Lithium Exploration Group CEO Distributes September 2016 Letter
to Shareholders
Phoenix, AZ -- September 14, 2016 -- InvestorsHub NewsWire
-- Lithium Exploration Group Inc. (OTCPINK:
LEXG) CEO Alex Walsh updates shareholders on company
activities.
Dear Shareholders,
I will simplify this letter by breaking it out into clearly-defined
sections that you can read and digest. We are officially embarking
on new territory for our company and I want to give as
comprehensive an update as I possibly can with this impersonal form
of communication. We are excited about what we have been able to
accomplish over the past few months and are looking forward to this
new chapter in the company history.
Oil Well:
On Friday of last week, we made a deposit for the drilling of an
oil well in McKean County, PA. The final installment for the well
will go out this Friday. This week, they are making final
preparations to the site and booking all of the sub-contractors
required to perform the drilling and completion work. The goal is
to initiate drilling next week. We are excited about the
opportunity to enter the oil and gas industry at these prices. Our
big picture plan is to be able to scale this side of our business
to acquire interests in these types of smaller fields that are not
profitable at current oil prices and provide tremendous upside when
oil prices rise over time. The size of this initiative is unknown
today but we will acquire as many of these opportunities as we can
until oil prices stabilize over $55 per barrel.
Testing of Oil Unit;
We finalized the preparation of the oil unit today here in Houston,
TX, and have a load of oil arriving tomorrow morning and are ready
to immediately begin our testing program on the Son Cav oil unit.
This oil is a bit heavier than the oil we tested before Labor Day,
so we are excited to see the results we will get. We have also made
some modifications to the circulation to allow for greater volumes
through the system, which will give us the opportunity to get more
run time on the unit this week.
We are still in the process analysis and data collection phase but,
ultimately, we want to be able to bring out an independent
engineering firm to certify all of the run times and performance
data to share with our shareholders and potential Son Cav oil unit
customers.
Debt Consolidation:
Last week we also entered into agreements to repurchase a number of
outstanding notes so that we have fewer debt holders in the
company. The goal with this effort is to have debt obligations with
firms that have a long-term view of what we are trying to
accomplish and will support us while we are executing, and be
patient and flexible. We are turning a corner now and need to have
engaged partners, not just financial partners.
The Son Cav oil unit has the ability to change the way small
independent oil operators manage their fields and sell their oil. I
would compare this to an agricultural technology that has the
ability to take a crop after it has been picked and improve the
yield and thus the revenue. The beauty of the application though is
that the farmer (in this example) always knows what his yield will
be and we are giving him the ability to make his farm more valuable
just by using the oil unit.
The technologys target market is not huge companies that have
spent billions on infrastructure to treat their oil production. The
target is the thousands of smaller operators that have a multitude
of small fields that need help to improve the quality of their
saleable oil. The efforts that we have made as a company to get to
here are enough to write more than one memoir but they have been
worth it and will provide long term stability and growth that
shareholders are looking for.
Thank you for your continued support.
Sincerely,
Alex Walsh
CEO
Lithium Exploration Group
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 Ultrasonic Generator Technology
and the acquisition of oil and gas related assets in Western
Canada. Lithium Exploration Group is traded on the OTCPINK 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