Lithium Exploration Group Releases Independent Geologist Report
Regarding Louisiana Oilfield Investment
Tempe, AZ July 23, 2017 -- Lithium Exploration Group Inc. (USOTC:
LEXG) announced today that it has
received the report regarding the salt dome overhang discovery in
the Miocene sands at its Louisiana oil field from an independent
geological firm. The commissioned report used the two new well logs
and an analogous well log from a downdip well in the southeast
corner of the field to determine the proven reserve potential. The
analogous well used produced over 300,000 barrels in its active
life and the new knowledge of the presence of an overhang in the
salt dome proves a minimum reserve of 4 acres of down dip
production closer to the face of the salt dome. Their review
projects an average of 65,000 barrels of recoverable oil per acre.
The Report will be made available on the Companys
website.
The internal team at White Top believes that there will be as
much as 50 acres of producible oil in this single overhang based on
their knowledge of the Miocene formation which historically is a
has stacked pay zones and their belief that the overhang stretches
farther to the north and west than we can see today. The
independent firm agrees with the view that there is a probability
of multiple pay zones inside of the overhang but cannot confirm
that until the seismic shoot is complete or there is another well
log showing the additional pay zones. If the White Top team is
correct about their thesis this overhang would provide additional
reserves to the field of over 3 million barrels.
Before the development of the newly found overhang in the
shallow Miocene formation the White Top team had already identified
a potential of 3.2 million barrels from 35 infill wells surrounding
fault blocks that have not been fully exploited in the 100-year
history of the field. This new development could double the
reserves in this zone and the geological firm indicated that it is
likely that there are other overhangs in the deeper Marg and
Cib-Haz zones that will also be discovered after interpretation of
the seismic shoot.
This overhang shows there are two previously unknown key
features of this salt dome oilfield. It proves additional reserves
that were believed to just be salt face of the existing dome and
more importantly it shows that this particular dome is not simply a
cone shaped dome but has more of an hourglass figure, commented CEO
Alex Walsh That could mean that this overhang has a mushroom cap
feature and goes all the way around the salt dome or there could be
similar overhangs in lower zones that have been completely untapped
because until the use of modern 3D seismic.
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 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