The company agreed to purchase the working interest for 15,000 shares of restricted common stock from one of its partners.
The well is expected to produce 200,000 barrels of oil and 500 million cubic feet of gas during its lifetime.
Xtreme and its partners will continue to seek additional working interest and participate in leasing acreage in the area to continue to exploit these resources.
Xtreme is engaged in the exploration, development, acquisition and production of crude oil and natural gas.
