Resource America, Inc.
1521 Locust St. - 5th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Resource America, Inc Announces Promotions At Energy Subsidiary
Philadelphia, PA, January 31, 2022 - 2001-Resource America, Inc., (Nasdaq-REXI)(the "Company") ") announces today that Jeffrey Simmons, Vice-President of Operations at its wholly-owned subsidiary Atlas America, Inc.("Atlas"), and Frank Carolas, Vice President for Geology at Atlas, have both been promoted to the office of Executive Vice-President of Atlas America, Inc.
Edward E. Cohen, President and CEO of Resource America, Inc., commented, "We are delighted to welcome both these excellent officers to the executive management team of Atlas. They bring with them high levels of expertise, commitment, and experience."
Frank Carolas, said, "this is an exciting time to be part of the Atlas America team. As the result of acquisitions and mergers over the last several years, the Company has built a team of highly qualified professionals. With natural gas prices surpassing record levels and the recognition of a rising need for a clean burning energy source, Atlas America, with its increasing inventory of oil and gas leases, stands to continue its growth and development."
Jeff Simmons noted, "I look forward to continuing to work with the excellent management team assembled at Atlas America, Inc., as we actively pursue opportunities available to us in the energy marketplace. These are exciting times in the oil and gas industry and the Company is very well positioned to continue our strategy of profitable growth exemplified by our successful syndication and drilling programs, increase in reserve values and development of recent acquisitions."
Resource America, Inc. operates businesses in energy, and real estate finance.
Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of certain factors, including competition within the energy industry, climactic conditions and the price of gas in the Appalachian area, actual versus projected drilling activity and the volumetric production from the wells, and the cost of supplies and services in the energy industry.