Xtreme Oil & Gas updated investors and shareholders on the company’s recent oil and gas exploration and development activities in the United States.
The company reported the successful completion of a saltwater disposal well on its acreage in Oklahoma. The well was drilled to a depth of 6,500 feet into the Arbuckle formation and has a total capacity of 150 million barrels of saltwater.
Xtreme Oil & Gas plans to charge disposal fees to operators utilizing the saltwater disposal well and earn additional revenue from crude oil residue contained in the disposed fluid. The company estimates that this disposal well will have daily disposal capacity of 3,000 barrels per day and generate $7 million in annual revenue in 2012.
Xtreme Oil & Gas recently started production from the 5 Star West Thrifty property in Texas, utilizing water flood injection to stimulate production. The 5 Star West Thrifty property is 1,200 acres in size and first started production in the 1940’s.
The company also started up production from the property in Oklahoma. The first well is currently producing 150 barrels of oil and 60,000 cubic feet of natural gas per day.
For more information on the company, go to www.xtoginc.com
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