Xtreme Oil & Gas, Inc. Announces Rework Progress and Revenue on First Three Wells on the West Thrifty Unit
Xtreme Oil & Gas, Inc., (Pink Sheets: XTOG) is pleased to announce that it has reworked three wells out of 62 wells on its West Thrifty Unit in the second quarter of 2008. The average production from these wells for the first three months has averaged approximately 1,000 barrels per month resulting in gross sales of $336,996. During this period, the Company has not received consistent production since the initial reworks and reactivating the property. Once all the equipment is working properly and the technologies applied to the reworks takes hold, the Company expects the initial daily production from these three wells to be approximately 70 + barrels a day in total.
The West Thrifty Unit has 62 well holes the Company expects to rework over the next twelve months. During this period, the Company will apply existing and new technologies to the property to rework these wells. Additionally, the Company expects it will re-design and re-enter the balance of the wells, add new equipment and re-engineer the property for maximum production and efficiency of its yield.
The Company is currently reworking an additional four wells in the third quarter of 2008 and is expecting, at a minimum, the same production results as the first three wells mentioned above.
The West Thrifty Unit is one of six properties the Company owns in Texas and Oklahoma. The company is a licensed, bonded and insured operator in both states.
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.
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.