To reverse merge, gaining assets in OK, TX.
Closed-end equity fund Small Cap Strategies (OTCBB: SMCA) plans to acquire Plano, Texas-based Xtreme Oil & Gas Inc. (Pink Sheets: XTOG) in a reverse merger for an undisclosed price that will reconfigure the business-development company into an E&P. In Janaury, Xtreme took a 51% stake in Small Cap Strategies for approximately $350,000. Xtreme acquired approximately 400,000 shares at approximately $0.88 each from Small Cap chief executive Bryce M. Knight. Small Cap Strategies will focus on oil and gas, continuing the Xtreme model to acquire older properties for reworking. The company said it expects to retain most of the Xtreme team. Xtreme holds interests in Texas and Oklahoma.