Lithium Exploration Group Partners in Louisiana Prepare Site for Initial Drilling Locations
July 17 2018 - 10:45AM
InvestorsHub NewsWire
Lithium Exploration Group
Partners in Louisiana Prepare Site for Initial Drilling
Locations
Phoenix, AZ -- June 17, 2018
-- InvestorsHub NewsWire -- Lithium Exploration Group
(USOTC:
LEXG) announces that preparation and permitting has been
initiated at its oil project in SW Louisiana. The actual
closing has been extended while this process take place, but it is
expected that the pad being prepared will host the drilling of the
first three target locations. The locations have been
prepared by a joint team of internal and external
geophysicists. The team has identified these locations in a
specific fault block, using the processed seismic data collected
last year in comparison with historical production from the field,
and determined that these locations will be the most productive.
They have put a projection of 800K to 1.4M barrels of oil from this
fault block, which can be concurrently extracted by drilling three
wells at different depths.
“We are not receiving our override
checks yet but the preparation and drilling of these development
wells is critical for the increase of production and thus revenue
that we are planning for,” commented CEO Alex Walsh. “It
doesn’t do us any good to have the revenue coming in if they aren’t
going to drill wells; so we are extremely excited that they are
starting the pad preparation and permitting process now. This
initial fault block could be absolutely huge for our partners and,
consequently, for us.”
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 sales and distribution
of 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