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Grounded Lithium Provides Oil & Gas Operations Update, Announces Annual General and Special Meeting and Option Grant
Grounded Lithium Provides Oil & Gas Operations Update, Announces Annual General and Special M...
About this update from Grounded Lithium Corp
[{"type":"text","content":"Grounded Lithium Provides Oil & Gas Operations Update, Announces Annual General and Special Meeting and Option Grant\n\n\nGrounded Lithium Provides Oil & Gas Operations Update, Announces Annual General and Special Meeting and Option Grant\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\nGrounded Lithium Provides Oil & Gas Operations Update, Announces Annual General and Special Meeting and Option Grant\nPR Newswire\n\n\nCALGARY, AB, May 7, 2026 /PRNewswire/ - (TSXV: GRD) ( OTC: GRDAF) - Grounded Lithium Corp. (\"GLC\" or the \"Company\") announces continued success with our resource diversification strategy into oil and gas operations. Further to our press release on April 15, 2026, we are now pleased to report that production for the two wells drilled off a single pad averaged over 120 barrels per day for the month of April. As we achieve a deeper operational understanding of the formation and equipment, production is expected to increase in the short term until an expected shallow well decline curve begins. At current commodity pricing, this production is expected to deliver a realized sales price of over CAD$90 per barrel. Final price realizations will be determined in the coming weeks and reported in the Company's quarterly financial statements. Success on the initial two wells provides support for continued drilling efforts in this regard. With current commodity prices and production levels, payout is anticipated to occur is less than six months, at which time, the Company's share of net operating income will increase from 1.5% to 13.5%.\n\n\n\n\n\n\n\nAnnual and Special MeetingThe Company also announces that it will hold the Annual General and Special Meeting for shareholders on June 17, 2026 at 2:00pm MST at the offices of McCarthy Tetrault at Suite 4000, 421 7th Ave SW, Calgary, Alberta. All meeting materials will be available on SEDAR+ at www.sedarplus.ca in due course.Stock Option GrantAs part of the overall compensation philosophy to incent personnel through equity rather than cash compensation, on May 6, 2026, the Company granted 2,300,000 stock options a...