PHOENIX, July 17, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE – Lithium Exploration Group (USOTC:LEXG) announces that preparation and permitting has been initiated at its oil project in SW Louisiana. The actual closing has been extended while this process takes place, but it is expected that the pad being prepared will host the drilling of the first three target locations. The locations have been prepared by a joint team of internal and external geophysicists. The team has identified these locations in a specific fault block, using the processed seismic data collected last year in comparison with historical production from the field, and determined that these locations will be the most productive. They have put a projection of 800K to 1.4M barrels of oil from this fault block, which can be concurrently extracted by drilling three wells at different depths.
“We are not receiving our override checks yet but the preparation and drilling of these development wells is critical for the increase of production and thus revenue that we are planning for,” commented CEO Alex Walsh. “It doesn’t do us any good to have the revenue coming in if they aren’t going to drill wells; so we are extremely excited that they are starting the pad preparation and permitting process now. This initial fault block could be absolutely huge for our partners and, consequently, for us.”
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 on sales and distribution of the Sonic Cavitation Ltd. technology and the acquisition of oil and gas related assets in the US and 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
