Xtreme O&G has acquired a minor working interest in a well producing initially over 400 barrels of oil per day and over 950,000 cubic feet of gas per day. Xtreme agreed to purchase the working interest for 15,000 shares of restricted common stock from one of its partners, further strengthening their relationship.
This newest project verifies their recent geologic studies in the area and they expect this well to produce 200,000 barrels of oil and 500 Million cubic feet of gas during its lifetime. Xtreme and its partners will continue to seek additional working interest and to participate in leasing acreage in the area to continue to exploit these resources.
Willard G. McAndrew III, CEO of Xtreme, commented, "This acquisition represents another step in our expending relationships and gives us a new series of leases to explore in what we hope to be a prolific formation that responds well to today's drilling and recovery technologies."
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