According to production records, the three wells have produced over 30,000 barrels and could have an estimated total ultimate cumulative oil recovery of 100,000 barrels, the company said.

The wells are approximately 2,600ft deep and are located in the prolific Bend Arch-Ft Worth Basin.

Glen Kennedy, president of Lighthouse Petroleum, said: “With the price of crude on the rise and America’s objective to reduce dependency to foreign oil provides tremendous validation to our business model.

“We are continuing to negotiate for further acquisitions and our goal is to acquire over 100 wells with the possibility of generating up to $250m in cash flow for our shareholders and create sustainable value.”