SOURCE: Xtreme Oil and Gas

Xtreme Oil and Gas

August 15, 2011 09:10 ET

Xtreme Oil & Gas Announces Second Consecutive Profitable Quarter

PLANO, TX--(Marketwire - Aug 15, 2011) - Xtreme Oil & Gas, Inc. (OTCBB: XTOG) (OTCQB: XTOG) announced its quarterly results today reporting a profit of $0.02 per share for the quarter versus a loss of $0.05 per share during the same quarter in 2010. The Company's quarterly revenue was $1,253,968 from oil sales and project completion with net income of $694,486 versus a loss of $1,903,518 during the same quarter in 2010. For the six months ending June 30, 2011, Xtreme reported a profit of $0.03 per share for the half versus a loss of $0.09 per share during the same period in 2010. The Company's six month revenue was $2,271,223 from oil sales and project completion with net income of $1,149.045 versus a loss of $3,672,556 during the same period in 2010.

Willard G. McAndrew III, CEO of Xtreme, (4th generation former Exxon employee), commented, "Our second consecutive profitable quarter is truly a milestone for Xtreme. With our projects nearing completion, an experienced management team and our diversity of reserves across properties in Kansas, Oklahoma and Texas, we are well positioned for future growth and to contribute America's energy independence goals."

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.

Contact Information

  • Xtreme Oil & Gas, Inc.
    (214) 432-8002
    www.xtremeoilandgas.com

    Investor Relations:
    The Eversull Group, Inc.
    Jack Eversull
    972-571-1624
    214-469-2361 fax
    Email Contact