Update: Lithium Exploration Group Benefits from Continued Crude Oil Bull Market
January 4, 2018 - 4:58 PM EST
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Update: Lithium Exploration Group Benefits from Continued Crude Oil Bull Market
PHOENIX, Jan. 04, 2018 (GLOBE NEWSWIRE) -- Lithium Exploration Group (USOTC:LEXGD) announced today that the financing of the White Top project in Louisiana continues to progress nicely. The initial data scrubbing on the seismic data is complete, with the time depth migration expected by the end of January. The independent consultant will be meeting with the whole team again in Houston on January 17 to get a final update of the seismic results and update the report and findings.
Crude oil prices have risen more than $10 per barrel over the past few months, and continue to climb higher which has substantially increased the overall value of the royalty LEXG controls. Once the seismic data is fully processed, the company intends to have another independent reserve report completed to place a value on the future cash flows, with the goal of adding that asset to its balance sheet.
"The team in Houston continues to work on the closing documents with their lead investor. Their hope is to begin the development drilling in February," commented CEO Alex Walsh. "The price of oil is up over 20% since we made the investment last spring, and the steady increase in the price of oil over the past few months has been a true blessing that we hope to see turn into substantial cash distributions this year."
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.
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.
