Tempe, AZ June 14, 2017 - Lithium Exploration Group Inc. (USOTC:
LEXG) announced today that its partners at White Top
Oil and Gas have discovered an overhang on the edge of the salt
dome that has 800 feet of prospective oil pay at a depth of only
3,000 feet. The discovery came from a recent collaboration with the
company that has storage caverns inside of the salt dome on the
property. The cavern company has shared a recent well they drilled
which was believed to be inside of the salt dome. When they were
drilling to a much deeper target depth, they went through an
800-foot zone of sandstone at only 3,000 feet, which is in the
historically rich Miocene oil formation. The company and their
partners at White Top have had independent analysis of the well log
completed and have confirmed the initial indications of oil rich
sandstone.
This news is exactly what we predicted we would see from the
updated seismic analysis we invested in last month. Having this
type of tangible data to support the thesis is huge for our
efforts. As stated last month, the historical drilling efforts made
on this field were done using old technologies, which could never
have seen this type of overhang. The nearest wellbore that has been
drilled on the outside of the salt dome in this part of the field
is almost a half a mile away and, if this overhang goes all the way
around the salt dome, it could result in the production of more
than two million barrels of shallow oil, commented CEO Alex Walsh.
These salt domes are easily researched for folks that arent oil and
gas experts, but the overhang concept is that, over millions of
years, the salt domes form mushroom heads with undiscovered pockets
of oil in them. Our partners have identified several lower zones
that they think will have significant production after updated
seismic data is analyzed, but nobody thought there were such
significant reserves at such a shallow depth. This new find is
significant for us and our partners at White Top Oil and Gas, and I
look forward to updating you on our progress in the coming
weeks.
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 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.
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