Xtreme Oil & Gas, Inc. Announces Purchase a Majority of Outstanding Shares in Small Cap Strategies, Inc.
Xtreme Oil & Gas, Inc. (Pink Sheets: XTOG) is pleased to announce that it has acquired slightly more than 51% of the outstanding shares in Small Cap Strategies, Inc. (OTCBB: SMCA), a fully reporting business development company based in Las Vegas, Nevada. In connection with the acquisition of this interest, Xtreme Oil & Gas, Inc. is exploring the financing assistance and strategic relationships permitted and available. Business development companies (“BDCs”) are public companies that have elected to be governed under the Investment Company Act of 1940 with the dual purpose of providing financing and managerial assistance to small growing businesses which represent more than 80% of new job creation in this country.
“Given the number of smaller companies in the Oil & Gas Industry which are struggling to grow and take advantage of favorable energy prices, we believe that a strategic relationship with Small Cap Strategies will prove to be an invaluable benefit to the Xtreme shareholders,” stated Willard G. McAndrew, III, Chief Executive Officer of Xtreme Oil & Gas, Inc.
“In light of the stated mission of BDCs, we recognize the opportunities that may come from a shareholder in the industry and believe that Xtreme Oil & Gas, Inc., with more than 150 years of expertise in its management team, will present opportunities and resources that fit within the constraints on a BDC and offer great value to our shareholders,” added Bryce M. Knight, Chief Executive Officer of Small Cap Strategies, Inc.
About Xtreme
Xtreme Oil & Gas, Inc., 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.
About Small Cap Strategies, Inc.
Small Cap Strategies, Inc. is a business development company which has elected to be governed under the Investment Company Act of 1940. Management of BDCs is vested in its board of directors, a majority of whom are qualified as disinterested. The Company reports pursuant to the Securities Exchange Act of 1934 and conforms to sections 55 through 64 of the Investment Company Act of 1940 which govern its investments primarily in small companies who are not fully reporting public companies or are entering into or emerging from bankruptcies; investments that are not available to other publicly-traded investment companies with the additional requirement that BDCs provide managerial expertise to their portfolio companies in which they make investments.
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.