Xtreme Oil & Gas Receives Proposals for the Sale of Its Texas Properties and Continues to Reduce Its Liabilities
04 May 2013 - 4:05AM
Marketwired
Xtreme Oil & Gas, Inc. (OTCQB: XTOG) (OTCBB: XTOG) announced
today that the company has received four proposals for the sale of
its West Thrifty Texas oil lease and is moving toward a final
Letter of Intent with one of the parties.
In addition, Xtreme has converted over $1.2 Million of debt into
equity in its efforts to continue to eliminate debt from its
balance sheet. We anticipate the remaining debt will be converted
into equity during the next several weeks.
"We are pleased to be moving forward with asset sales and debt
repayments," stated Willard G. McAndrew III, CEO of Xtreme Oil
& Gas. "Our next steps will be closing with Torchlight on our
sale of the Oklahoma and Kansas properties and completing the debt
conversions into equity. These efforts will allow us to shed
oilfield operations further reducing our monthly expenses."
Xtreme Oil & Gas, Inc. is a Dallas-based independent energy
company engaged in the exploration, development, acquisition, and
production of crude oil and natural gas. The company's oilfield
services disposes of saltwater for independent energy
producers.
Forward-Looking Statements
Statements included in this release related to Xtreme Oil &
Gas, Inc. constitute or may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements involve a number of risks and
uncertainties such as the inherent uncertainty of finding and
developing oil and gas properties, the technological and financial
difficulties inherent in these activities, the price of
hydrocarbons and the Company's ability to estimate accurately net
revenues due to variability in size, scope and duration of
projects. Further information on potential risk factors that could
affect the Company's financial results can be found in the
Company's reports filed with the Securities and Exchange
Commission.
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Contact: Company Xtreme Oil & Gas, Inc. (214)
432-8002 www.xtoginc.com