The process of thermally initiated synthesis of acceptor type graphite intercalation compounds (GICs) and the products of their thermolysis, i.e. exfoliated graphite (EG) has been considered within the scope of common kinetic model. Analysis of the data available in literature and results of present work indicate that in some cases direct oxidative conversion (DOC) of graphite into EG without specified GIC formation can be realized. DOC-process has been discovered for powder "graphite - M(2+)(NO3)(2)(-)" mixtures at the temperature greater than or equal to 300-degrees C. The conditions for DOC-process realization are considered.