Lithium Exploration Group Announces
Executed LOI for $5 Million Dollar Investment in White Top Oil and
Gas
July 19, 2017 -- Phoenix, AZ --InvestorsHub NewsWire -- /
Lithium Exploration Group Inc. (OTCPINK: LEXG) CEO Alex Walsh updates
shareholders on company activities.
Dear Shareholders,
I am pleased to announce that White Top Oil and Gas has granted
exclusivity under an executed LOI with an Oklahoma-based investment
group. The agreement was signed last week and provides exclusivity
to the Oklahoma investor to finalize deal documentation and provide
a non-refundable deposit by August 1, 2017. The expectation now is
that the initial drilling funding could happen as early as August
15, but those details are not yet finalized. The team at White Top
still has two to four other groups still interested in making an
investment, should this transaction not be completed.
The seismic shoot is underway with some final permitting taking
place and initial locations for data collection being prepared. Our
goal is still to have the seismic shoot and data processing
complete in October, which will provide significantly more concrete
data on the overhang and other deep zones that can be exploited
using modern technologies.
The development of our field well has been put on hold for the
past few weeks, with both time and resources being devoted
primarily to getting this oil asset going. All of the vendors still
have their marching orders and, once we are ready to begin, they
can all start building the unit within a few weeks, depending on
other projects they have on the go.
While we have temporarily paused the development of the
commercially-ready oil unit, our partners at SonCav have begun work
on their field water unit. Their exact time frame is not yet
available because they are still finalizing bids from vendors, but
they are working feverishly to get that unit into testing.
I cant wait for the development drilling to take place so that
we can further solidify the executability of the royalty stream
potential in that field for years to come. All of that said, our
primary business is still the commercialization of the SonCav
technology. We will do whatever it takes to see this technology hit
the market and we continue to believe that we are just scratching
the surface of its capabilities.
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 SonCav 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