Xtreme Oil & Gas, Inc. announced the completion of the Company's saltwater disposal well and facility. Xtreme Oil & Gas will now begin service on its recently secured Letters of Intent that allows for the disposal of up to 15,000 barrels of saltwater per day.
The well has been successfully drilled to 6,500 feet into the Arbuckle formation in Oklahoma. Due to the porous nature of the formation, it is capable of safely and effectively absorbing over 150,000,000 barrels of saltwater. In addition to receiving disposal fees the company will skim the remaining oil off of each barrel of water generating significant revenue from oil sales as part of this project.
"Management is extremely pleased with the completion of our high margin, Saltwater Disposal Well and optimistic about the additional revenue that the company will gain from this business," stated Mr. Willard McAndrew, CEO of Xtreme Oil and Gas. "Xtreme Oil & Gas is proud to be known as one of the only publicly listed saltwater disposal company in the United States that also derives revenue from oil and gas production. Our dual revenue stream of saltwater disposal and petroleum recovery generated by the disposal facility complements our anticipated increase in oil and gas production at our West Thrifty and KansasWell sites. The combination of these business lines coupled with numerous opportunities, positions us to increase earnings, expand margins, and improve shareholder value in 2012."
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