Xtreme Oil & Gas, Inc. report that the Company's saltwater disposal well has achieved its initial goal of processing greater than 1,000 barrels of saltwater per day. Xtreme expects to increase its disposal rate incrementally until the facility achieves its target disposal level of 15,000 barrels per day.
This well was successfully drilled into the very porous Arbuckle formation and is capable of safely disposing more than 150,000,000 barrels of saltwater over its 25 year expected lifetime. The Company earns disposal fees as well as generates revenue from oil sales by recovering the approximate 1% to 3% of remaining oil left in each disposed barrel.
"Management is extremely pleased with the rapid acceptance of our saltwater disposal well services by the regional water hauling companies," stated Mr. Willard McAndrew, CEO of Xtreme. "Our seamless design allows for trucks to enter and dispose of their saltwater in less than ten minutes. Fast turnaround times allow for our customers to return multiple times in a day thus improving the economics for all involved. Xtreme Oil & Gas is proud to be one of only a handful of publicly listed saltwater disposal companies. Our dual revenue stream of saltwater disposal in Oklahoma and petroleum recovery at our Texas and Kansas properties, positions us to increase earnings, expand margins, and enhance shareholder value in 2012."