PLANO, TX — (Marketwire) — 02/21/12 — Xtreme Oil & Gas, Inc. (OTCQB: XTOG) (OTCBB: XTOG), an independent energy company engaged in the exploration, development, and production of crude oil, announced today that the company has begun oil production from their Hancock Well site in Oklahoma. The Hancock well has produced 20,000 barrels of oil, and is continuing output at 150 barrels per day. Additionally, the well has produced 60,000 mcf of gas at a rate of 700 mcf per day.
“Xtreme is extremely pleased to announce the significant production of oil and gas from our Hancock well in Oklahoma,” stated Willard G. McAndrew, CEO of Xtreme Oil & Gas. “In addition to providing validation of our successful drilling techniques, the results offer encouragement for similar production amongst our nearby Robinson location. We are currently performing drilling operations across three states. Management is confident that we will experience similar results throughout our portfolio of wells in Oklahoma and Kansas as we ramp production during 2012. We are pleased to begin generating strong returns for our investors.”
Hancock is located in the Sooner trend in the Anadarko Basin and is drilled to the Hunton formation. The site recently underwent a state of the art 16 stage fracking operation to expand the wellbore–s reach into the oil and gas formation.
Xtreme Oil & Gas, Inc. is a rapidly growing Texas-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. The company–s oilfield services disposes of saltwater for independent energy producers.
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.