PHOENIX, AZ / ACCESSWIRE / September 29, 2016 / Lithium Exploration Group Inc. (OTCPINK: LEXG) announced today that it expects drilling to commence in Pennsylvania any day. The operator is still in the process of lining up all of the service companies. The drilling is expected to take three days followed by the perforation and completion of the well with initial production expected to begin in the next few weeks. The company believes that now is an opportune time to gather long life oil production and will continue to update shareholders on the progress of the drilling and completion program.
"The OPEC announcement yesterday is exciting but we are not making the move into long term oil assets because we think oil is going to $100 again any time soon. We are perfectly happy for oil to stay in the $40s because we still will generate good cash and it will allow for us to gather more and more assets at these levels," commented CEO Alex Walsh. "Our goals are much larger than just this one well but we have to take it one step at a time. It is exciting to have lots of irons in the fire right now and hope that it results in great things for the company in the coming months."
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 the SonCav Oil Unit 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
SOURCE: Lithium Exploration Group
Source: ACCESSWIRE
(September 29, 2016 - 1:07 PM EDT)
News by QuoteMedia
www.quotemedia.com
