Xtreme Oil & Gas, Inc. (Previously XTMG) Announces New Stock Symbol XTOG and Confirms Previous Releases on the One for Five Hundred (1 for 500) Reverse Stock Split.

PLANO, Texas -- Xtreme Oil & Gas, Inc. (Pink Sheets:XTOG) announces that effective January 31, 2007, their new stock symbol is XTOG.

The Company amended its Articles of Incorporation with the State of Washington on January 16, 2007 requesting the name change. Prior to the name change that was announced on January 22, 2007, XTOG announced that the effective date of the One for Five Hundred (1 for 500) reverse stock split was to be December 6, 2006. The effect of this one for five hundred reverse stock split decreased the issued and outstanding common stock of the Company from 92,750,000 to 185,500. First American Stock Transfer (the Company's transfer agent) notified the Company that the legal date for the reverse split would be effective December 6, 2006. NASDAQ made the market date for the reverse stock split effective on January 31, 2007. However, this reverse stock split was amended with the State of Washington on June 9, 2006, and was effective for the company as of that date.

After the reverse stock split that was made by the Company in June 2006, the Company issued an additional 7,960,000 shares on December 29, 2006. These shares were for the acquisition of Emerald Energy Partners, Inc. After this acquisition the total issued and outstanding shares of XTOG as of December 31, 2006 were 8,145,500 with a total free trading shares of 45,500.

First American Stock Transfer of Phoenix, Arizona will remain the Company's stock transfer agent. As part of a mandatory exchange, the transfer agent will exchange the common stock at no charge to the shareholders for a period of six months. All XTOG shareholders may contact First American Stock Transfer at 602-485-1346 to obtain their new certificates.

Forward-Looking Statements:

Certain statements in this announcement regarding future expectations, objectives, intentions and plans for oil and gas exploration, development and production such as "may," "potentially," "expects," and similar terms may be regarded as "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Management's current view and plans, however, are subject to numerous known and unknown risks, further testing and analysis, uncertainties and other factors that may cause the actual results, performance, timing or achievements of Xtreme to be materially different from any results, performance, timing or achievements expressed or implied by such forward-looking statements. Xtreme undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.