LHPT News Lighthouse Petroleum, Inc. Announces

LEVELLAND, Texas , Aug. 16, 2012 /PRNewswire/ -- Lighthouse Petroleum, Inc. (OTC Pink: LHPT) and Paradigm Oil and Gas, Inc. (OTC Pink: PDGO) is pleased to announce the first joint project with Paradigm Oil and Gas to begin oil operations in Haskell County , Texas. Management has approved a budget to begin work for "Project 1" and has scheduled operations to begin by mid-September.

"Project 1" includes the following productive zones: Cook Sands, Hardy B Sands, Swastika, Cross-Cut, Patio A-D Sands, Palo Pinto , Caddo Reef, Mississippian and Ellenberger Limestone. This entire field is considered in-field drilling due to the close proximity of producing wells. These zones lay in a deltaic formation of layered sediments starting at depths of 1200' feet to 4500'.

This joint operation with Paradigm is a step in building a steady stream of cash flowing projects for the Company. Management believes this approach will build the Company's cash flow while maintaining its operational overhead. The Company firmly believes that by targeting quarter over quarter growth with projects like this that is cash manageable, builds a solid foundation of revenue while positioning the company to participate in areas of interest such as the Reames/Masterson project.

Lighthouse Petroleum expects to have 100% Working Interest and 75% net revenue interest in "Project 1". Information provided to Management shows that "Project 1" could have both oil and gas from the well.

"After doing a site inspection we are very excited about this project. I believe the infrastructure and the resources at 'Project 1' will take some elbow grease and could be a strong first step for both companies to kick off a joint business model of developing cash flow from the rework of projects in Texas . The combination of the Deep Rights opportunities Lighthouse has in Louisiana and the investment in Central Texas is anticipated to give the company a revenue stream from the reworks, increased assets from the Reames/Masterson and upside potential from the deep well rights in the Tuscaloosa Marine Shale," said Todd Violette , CEO.

Once the work begins Lighthouse will put operational updates and video footage of all the projects that can be accessed on the company website www.lighthouselhpt.com and www.paradigmoilinc.com or visit us on our Facebook under Lighthouse Petroleum or on Twitter at @lighthousepetro.