Xtreme Oil & Gas, Inc. (OTCBB:XTOG) announced a private placement of redeemable preferred B stock and common shares for gross proceeds of $5,555,000 on November 5, 2013. The company issued 55 redeemable preferred B stock and 55,000,000 common shares at a price of $0.001 per share. The transaction included participation from existing investor Southport Lane along with its subsidiaries. The subsidiary of Southport Lane will hold 90% of the common shares of the company pursuant to the transaction. The preferred B stock is convertible into the common shares of the company at $.0144 per share and carries an annual dividend of $6,750 per share.

On November 5, 2013, Xtreme Oil & Gas, Inc. closed the transaction.