American Oil & Gas Increases Proved Reserves 62% for 2007
American Oil & Gas' estimated total proved reserves at December 31, 2007, are 2.21 billion cubic feet of gas equivalent ("Bcfe"), a 62% increase over its December 31, 2006 proved reserves of 1.36 Bcfe. American's capitalized costs of oil and gas properties are limited in the aggregate to a full-cost ceiling that considers all projects' estimated proved reserves and recent oil and gas prices but cannot consider expected prices, probable reserves or fair value in excess of capitalized costs for unproved properties; therefore, American expects to record a full-cost ceiling impairment at December 31, 2007 of approximately $1.3 million, net of tax. The impairment amount may decrease or increase due to future events occurring prior to American filing its 2007 Annual Report on Form 10-K in March.
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