Tempe, AZ April 13, 2017 -- InvestorsHub NewsWire -- Lithium
Exploration Group Inc. (USOTC:
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