SOURCE: Xtreme Oil and Gas

Xtreme Oil and Gas

September 13, 2011 09:15 ET

Xtreme Oil & Gas Receives Second Letter of Intent for 5,000 Barrels/Day of Saltwater Disposal

PLANO, TX--(Marketwire - Sep 13, 2011) - Xtreme Oil & Gas, Inc. (OTCBB: XTOG) (OTCQB: XTOG) announced today that the Company has received a second Letter of Intent from Southern Wellhead Services to dispose of 5,000 barrels per day of saltwater in Xtreme's Oklahoma commercial disposal well. Southern has been actively providing oilfield services in central Oklahoma for 30 years.

With the additional disposal request, Xtreme now expects this well to generate over $7 Million in top-line operating revenue to all investors in the project. This well has already been drilled and completed to 6,500 feet and the Company is taking the final steps to put this project into full operation. The Company expects disposal operations to commence and revenue to begin in the fourth quarter of this year.

Willard G. McAndrew III, CEO of Xtreme, commented, "We are delighted that Southern Wellhead wants to partner with Xtreme. Their 5,000 barrels per day along with AMEREX's 10,000 barrels per day brings this saltwater disposal well to a daily capacity of 15,000 barrels per day. Southern expects our well location to reduce their costs and allow them to generate additional revenue from increased daily pickups. Partnering with the water haulers allows Xtreme to remain focused on the disposal operations."

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

  • Contact:

    Xtreme Oil & Gas, Inc.
    (214) 432-8002

    Investor Relations:
    The Eversull Group, Inc.
    Jack Eversull
    214-469-2361 fax
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