SOURCE: Xtreme Oil and Gas

Xtreme Oil and Gas

May 16, 2011 09:00 ET

Xtreme Oil & Gas Announces First Profitable Quarter

PLANO, TX--(Marketwire - May 16, 2011) - Xtreme Oil & Gas, Inc. (OTCBB: XTOG) (OTCQB: XTOG) announced its quarterly results on Friday. The company reported a profit of $0.01 per share for the quarter versus a loss of $0.04 per share during the same quarter in 2010. The company's quarterly revenue was $1,017,255 from oil sales and project completion with net income of $454,559 versus a loss of $1,769,038 during the same quarter in 2010.

Willard G. McAndrew, CEO of Xtreme, commented, "We have a smooth process that allowed us to post each of our last six filings on time or early. Xtreme has made significant progress this past year as a public company completing an S-1 registration statement, a 15C-211 filing with FINRA, three quarterly reports and one year-end report. Operationally we have completed drilling our first 5-Star waterflood project on the West Thrifty property in Texas, completed drilling the first Commercial Saltwater Disposal well in Oklahoma, acquired over 8,500 acres with 10,000,000 barrels of recoverable oil in Kansas, and acquired an interest in a producing property in Oklahoma. As soon as we receive final regulatory approval, all of those projects will begin generating revenues. Launching our saltwater disposal business is an important element of our business plan and nicely balances exploiting our 15,000,000 barrels of recoverable oil on over 10,000 acres in Texas, Oklahoma, and Kansas."

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 from properties it owns in Texas, Oklahoma, and Kansas.

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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