Lithium Exploration Group Takes Advantage of Modern Technology
to Exploit Former Burlington Resources Asset
Tempe, AZ May 17, 2017 -- Lithium Exploration Group Inc. (USOTC:
LEXG) has recently entered into a Joint Development
Agreement to acquire and exploit an oilfield outside of Lake
Charles, Louisiana. The development strategy is one crafted 25
years ago by a team from Burlington Resources.
The original development strategy targeted 54 locations across
four producible horizons, with the potential to extract as much as
13.6M additional barrels from the field.
This development plan was initiated following an original
seismic shoot from 1992 using 8-fold resolution. The initial
development plan today is to shoot a 110- fold resolution seismic
to de-risk the deeper targets. It is believed that this new seismic
data will show many other target locations that they were not able
to identify in the older seismic data and development plan. The
original development plan was sidelined in 1995 when oil dropped in
price and it was never implemented because Burlington Resources
grew so large that this size of development was not consequential
to the company. The asset was sold to the existing owners who, over
15 years, have only drilled three new wells and have not drilled at
all into the deeper zones which hold greater potential.
We are fortunate to be able to participate in this development
with our partners from White Top Oil and Gas. The dated seismic is
like looking at a TV screen from 1992: you can see the picture, but
it isnt nearly as crisp as a modern TV. In the next few months, we
will be able to see the subsurface geology with all of the trapped
pockets of oil in the modern equivalent of HDTV and, because of
this, we will be able to de-risk the future development and
potentially far exceed the expectations that were put on this field
in the 1990s, commented CEO Alex Walsh. One additional benefit -- a
huge catalyst for this opportunity -- is that the lead geophysicist
on the team at White Top also happens to be the same guy that shot
the original seismic and put together the development plan all
those years ago.
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 its SonCav 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