SOURCE: Xtreme Oil and Gas
PLANO, TX--(Marketwired - May 3, 2013) - Xtreme Oil & Gas, Inc. (OTCQB: XTOG) (OTCBB: XTOG) announced today that the company has received four proposals for the sale of its West Thrifty Texas oil lease and is moving toward a final Letter of Intent with one of the parties.
In addition, Xtreme has converted over $1.2 Million of debt into equity in its efforts to continue to eliminate debt from its balance sheet. We anticipate the remaining debt will be converted into equity during the next several weeks.
"We are pleased to be moving forward with asset sales and debt repayments," stated Willard G. McAndrew III, CEO of Xtreme Oil & Gas. "Our next steps will be closing with Torchlight on our sale of the Oklahoma and Kansas properties and completing the debt conversions into equity. These efforts will allow us to shed oilfield operations further reducing our monthly expenses."
Xtreme Oil & Gas, Inc. is a Dallas-based independent energy company engaged in the exploration, development, acquisition, and production of crude oil and natural gas. The company's oilfield services disposes of saltwater for independent energy producers.
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.