WINSTON-SALEM, N.C., Aug. 25, 2009 (GLOBE NEWSWIRE) -- Atlas Oil and Gas, Inc. (OTCBB:AOLG) today announced that it has retained the Davis Investment Group, a New Jersey-based consulting firm that specializes in identifying reclamation opportunities in the oil and gas industry.
"The Davis Investment Group has already introduced Atlas Oil and Gas to three potential acquisitions and joint ventures," said the company's president, Thomas J. Cunningham.
"One of these acquisition candidates is the West Oneida Project in Scott County, Tennessee, which we announced yesterday," Cunningham said. "We have signed a Letter of Intent to acquire this approximate 2,300 acre oil and gas property in eastern Tennessee.
"Original oil in place at this property was estimated to be 10 million barrels. However, only 1.6 million barrels have been produced to date," Cunningham continued.
"Our goal is focused on re-developing this project, which lies in the middle of an existing field that contains 62 existing oil wells, 15 gas wells and 7 oil and gas wells -- all presently shut in. By strategically applying prudent secondary recovery techniques in select areas of the field, Atlas Oil and Gas believes it can recapture significant existing oil and natural gas reserves by applying various methods of repressurization.
"Collectively," Cunningham noted, "additional promising reclamation projects on the East Coast, West Coast, and in Texas, have been identified, and the company plans to pursue them aggressively, as these projects represent the potential of hundreds of millions of barrels of oil equivalent," he said.
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