Lithium Exploration Group Completes Investment in Oil
Well and Second Round of Testing
September 19, 2016 - Phoenix, AZ - Lithium Exploration Group
Inc. (OTCPINK:
LEXG) completed the second week of testing last week and on
Friday, September 16 made the second installment payment for the
drilling of a well in McKean County, Pennsylvania. The testing this
week was performed on September 13 and 14 in Houston, Texas. The
modified flow system allowed the team there to test a greater
volume of oil over a longer duration. The before, during, and after
samples were sent to the lab on Thursday, and results are expected
later this week. The initial payment for the drilling went to
deposits for vendors and final improvements to the drilling site.
The latest payment will finalize all vendor payments and well
completion costs. The well drilling is expected to begin this week
with the goal of initial production in the next few weeks.
With this round of testing we were able to get heavier oil to
use as the feedstock. This will help us evaluate the run time and
performance of the unit compared to the lighter oil that we tested
last month. Testing again went very well, and, while we do not have
the direct results, we were able to visibly notice a difference in
the consistency of the oil when we spun it in a graduated cylinder,
which is a positive sign, commented CEO Alex Walsh. The imminent
drilling of our first oil well in Pennsylvania is very exciting as
well. The location of this well is in a very old field with lots of
analogous wells that provide knowledge of the geology. This is not
exploration of oil as much as it is exploitation of oil that is
known to be there. The biggest question for us is how much will the
well produce and how long will it take to get our money out of
it.
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 on testing its Ultrasonic Generator
Technology and the acquisition of oil and gas related assets.
Lithium Exploration Group is a fully reporting company 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