Xtreme O&G Concludes Testing at Saltwater Disposal Well
Xtreme O&G announced that its Saltwater Disposal Well has completed the final testing required by the Oklahoma Corporate Commission and finished acidizing and fracking the formation to accept saltwater.
The well exhibits unique characteristics for a prolonged period of revenue generation of up to 20 years and stable margins. XTOG's acidizing work resulted in the well transitioning to a vacuum stage where it will naturally draw in saltwater, creating cost savings for well operations.
Willard G. McAndrew III, CEO of Xtreme, commented, "We have begun the installation of the tanks, pump and disposal pits and expect revenue to commence on this project in the fourth quarter. With letters of intent to potentially dispose of 15,000 barrels of saltwater, representing $7 Million in annual revenue, we are well positioned to have this project contributing to earnings shortly. Completing these tests is the last critical step we needed to finish before beginning our saltwater disposal operations. Maintaining full compliance with the regulatory bodies is always our goal."