Lithium Exploration Group Announces Closing of Oil Acquisition and Initial Revenue to The Company
Phoenix, AZ – November 13, 2018 – Lithium Exploration Group (USOTC: LEXG) announces the completion of the acquisition and drilling funding for the oil and gas development project in Louisiana. The transaction closed last week and immediate steps are being taken to complete the initial workovers that were identified from the seismic analysis completed earlier this year. Development drilling will then begin.
Lithium Exploration Group plans to immediately convert its investment into the override of gross production to which it is entitled and should receive its first ever positive revenue next month. The data from the seismic shoot last year has resulted in well over 100 drilling locations and the development budget will allow for one rig to be on site indefinitely for continuous drilling and completion efforts.
“At the request of our team in Houston and their financial partners, we were asked not to make any public announcements until after the transaction was completed,” commented CEO Alex Walsh. “This marks a new era for LEXG where we have revenue and stability to keep this company going indefinitely. We intend to continue to support the SonCav technology in their commercialization efforts, and will look forward to opportunities like this project in Louisiana to diversify our operations for the benefit of our shareholders. I will be releasing a detailed update on all of our operations, goals, and plans later this week.”
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.
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.
Source: Lithium Exploration Group