states, “I am excited about the opportunity that has been placed before me as the new Chief Executive officer of Lighthouse Petroleum, Inc. There is much work to be done in order to lift this organization to the next level. Transparency, integrity, and hard work is what I intend to demonstrate in order to gain the confidence of our current shareholder base as well as future shareholders. I am in the process of supplying to PINK SHEETS our Disclosure Statement so that we can be compliant with our trading platform.”
Mr. Norat continues to state, “We have recently retained the services of Daniel Covill, Managing Partner at Integrity Capital Group, LLC, an IR Firm based in San Diego, CA. I’m looking forward to working with Mr. Covill to provide more of an open communication process for our shareholders. We are also working diligently to compile a list of frequently asked questions so that we may post them under the “Q&A” Section of our new website, which will be released shortly. I want to provide as much information as possible so that we may set ourselves apart from other Pink Sheet organizations. I look forward to building shareholder confidence as well as shareholder value within the next several months by demonstrating the sort of leadership that will be required to bring value back to this organization.”