Lithium Exploration Group Inc. (OTCQB: LEXG) today updated shareholders on the disposal volumes at Tero Oilfield Services. Tero Oilfield Services disposed of an average monthly volume of 6,299 cubic meters of Class 2 and Class 1b fluids for the first six months of the calendar year (January through June). In fluid barrels that is the equivalent cumulative disposal volume of 316,722 barrels of third-party fluid. This does not include the additional solid waste processing volumes or skim oil production for the same time period.
In March of this year, Lithium Exploration Group acquired 50% of Tero Oilfield Services (Wardlow Facility) with an option to acquire an additional 25% before March 2015. As reported previously, the facility is also in the process of expanding its product offering to include the treatment of third-party oil, on which it hopes to have final approval in the 4th quarter.
"We are very proud of Tero's performance in the first six months of this year, particularly because the first two quarters are traditionally slower than the final two quarters. They had to deal with one of the harshest winters on record, and April and May are always slow because access to remote sites is limited while the ground thaws during what is known in Alberta as 'break up,'" commented CEO Alex Walsh. "Last year Tero did twice as much volume in the second half of the year. If that trend continues, this will be a banner year for their operation. We are lucky to have such good partners as operators of that facility, and we look forward to it being the flagship of our disposal business for years to come."
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 its Western Canada lithium assets, testing its Ultrasonic Generator Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is a fully reporting company traded on the OTCQB 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.
SOURCE: Lithium Exploration Group, Inc.