WINSTON-SALEM, N.C., Aug. 21, 2009 (GLOBE NEWSWIRE) -- Atlas Oil and Gas, Inc. (OTCBB:AOLG), focusing on the potential for major exploration and production projects in the oil and gas sector, today announced that it has named Thomas J. Cunningham, a veteran oil and gas executive, as its new President and Director.
Cunningham said promising reclamation projects on the East Coast, West Coast and in Texas have been identified, and the company plans to become actively involved in them going forward. "These projects have the potential of hundreds of millions of barrels of oil equivalent," he said.
Cunningham most recently served as Chief Financial Officer and Chief Administrative Officer of Tri Valley Corporation, an American Stock Exchange listed company with several subsidiaries, including an oil and gas company. Responsible for accounting, finance and human resources at Tri Valley, Cunningham also played a pivotal role in positioning the company to move up from the OTC Bulletin Board to the AMEX.
"Atlas Oil and Gas is well positioned to quickly capitalize on oil and gas reclamation opportunities," Cunningham said. "We are following a number of larger oil and gas companies such as Chesapeake Energy, Range Resources, Atlas Energy and Exco Resources in re-activating existing oil and gas properties that previously had been discontinued due to reservoir pressure depletion and declining production.
"By strategically applying prudent secondary recovery techniques in select areas, Atlas Oil and Gas believes it can recapture significant existing oil and natural gas reserves by applying various methods of repressurization."
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