$LEXG TEMPE, AZ / ACCESSWIRE / April 13, 2017 /
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Posted On: 04/13/2017 2:32:15 PM
$LEXG
TEMPE, AZ / ACCESSWIRE / April 13, 2017 / Lithium Exploration Group Inc. (OTC PINK: LEXG) today announced that it has reached an agreement with a Houston-based oil and gas team to assist in funding the acquisition of a legacy oil and gas field in southwest Louisiana. The investment will be initiated today with a down payment and will be completed over the next three weeks. It is structured as a debt instrument that will be converted into a royalty stream once the acquisition is finalized. The 4,000-acre oil field has over 100 years of activity on it and has generated over 32,000,000 barrels of oil in its lifetime. 90% of the historical production occurred before 1990, and it has not been exploited with any form of modern 3D seismic analysis. It is believed that the field could have more than 10,000,000 barrels of easily accessed oil remaining once modern techniques are used to identify and extract the oil.
This same team of oil and gas veterans owns the field where we have been discussing placing our initial field prototype. They have been instrumental in assisting us in procuring oil for the SonCav oil unit testing and will be extremely valuable partners, not only in the installation of an oil unit at this field, but also in opening avenues to other potential users in the oil and gas industry, commented CEO Alex Walsh. I have known about this opportunity for several months, but until very recently did not think we would be in a position to participate in the ownership. This is truly an amazing opportunity to participate in an exciting project with a team with 300 years of combined experience in onshore gulf coast oil and gas production. I will provide more details next week about the strategy and structure of the investment via press releases and 8k filings.
About Lithium Exploration Group
Lithium Exploration Group is a US-based exploration and development company focused on the acquisition and development potential of lithium brines and other precious metals that demonstrate high probability for near-term production. Currently the company is focused testing its SonCav Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is traded on the OTC Markets under the symbol LEXG.
Website: www.lithiumexplorationgroup.com.
Safe Harbor Statement
This news release contains "forward-looking statements." Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future testing of the ultrasonic technology.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of lithium prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact Info
Shanon Chilson
480-641-4790
info@lithiumexplorationgroup.com
SOURCE: Lithium Exploration Group Inc.
TEMPE, AZ / ACCESSWIRE / April 13, 2017 / Lithium Exploration Group Inc. (OTC PINK: LEXG) today announced that it has reached an agreement with a Houston-based oil and gas team to assist in funding the acquisition of a legacy oil and gas field in southwest Louisiana. The investment will be initiated today with a down payment and will be completed over the next three weeks. It is structured as a debt instrument that will be converted into a royalty stream once the acquisition is finalized. The 4,000-acre oil field has over 100 years of activity on it and has generated over 32,000,000 barrels of oil in its lifetime. 90% of the historical production occurred before 1990, and it has not been exploited with any form of modern 3D seismic analysis. It is believed that the field could have more than 10,000,000 barrels of easily accessed oil remaining once modern techniques are used to identify and extract the oil.
This same team of oil and gas veterans owns the field where we have been discussing placing our initial field prototype. They have been instrumental in assisting us in procuring oil for the SonCav oil unit testing and will be extremely valuable partners, not only in the installation of an oil unit at this field, but also in opening avenues to other potential users in the oil and gas industry, commented CEO Alex Walsh. I have known about this opportunity for several months, but until very recently did not think we would be in a position to participate in the ownership. This is truly an amazing opportunity to participate in an exciting project with a team with 300 years of combined experience in onshore gulf coast oil and gas production. I will provide more details next week about the strategy and structure of the investment via press releases and 8k filings.
About Lithium Exploration Group
Lithium Exploration Group is a US-based exploration and development company focused on the acquisition and development potential of lithium brines and other precious metals that demonstrate high probability for near-term production. Currently the company is focused testing its SonCav Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is traded on the OTC Markets under the symbol LEXG.
Website: www.lithiumexplorationgroup.com.
Safe Harbor Statement
This news release contains "forward-looking statements." Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future testing of the ultrasonic technology.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of lithium prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact Info
Shanon Chilson
480-641-4790
info@lithiumexplorationgroup.com
SOURCE: Lithium Exploration Group Inc.
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