PHOENIX, May 04, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE-- Lithium Exploration Group (USOTC:LEXG) announced today that its partners in the oil project outside of Lake Charles, LA, provided notice to the sellers that they intend to exercise their purchase option. The closing date has not been set but it is expected to be sometime in June of 2018. Immediately upon closing, Lithium Exploration Group will receive a gross override from the ongoing oil production at the field, meaning that the company will begin consolidating cash flow in July as it begins its new fiscal year.
“We are all very excited about this project on many levels. It will be amazing to have revenue coming in the door that will grow as the development drilling is initiated. We are also hoping to place a commercial-scale SonCav unit at the project, which will assist in the oil production and serve as a showroom for future sales of units to Canadian operators,” commented CEO Alex Walsh. “We have been fortunate to see oil prices rise steadily from their trough two years ago. Oil has already had its own industry recession during this bull market and we feel that prices will have a lot more resistance to any potential economic turbulence in the coming years and will provide great stability to our company as we go forward.”
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 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.
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