Dallas-based Xtreme Oil & Gas Inc. says it has completed
its saltwater disposal well and facility by successfully drilling to 6,500 feet
into the Arbuckle formation in Oklahoma. Due to the porous nature of the
formation, the well is capable of safely and effectively absorbing over 150,000,000
barrels of saltwater, the company says. In addition to receiving disposal fees
the company intends to skim any remaining oil off of each barrel of water,
generating oil sales revenue in addition to disposal fees.
Xtreme Oil & Gas says it 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.
“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 Kansas well sites. The combination of these business lines
coupled with numerous opportunities, positions us to increase earnings, expand
margins, and improve shareholder value in 2012, Willard McAndrew, CEO, Xtreme
Oil and Gas, says.
Extreme Oil and Gas has operations in the exploration,
development, acquisition, and production of crude oil and natural gas from
properties it owns in Texas, Oklahoma, and Kansas. The company''s oilfield
services disposes of saltwater for independent energy producers.