Lithium Exploration Group, Inc. (OTC Pink: LEXG) operates as a lithium exploration and development company. Shares of the lithium company are jumping 42.86%, through trading on Wednesday, June 14, 2017. Over the past month, Lithium Exploration Group, Inc. has seen average daily volume of 81.05 million shares. However, volume of 441.86 million shares or dollar volume of $441,860, has already exchanged hands on Wednesday.
Shares of Lithium Exploration Group, Inc. are jumping today, after the company announced that its joint venture has discovered 800 feet of potential oil pay in a salt dome overhang at its Louisiana oilfield. The discovery was confirmed using independent analysis of the well, which showed indications of oil-rich sandstone. Here is the full press release detailing of the oil pay discovery:
Lithium Exploration Group, Inc. Press Release:
TEMPE, AZ / ACCESSWIRE / June 14, 2017 / Lithium Exploration Group, Inc. (OTC PINK: 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 aren’t 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, Inc.
Lithium Exploration Group, Inc. 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, Inc. is traded on the OTC Markets under the symbol LEXG.
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.