Coat one 9×13-in baking pan with olive oil cooking spray.
In a large, heavy pot, heat olive oil on medium. Add marshmallows and stir until the marshmallows have melted. Remove from heat. Add extracts.
Fold in rice cereal and stir until cereal is completely coated in marshmallow/olive oil mixture. Spread into prepared baking dish and press down evenly. Cool, cut, and enjoy!