Xtreme Oil & Gas Receives Letter of Intent for 10,000 Barrels/Day of Saltwater Disposal
(firmenpresse) - PLANO, TX -- (Marketwire) -- 08/22/11 -- Xtreme Oil & Gas, Inc. (OTCBB: XTOG) (OTCQB: XTOG) announced today that the Company has received a Letter of Intent from AMEREX Resources, a company that has specifically been active in Central Oklahoma since the late 1970s, to dispose of 10,000 barrels per day of saltwater in Xtreme's Oklahoma commercial disposal well. AMEREX has been hauling water in the area for six years from fifty of its affiliated medium and small size oil and gas wells in the area. During the first full year of operations, Xtreme expects this well to generate over $5 Million in top-line operating revenue to all investors in the project. In addition, AMEREX has agreed to help form alliances with other producers in the area for additional volumes and additional commercial disposal wells.
Willard G. McAndrew III, CEO of Xtreme, 4th generation former Exxon employee, commented, "Production in this area is booming and with it, the need to dispose of saltwater. Our well is the closest environmentally responsible way for some operators to dispose of their waste water and is conveniently located in an industrial area on a major highway for easier large truck access that will help reduce costs and our transportation times. We expect this project to bring strong cash flows to our Company when we begin disposal."
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: 22.08.2011 - 13:15 Uhr
Sprache: Deutsch
News-ID 57800
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PLANO, TX
Kategorie:
Alternative Energy
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