American Lands $27MM from Sale of Douglas Asset

Douglas Project Area
(Click to Enlarge)

American Oil & Gas, Inc. has entered into a definitive agreement with a major independent natural gas producer to sell 36,000 net acres in its 128,000 gross (70,000 net) acre Douglas project area for approximately $27 million.

Of the 36,000 net acres, 33,000 net acres are located in the West Douglas and Douglas project areas and 3,000 acres are located on the far western edge of the Fetter project area. Included in the sale is American's carried interest in the State Deep 7-16 well that is currently in the process of being completed at West Douglas. The agreement is subject to land due diligence and is expected to close by late October.

Pat O'Brien, CEO of American, commented, "We are very pleased to announce this agreement to sell a portion of our non-core acreage. We plan to use the proceeds of this sale to focus on our ongoing programs in the Fetter Field, Goliath Bakken and Krejci projects and to continue our land acquisition activities in new areas that we believe hold significant potential for American."


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Sr Advising Engineer - Tech Development
Expertise: Business Development|IT - Software Development
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Marketing
Location: Salt Lake City, UT
Project Manager II
Expertise: Estimating|Project Controls|Project Management
Location: Hayward, CA
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours