PLANO, TX--(Marketwire -03/12/12)- Xtreme Oil & Gas, Inc. (OTCQB: XTOG.OB - News) (OTC.BB: XTOG.OB - News), an independent energy company engaged in the exploration, development, and production of crude oil, is pleased to announce that the company has begun oil production at its 5 Star West Thrifty Texas property wells. The 1,200 acre site officially began production in the 1940's with Hess and Conoco.
"Management is excited with the commencement of oil production at our 5 Star West Thrifty site," stated Mr. Will McAndrew, CEO of Xtreme Oil & Gas. "With over 1,200 acres of land at the drill site, and previous production of over 8 million barrels of oil, we believe there is potential for significant oil production to continue throughout 2012 and beyond. Going forward, Xtreme Oil & Gas plans to implement these effective production and recovery methods throughout our entire portfolio of wells in Texas, Kansas and Oklahoma. We look forward to announcing the recovery of additional oil as we continue towards increasing our production in 2012. The Company is pleased to have hit our milestone of initial production by the end of February, and look forward to continuing our proven track record of success."
Recently the company announced the water flood injection method employed at the West Thrifty Texas property successfully created pressure and fluid recovery in the production wells. This injects water back into a reservoir, increasing pressure and stimulating oil production. The injections of water come from strategically placed wells and pumps that wash the trapped oil out of the formation towards the producing wellbores. As with most other wells using the water flood injection technique, its effective demonstration at the West Thrifty well has proven a precursor to successful oil production. Xtreme Oil and Gas has resolved to move forward with this technique as a result of its proven efficacy.
About Xtreme Oil & Gas
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. 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.