Xtreme Oil & Gas, Inc. Announces Purchase of IRA Oil & Gas, LLC
Posted on: Wednesday, 10 October 2007, 12:00 CDT
Xtreme Oil & Gas, Inc. (PinkSheets: XTOG), (the "Company"), an independent oil and gas exploration and production company, announces that it has completed the purchase of IRA Oil & Gas, LLC ("IRA"), a privately-held operator of wells. The owner, Glen Kennedy, will join the Company as chief operating officer and will also become a member of the board of directors.
IRA, acquired for cash and warrants for XTOG stock, represents the next step in the Company's business model of vertical integration. The Company presently provides exploration and drilling for wells as well as using innovative technology to rehabilitate existing wells. IRA is primarily an operator of wells.
"This acquisition will allow the company many additional opportunities in the industry. We will be able to operate properties for other companies as well as our own, which not only increases our revenue base but broadens its potential by putting the Company in front of potential sellers and joint-venturers in the oil and gas arena," noted Will McAndrew, CEO of the Company.
About IRA Oil & Gas, Inc.
IRA was formed in 2005 and has operated 98 wells in Texas. IRA is a licensed, bonded and approved operator in the state by the Railroad Commission of Texas which oversees all operators and oil and gas properties in Texas. Mr. Glen Kennedy, previously worked for Exxon drilling wells offshore in Gulf of Mexico and Alaska. Please go to www.xtremeoilandgas.com to see more information on Mr. Kennedy.
About Xtreme Oil & Gas, Inc.
Xtreme Oil & Gas, Inc. (PinkSheets: XTOG), headquarters in Dallas, Texas, is an independent oil and gas exploration and production company which either obtains producing wells with the expectation of rehabbing the wells in an effort to increase production or drill new wells in the hope of obtaining oil and gas production in commercial quantities. For more information on XTOG, please go to www.xtremeoilandgas.com.
Forward Looking Statements:
Certain statements in this announcement regarding future expectations, objectives, intentions and plans for oil and gas exploration, development and production such as "may,""potentially,""expects," and similar terms may be regarded as "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Management's current view and plans, however, are subject to numerous known and unknown risks, further testing and analysis, uncertainties and other factors that may cause the actual results, performance, timing or achievements of Xtreme to be materially different from any results, performance, timing or achievements expressed or implied by such forward-looking statements. Xtreme undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.
Source: Business Wire
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