American Oil & Gas has received $46,181,289 in sales proceeds from the sale of all of its ownership in non-producing wells, producing wells and undeveloped acreage located in the Powder River Basin of Wyoming. The sale includes all of American's ownership in the Fetter and Krejci projects. American expects to pay less than $500,000 in income taxes, after offsetting the taxable gain on sale with net operating loss carry-forwards from prior years.
Pat O'Brien, CEO of American, commented, "We are pleased to announce the closing of this sale which now enables us to focus our financial and human resources primarily on the development of the Bakken and Three Forks formations within our Goliath project area. We are commencing a two rig drilling program at Goliath, and we are preparing for a possible expansion of the program."
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