TAMM Oil & Gas Corp.
OTC Bulletin Board : TAMO

August 20, 2010 14:08 ET

TAMM Oil and Gas Corp. Engages Chapman Petroleum Engineering Ltd. to Update Manning Resource Evaluation and Prepare Heavy Oil Exploitation Analysis

CALGARY, ALBERTA--(Marketwire - Aug. 20, 2010) - TAMM Oil and Gas Corp. (OTCBB:TAMO) is pleased to announce the engagement of Chapman Petroleum Engineering Ltd., a respected Calgary petroleum consulting firm to prepare an updated evaluation of the TAMM Manning Heavy Oil Project in efforts to expedite development of TAMM's core heavy oil property.

Chapman Petroleum Engineering Ltd. ("Chapman") founded in 1985, is a consulting firm providing comprehensive petroleum engineering, geological and geophysical and management services including reserve and economic evaluations, resource assessments, acquisition analyses, specialized technical studies, exploitation and resource management, and representation for regulatory and legal purposes.

The key professionals at Chapman each have 25 to 40 years of broadly diversified experience in the oil & gas industry, domestically and internationally. They are Qualified Reserve Evaluators and Auditors under Canadian Securities Regulation NI 51-101.

GPI Oil and Gas Inc. recently announced the results of a report prepared by Chapman on GPI's holdings consisting of 4 sections (2,560 acres) directly adjoining TAMM's properties. The GPI evaluation estimated the value of the GPI holdings at $150,000,000 based on an "after risk arithmetic average" http://www.gpicanada.net/media/gpipdf.php?pdf=press/2010/GNR060710.pdf.

TAMM is encouraged by these recent announcements, and has now commissioned a similar evaluation on the TAMM holdings. A Chapman report prepared in November, 2009 on 47 sections (30,080 acres) then held by TAMM estimated an approximate 3.14 billion barrels of original heavy oil in place.

TAMM has since acquired additional leases and currently controls 55 sections (35,200 acres) of heavy oil rights/petroleum and natural gas rights at Manning. The newly commissioned Chapman report will address these additional lands, and evaluate heavy oil exploitation strategies and commercial viability.

Further information can be found on the TAMM website at: http://www.tammoilandgas.com.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS AND RISKS

Some of the statements in this press release are forward-looking statements and are based on current expectations, assumptions, and estimates. Words and phrases such as "believes", "expect, anticipate", are intended to identify forward-looking statements. Forward-looking statements carry certain risks regarding an assumed set of economic conditions and courses of action, including: (a) whether we will have sufficient financial resources to continue to meet our operational goals and future plans; and (b) the Report and its findings were not necessarily prepared in conformity with SEC disclosure principals or guidelines. There is a significant risk that actual material results will vary from projected results. No information provided in this press release should be construed as a representation or indication in any manner whatsoever of the present or future value of the Company or its common stock. Readers of information contained in this press release should carefully review the Company's filings with the Securities and Exchange Commission that contain important information regarding the Company's financial results, its future plans, and their limitations, and the risks involved with the Company's operations. The Company disclaims any responsibility to update forward-looking statements made herein.

CAUTIONARY NOTE TO UNITED STATES INVESTORS

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K. You can also obtain this form from the SEC by calling 1-800-SEC-0330. Additional information may be found at the following web site: http://www.sec.gov/divisions/corpfin/guidance/cfoilgasinterps.htm

Contact Information