Lithium Exploration Group Releases Independent Geologist Report Regarding Louisiana Oilfield Investment

TEMPE, AZ / ACCESSWIRE / July 31, 2017 / Lithium Exploration Group Inc. (OTC PINK: LEXG) announced today that it has received the report regarding the salt dome overhang discovery in the Miocene sands at its Louisiana oil field from an independent geological firm. The commissioned report used the two new well logs and an analogous well log from a downdip well in the southeast corner of the field to determine the proven reserve potential. The analogous well used produced over 300,000 barrels in its active life and the new knowledge of the presence of an overhang in the salt dome proves a minimum reserve of 4 acres of down dip production closer to the face of the salt dome. Their review projects an average of 65,000 barrels of recoverable oil per acre. The report will be made available on the Company’s website.

The internal team at White Top believes that there will be as much as 50 acres of producible oil in this single overhang based on their knowledge of the Miocene formation, which historically has stacked pay zones, and their belief is that the overhang stretches farther to the north and west than we can see today. The independent firm agrees with the view that there is a probability of multiple pay zones inside of the overhang, but cannot confirm that until the seismic shoot is complete or there is another well log showing the additional pay zones. If the White Top team is correct about their thesis, this overhang would provide additional reserves to the field of over 3 million barrels.

Before the development of the newly found overhang in the shallow Miocene formation, the White Top team had already identified a potential of 3.2 million barrels from 35 infill wells surrounding fault blocks that have not been fully exploited in the 100-year history of the field. This new development could double the reserves in this zone and the geological firm indicated that it is likely that there are other overhangs in the deeper Marg and Cib-Haz zones that will also be discovered after interpretation of the seismic shoot.

“This overhang shows there are two previously unknown key features of this salt dome oilfield. It proves additional reserves that were believed to just be salt face of the existing dome and, more importantly, it shows that this particular dome is not simply a cone shaped dome, but has more of an hourglass figure,” commented CEO Alex Walsh. “That could mean that this overhang has a mushroom cap feature and goes all the way around the salt dome, or there could be similar overhangs in lower zones that have been completely untapped until the use of modern 3D seismic.”

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

SOURCE: Lithium Exploration Group Inc.

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