BAKERSFIELD, Calif., Sept. 1, 2009 (GLOBE NEWSWIRE) -- Atlas Oil and Gas, Inc. (OTCBB:AOLG), which focuses on the potential for major exploration and production reclamation projects in the oil and gas sector, today provided additional geographic guidance on which oil and gas projects the company is pursuing at the current time.
"While we are involved in confidential negotiations on these projects and the properties on which they are located, numerous inquiries from both individual and institutional investors, as well as the news media, prompted us to offer some more explanation," said company president Thomas J. Cunningham.
"In addition to the previously announced West Oneida Project in Scott County, Tennessee, 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 currently shut in, we also are in final negotiations with the management of a property in west Texas and are holding discussions with the management of another company in central Texas," Cunningham continued.
"On the West Coast," he said, "we are involved in discussions with the management of a major property in Ventura County, California with significant reserves. In addition, in just the last several days, we have been introduced to a very exciting property in Wyoming with significant oil and gas reserves, specifically in the Williston Basin area.
"Again, the sensitivity of ongoing discussions prevents us from being more specific at the moment, but we intend to fully disclose these developments immediately as Memorandums of Understanding and Letters of Intent are finalized."
As reported earlier today, the company's name will change tomorrow to Cheyenne Resources Corp., and will continue to trade on the OTC Bulletin Board with the new symbol CYRS.
In response to several requests for more information about his energy background, Cunningham said that prior to being named President of Cheyenne Resources Corp. last month, he served as the Chief Financial Officer and Chief Administrative Officer of Tri-Valley Corporation.
In that capacity, he was responsible for accounting, finance and human resources. Tri-Valley is an AMEX listed company with several subsidiaries. Cunningham played a key role in moving Tri-Valley from the Over the Counter Bulletin Board to the American Stock Exchange.
One subsidiary, Tri-Valley Oil & Gas, is an oil and gas exploration company with activities in California and Nevada. Cunningham also oversaw another subsidiary -- Select Resources -- a mining exploration company with gold mining claims in Alaska.
Earlier, from 1987 to 1997, Cunningham was a self-employed management consultant in finance, marketing and human resources. Prior to that, he was an Executive Vice President and Chief Financial Officer with Star Resources, an oil and gas exploration and production company. He was also employed by Forest Oil and Tesoro Petroleum in San Antonio, Texas and Tucker Drilling in San Angelo, Texas.
He received his education at Angelo State University.
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