Lithium Exploration Group to Invest in Oil
Well
September 12, 2016 - Phoenix, AZ - Lithium Exploration Group
Inc. (OTCPINK:
LEXG) finalized an agreement on Friday to fund the drilling of
an oil well in McKean County, Pennsylvania. The agreement provides
for 100% of the net revenue to come back to the company until 100%
of its investment is recouped. After the company has been paid
back, the operator will participate in 50% of the distribution. The
initial payment was made on Friday, September 9, with the balance
of the funding to be made on or before September 16.
We have been talking about this for months and finally were able
to pull the trigger. Our first focus is recouping our capital
investment with a secondary focus on building long term cash flow,
commented CEO Alex Walsh. Our goal is to be able to drill at least
ten of these types of wells over the next six months. We would
never have had the opportunity to invest in these types of wells
two years ago, so we want to take advantage while we can. I will
expand on this in my letter to shareholders later this week, with
an update on our testing in Houston.
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 testing its Ultrasonic Generator
Technology and the acquisition of oil and gas related assets.
Lithium Exploration Group is a fully reporting company 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