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.