Xtreme Oil and Gas Incorporation (XTOG) basks in great drilling results, stock soars
Posted on: August 25th, 2011Written by:
Xtreme Oil and Gas Incorporation (OTCBB: XTOG) shares climbed 28.2% to 40 cents late Thursday, amid reports of excellent drilling results on its Texas property. Volume for the stock measured just over 13,000 shares.
A release out August 25 pointed to news that three new wells on the Company’s West Thrifty property in Brown County, Texas achieved a 50-90% oil cut on their initial production. An oil cut is the percentage of oil in the total fluids that are produced by the well. In addition, the Company completed acidizing all of the wells and have finalized the pressure calculations for injection in this project.
Xtreme CEO Willard G. McAndrew III was quoted in the same release as saying, “By using a targeted water-flooding methodology within our 1,200-acre Texas property, we expect to produce 50-100 barrels of oil per day from this project and there is room for an additional 60+ wells to be drilled or reworked.”
McAndrew continued, “We do not expect to maintain such high oil cut percentages when we are in full production, but these initial results are very encouraging. In addition, we are proceeding with reworking additional nearby wells to increase oil production on this project.”
Xtreme Oil & Gas, Inc. is a rapidly growing Dallas-based independent energy company engaged in the exploration, development, acquisition, and production of crude oil and natural gas with operations from properties it owns in Texas, Oklahoma, and Kansas.
