Lithium Exploration Group plans Canada oil and gas asset acquisition

Plans to acquire an oil and gas asset in Alberta Canada have been put in motion by Lithium Oil Group.

Lithium Oil Group is looking to increase its revenue streams by purchasing an oil and gas asset in Alberta, Canada.

The firm has revealed it is "actively pursuing" the acquisition, which will allow for faster development of its Valleyview Project.

At present, the Valleyview Project features over 120 active wells spread across 650,000 acres in north-west Alberta and chief executive Alex Walsh said the firm's strategy "has always been to vertically integrate our Valleyview project through the acquisition of an oil and gas asset".

Lithium Oil Group did not identify the seller of the property, but is likely to be using negotiation strategies to reach a favourable arrangement with the other parties involved in the deal.

Mr Walsh explained the oil and gas stocks will give the company "immediate revenue" while it works to separate valuable minerals such as lithium and potassium from the brine water that is brought to the surface during the oil and gas extraction process.

Posted by Ron Maverick

Source: Lithium Exploration Group press release, September 18th