Xtreme Oil & Gas Acquires Rights in Hancock Well
(firmenpresse) - PLANO, TX -- (Marketwire) -- 10/06/11 -- 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, has completed its acquisition of working interest in the Hancock Well from the well operator, Husky Ventures Inc. Hancock is located in the Sooner trend in the Anadarko Basin and is drilled to the Hunton formation. The operator expects production to begin next month.
The Hancock well is adjacent to another Hunton well that has produced 18,000 barrels of oil in the previous 9 months and is within a mile of the Company's Robinson well which has produced over 38,000 barrels of oil in the past 12 months. These wells are all exploiting similar vertical geological structures that are present in the Company's Kansas properties making horizontal drilling and fracturing technologies an excellent choice for these projects.
"Xtreme continues to leverage our key strategic relationships to expand our oil property holdings," stated Willard G. McAndrew, CEO of Xtreme. "The Hancock and Robinson wells are using the same successful technologies that will be applied in Kansas. Our collective experience in horizontal drilling technologies has created significant value for all the partners, who have spent approximately $22 million perfecting the science. We expect this well to generate production similar to the surrounding wells in the next 12 months."
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 and Oklahoma.
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:
Xtreme Oil & Gas, Inc.
(214) 432-8002
Alliance Advisors
Bryan Kobel
Vice President
212-398-3486
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Datum: 06.10.2011 - 07:15 Uhr
Sprache: Deutsch
News-ID 1043304
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