SCOTTSDALE, Ariz., Sept. 18, 2012 /PRNewswire/ -- Lithium Exploration Group (OTCBB: LEXG.OB) (OTCQB: LEXG.OB) announced today that it is actively pursuing the acquisition of an oil and gas asset in Alberta, Canada. This acquisition will speed up the development of a pilot plant at the company's Valleyview Project and will provide a steady stream of revenue to the company during the development phase of the project and technology testing.

"Our strategy has always been to vertically integrate our Valleyview Project through the acquisition of an oil and gas asset. This will provide immediate revenue while we begin to monetize the produced water (brine) by separating the valuable minerals prior to disposal," commented CEO Alex Walsh. "Without our own asset, we would have to spend months in the permitting process and duplicate much of the infrastructure needed to set up our pilot plant. An acquisition overlaying our MAIM (metallic and industrial mineral) permits in Alberta will provide immediate revenue and save us millions in development costs. Any acquisition will, of course, be dependent upon financing. We will be able to tie up a property in escrow and have already begun discussions with investment bankers and potential partners to evaluate properties that will be coming up for sale in the near future."