September 19, 2016 - 9:00 AM EDT
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Lithium Exploration Group Completes Investment in Oil Well and Second Round of Testing

PHOENIX, AZ / ACCESSWIRE / September 19, 2016 / 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
[email protected]

SOURCE: Lithium Exploration Group


Source: ACCESSWIRE Investor Awareness (September 19, 2016 - 9:00 AM EDT)

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