Attached files
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8-K - FORM 8-K - AMERICAN OIL & GAS INC | c96996e8vk.htm |
EX-99.1 - EXHIBIT 99.1 - AMERICAN OIL & GAS INC | c96996exv99w1.htm |
Exhibit 99.2
NEWS RELEASE |
American Enters Into Letter of Intent To Receive Approximately $44 Million From Sale of Powder
River Basin, WY Assets
River Basin, WY Assets
DENVER, February 26, 2010 American Oil & Gas Inc. (NYSE AMEX: AEZ) has entered into a
letter of intent with a large independent oil and natural gas production company to sell all of
Americans ownership in non-producing wells, producing wells and undeveloped acreage located in the
Powder River Basin of Wyoming for approximately $44 million. The sale will include all of
Americans ownership in the Fetter and Krejci projects. The letter of intent is subject to land
due diligence by the purchaser and other conditions and is expected to close by March 31, 2010.
Pat OBrien, CEO of American commented, Closing of this sale should allow us to focus our
financial and human resources primarily on accelerating the development of the Bakken and Three
Forks potential within our Goliath project area. While our Fetter project has recently
demonstrated encouraging results from several re-completions into the Niobrara formation, we firmly
believe it will take considerable time and considerable financial resources to move this project
forward with a risk profile that is more appropriate for a larger organization.
American Oil & Gas, Inc. is an independent oil and natural gas company engaged in exploration,
development and production of hydrocarbon reserves primarily in the Rocky Mountain region.
Additional information about American Oil & Gas Inc. is available via the Companys website at
www.americanog.com.
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This release and the Companys website referenced in this release may contain forward-looking
statements regarding American Oil & Gas Inc.s future plans and expected performance that are based
on assumptions the Company believes to be reasonable. A number of risks and uncertainties could
cause actual results to differ materially from these statements, including, without limitation, the
success rate of drilling efforts and the timeliness of development activities, the Companys
dependence on future drilling success to produce revenues, fluctuations in oil and gas prices, and
other risk factors described from time to time in the Companys reports filed with the SEC. In
addition, the Company operates in an industry sector where securities values are highly volatile
and may be influenced by economic and other factors beyond the Companys control. The Company
undertakes no obligation to publicly update these forward-looking statements to reflect events or
circumstances that occur after the issuance of this press release or to reflect any change in the
Companys expectations with regard to these forward-looking statements or the occurrence of any
unanticipated events. This press release may include the opinions of American Oil & Gas Inc. and
does not necessarily include the views of any other person or entity.
Contact: |
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Andrew Calerich, President 303.991.0173 Fax: 303.595.0709 1050 17th Street, Suite 2400 Denver, CO 80265 |
Neal Feagans, Investor Relations Feagans Consulting, Inc 303.449.1184 |
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