SOURCE: Xtreme Oil and Gas

May 03, 2011 10:52 ET

Xtreme Oil & Gas Completes 5 Well Drilling Program on Texas Property

PLANO, TX--(Marketwire - May 3, 2011) - Xtreme Oil & Gas, Inc. (OTCBB: XTOG) (OTCQB: XTOG) announced today it has completed its first 5-well drilling program on the West Thrifty Property in Brown County, Texas.

Xtreme's newest project on this property targets expected oil rich areas of the property and focuses three injection wells near two producing wells. Xtreme will inject high pressure saltwater in close proximity to the production wells to wash oil to the surface.

The Company expects this targeted waterflooding methodology will be implemented across the 1,200 plus acres potentially deploying over 20 of these 5-spot patterns during the next five years in an effort to exploit the 4,500,000 barrels of recoverable oil the engineering reports show to be on this property.

Willard G. McAndrew, CEO of Xtreme, commented, "Xtreme spent the past year understanding the geology of this property and consulting with our geologic and engineering experts targeting what everyone believes is a high value area. Production will begin upon receiving the final injection approval from the Railroad Commission of Texas."

Exploiting these potential reserves in Texas, coupled with the Company's latest 8,500 acre acquisition in Kansas, gives Xtreme over 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 producing oil and gas from properties it owns and operates 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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