American O&G Ramps Up Production at Goliath

American O&G announced that the Ron Viall 1-25H well, located in T156N-R98W Sections 24 and 25 in Williams County, ND produced 2,844 barrels of oil equivalent (1,981 barrels of oil and 5,179 Mcf of natural gas) from the Bakken formation during an early 24 hour flow back period. The 9,223 foot lateral in the Bakken formation was fracture stimulated with 30 stages. American owns a 95% working interest in this well.

Pat O'Brien, CEO of American, commented, "The strong production from the Ron Viall well provides us with a high confidence level that our drilling and completion methods are appropriate for this area. We now have two drilling rigs operating in our Goliath project. Drilling is underway at the Bergstrom 15-23H well and we expect to commence drilling the Johnson 15-35H well this week. With these two drilling rigs committed through 2010, we now expect to drill ten to twelve gross (seven to nine net) wells in 2010 with at least one of the wells targeting the Three Forks formation. This expanded drilling program is expected to be funded with existing cash and projected cash flow from operations."

American also reports that the Tong Trust 1-20H well, located in T157N-R96W, Sections 20 and 17, that initially produced 1,421 barrels of oil equivalent per day ("BOE/D") from the Bakken formation, averaged 962 BOE/D during its first seven production days and 652 BOE/D during its first 30 production days.

At the outside operated Heidi 1-4H well, where American owns an approximate 6% working interest, the short lateral Bakken well was successfully completed in April and was recently placed on production. The operator has not released production data. The Heidi well is located on the western edge of the Goliath project area in T156N-R99W, Section 4.

Outside of the core Goliath project area, American's operated Summerfield 15-15H well in T147N-R96W, Section 15, Dunn County, ND has been successfully drilled. A 4,051 foot horizontal lateral was drilled in the targeted Bakken formation. The casing and the associated completion assembly have been run to facilitate up to 14 fracture stimulation stages. Completion operations are expected to commence in mid May. American owns an approximate 33% working interest in this well.

Ensign rig #24 that was used to drill the Summerfield well is currently drilling the Bergstrom 15-23H well located in T156N-R98W Sections 23 and 14, Williams County. The vertical portion of the Bergstrom wellbore has been drilled and drilling of the planned 9,800' lateral into the Bakken formation is underway. American owns an approximate 95% working interest in this well. Ensign rig #24 was originally contracted for two additional wells, but is now under contract through 2010.

Nabors rig #486, which is under contract through 2010, has recently moved back to the Goliath area and during the week of May 10th, is expected to commence drilling the Johnson 15-35H well, located in T156N-R98W Sections 35 and 26, Williams County. The Johnson well is spaced on 1,280 acres and an approximate 9,800' lateral into the Bakken formation is planned. American owns an approximate 82% working interest in this well.


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