Xtreme Oil & Gas Achieves Excellent Drilling Results on Texas Property
(firmenpresse) - PLANO, TX -- (Marketwire) -- 08/25/11 -- Xtreme Oil & Gas, Inc. (OTCBB: XTOG) (OTCQB: XTOG) announced today that after completing the drilling of three new wells on the Company's West Thrifty property in Brown County Texas, those wells achieved a 50-90% oil cut on their initial production. An oil cut is the percentage of oil in the total fluids that are produced by the well. These are excellent initial results for shallow wells in this area. In addition, the Company completed acidizing all of the wells and have finalized the pressure calculations for injection in this project.
Willard G. McAndrew III, CEO of Xtreme, commented, "By using a targeted water-flooding methodology within our 1,200 acre Texas property, we expect to produce 50-100 barrels of oil per day from this project and there is room for an additional 60+ wells to be drilled or reworked. We do not expect to maintain such high oil cut percentages when we are in full production but these initial results are very encouraging. In addition we are proceeding with reworking additional nearby wells to increase oil production on this project."
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:
The Eversull Group, Inc.
Jack Eversull
972-571-1624
214-469-2361 fax
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Datum: 25.08.2011 - 08:53 Uhr
Sprache: Deutsch
News-ID 1033960
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Alternative Energy
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