SOURCE: Xtreme Oil and Gas

Xtreme Oil and Gas

May 09, 2011 09:00 ET

Xtreme Oil & Gas Completes Drilling Saltwater Disposal Well in Oklahoma

PLANO, TX--(Marketwire - May 9, 2011) - Xtreme Oil & Gas, Inc. (OTCBB: XTOG) (OTCQB: XTOG) announced today it has drilled its first commercial Saltwater Disposal Well in Oklahoma into the Arbuckle formation.

Since drilling has been completed, all required information has been filed with the Oklahoma Corporate Commission for them to issue final approval on the permit. Upon receiving that approval, Xtreme will move rapidly to complete the surface equipment and begin disposing of saltwater.

Commercial saltwater disposal is complementary to the Company's oil production operations and it expects this business will generate about 50% of XTOG's revenues during the next five years as it expands disposal operations across its properties.

Willard G. McAndrew, CEO of Xtreme, commented, "We believe commercial saltwater disposal coupled with oil production operations is a unique combination for a public company business model. Disposal wells have inherently lower risk because we do not need to find oil or gas. 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 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.

Contact Information

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

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