Lithium Exploration Group Takes Advantage of Modern Technology to Exploit Former Burlington Resources Asset
Tempe, AZ May 17, 2017 -- Lithium Exploration Group Inc. (USOTC: LEXG) has recently entered into a Joint Development Agreement to acquire and exploit an oilfield outside of Lake Charles, Louisiana. The development strategy is one crafted 25 years ago by a team from Burlington Resources.
The original development strategy targeted 54 locations across four producible horizons, with the potential to extract as much as 13.6M additional barrels from the field.
This development plan was initiated following an original seismic shoot from 1992 using 8-fold resolution. The initial development plan today is to shoot a 110- fold resolution seismic to de-risk the deeper targets. It is believed that this new seismic data will show many other target locations that they were not able to identify in the older seismic data and development plan. The original development plan was sidelined in 1995 when oil dropped in price and it was never implemented because Burlington Resources grew so large that this size of development was not consequential to the company. The asset was sold to the existing owners who, over 15 years, have only drilled three new wells and have not drilled at all into the deeper zones which hold greater potential.
We are fortunate to be able to participate in this development with our partners from White Top Oil and Gas. The dated seismic is like looking at a TV screen from 1992: you can see the picture, but it isnt nearly as crisp as a modern TV. In the next few months, we will be able to see the subsurface geology with all of the trapped pockets of oil in the modern equivalent of HDTV and, because of this, we will be able to de-risk the future development and potentially far exceed the expectations that were put on this field in the 1990s, commented CEO Alex Walsh. One additional benefit -- a huge catalyst for this opportunity -- is that the lead geophysicist on the team at White Top also happens to be the same guy that shot the original seismic and put together the development plan all those years ago.
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 the US and Canada. Lithium Exploration Group is traded on the OTC Markets under the symbol LEXG.
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.
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