SOURCE: Xtreme Oil and Gas

April 14, 2010 11:16 ET

Xtreme Oil & Gas Form 10 Declared Effective by SEC

PLANO, TX--(Marketwire - April 14, 2010) -  Xtreme Oil & Gas, Inc. (PINKSHEETS: XTOG) announced today the Form 10 previously filed on February 12, 2010 is now effective. This status allows the Company to finalize the process with the SEC and subsequently take the next steps begin trading on a higher level exchange. 

Achieving this effective status has been a goal of the Company and meets the commitment to shareholders to take all appropriate steps to become a fully reporting company and begin trading in the public markets. The next step will be to answer the various questions posed by the SEC and file 2009 audited financials.

Willard McAndrew, CEO of Xtreme, commented, "We continue to make significant progress in all aspects of our business. The Form 10 filing provides investors with the transparency they need to make informed decisions. I am very proud of our team for having achieved such a significant milestone and for meeting our commitments to our shareholders."

Xtreme Oil & Gas, Inc. is a rapidly growing Dallas-based independent energy company engaged in the exploration, development, acquisition, and production of crude oil and natural gas with operations producing commercial quantities of oil and gas from properties it owns and operates in Texas and Oklahoma.

The finding and development of oil and gas properties involve significant risks. Statements included in this release related to Xtreme Oil & Gas, Inc. constitute or may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as the inherent uncertainty of finding and developing oil and gas properties, the technological and financial difficulties inherent in these activities, the price of hydrocarbons and the Company's ability to estimate accurately net revenues due to variability in size, scope and duration of projects. Further information on potential risk factors that could affect the Company's financial results can be found in the Company's reports filed with the Securities and Exchange Commission.

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