The Perth-headquartered firm's $A3.8 million capital raising will be used to finalise the company's purchase of 137 wells at the Caddo Pine Island Field in north Louisiana.

According to the independent technical report in the prospectus, prepared by petroleum engineer Donald Boyd, the oil in the Caddo Pine Island Field was high quality – 35 degrees to 43 degrees API and low sulphur.

The company has said few of the wells were currently in production but they could quickly be brought into working order by swabbing to clear them of paraffin or wax build-up caused by irregular turning of the well bores.

These wells could be producing by the end of this week, according to Louisiana Petroleum.

The swabbing technology is used by Metro Energy Group, the company that will be operating Louisiana Petroleum's wells, to significantly boost returns.

Metro also partners another Australian-based US energy play, Tomahawk Energy. Its directors Rick Holcomb and John Leenerts are on Tomahawk's board.

The Caddo Pine Island Field is in northern Louisiana, about 32 kilometres north-west of Shreveport Louisiana.

The area is well serviced by oil pipelines linked to major gulf states oil refineries.

Louisiana Petroleum said there were further opportunities to build on its initial five leases at the site.