PLANO, TX — (Marketwire) — 10/19/11 — Xtreme Oil & Gas, Inc. (OTCQB: XTOG) (OTCBB: XTOG), an independent energy company engaged in the exploration, development, acquisition, and production of crude oil and natural gas, announced today that its Saltwater Disposal Well has completed the final testing required by the Oklahoma Corporate Commission and finished acidizing and fracking the formation to accept saltwater.
The well exhibits unique characteristics for a prolonged period of revenue generation of up to 20 years and stable margins. XTOG–s acidizing work resulted in the well transitioning to a vacuum stage where it will naturally draw in saltwater, creating cost savings for well operations.
Willard G. McAndrew III, CEO of Xtreme, commented, “We have begun the installation of the tanks, pump and disposal pits and expect revenue to commence on this project in the fourth quarter. With letters of intent to potentially dispose of 15,000 barrels of saltwater, representing $7 Million in annual revenue, we are well positioned to have this project contributing to earnings shortly. Completing these tests is the last critical step we needed to finish before beginning our saltwater disposal operations. Maintaining full compliance with the regulatory bodies is always our goal.”
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.
Xtreme Oil & Gas, Inc.
(214) 432-8002
Investor Relations:
Alliance Advisors
Bryan Kobel
Vice President
212-398-3486