Xtreme Oil & Gas Completes Drilling and Fracking of Hancock Well
(firmenpresse) - PLANO, TX -- (Marketwire) -- 11/02/11 -- 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, announces today that drilling on the Hancock well has been completed. Hancock is located in the Sooner trend in the Anadarko Basin and is drilled to the Hunton formation, adjacent to a well that has produced 18,000 barrels of oil in the previous 9 months. The site is located within a mile of the Company's Robinson well which has produced over 38,000 barrels of oil in the past 12 months.
After drilling was finished, the Hancock well underwent a state of the art 16 stage fracking operation to expand the wellbore's reach into the oil and gas formation. This work resulted in expanding our contact with the formation to over 1,500 feet through the existing vertical seams. 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 and its drilling partners continue to deploy state of the art technology to exploit oil and gas formations," stated Willard G. McAndrew, CEO of Xtreme. "The Hancock and Robinson wells are using the same successful technologies that will be applied in Kansas and our collective experience continues to produce fruitful results. We expect production to begin in the next two weeks. Due to the heterogeneous and porous nature of the Hunton formation, our unique process is ideal to extract oil. Management expects to successfully repeat this process on numerous wells over the coming 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: 02.11.2011 - 13:15 Uhr
Sprache: Deutsch
News-ID 83086
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PLANO, TX
Kategorie:
Coal
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