SOURCE: Xtreme Oil and Gas

April 27, 2011 11:30 ET

Xtreme Oil & Gas Acquires Interest in Producing Well

PLANO, TX--(Marketwire - Apr 27, 2011) - Xtreme Oil & Gas, Inc. (OTCBB: XTOG) (OTCQB: XTOG) announced today it has acquired a minor working interest in a well producing initially over 400 barrels of oil per day and over 950,000 cubic feet of gas per day. Xtreme agreed to purchase the working interest for 15,000 shares of restricted common stock from one of its partners, further strengthening their relationship.

This newest project verifies their recent geologic studies in the area and they expect this well to produce 200,000 barrels of oil and 500 Million cubic feet of gas during its lifetime. Xtreme and its partners will continue to seek additional working interest and to participate in leasing acreage in the area to continue to exploit these resources.

Willard G. McAndrew III, CEO of Xtreme, commented, "This acquisition represents another step in our expending relationships and gives us a new series of leases to explore in what we hope to be a prolific formation that responds well to today's drilling and recovery technologies."

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 oil and gas from properties it owns and operates in Texas and Oklahoma.

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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