American Sells Off Douglas Project's Non-Core Agreage for $26.4MM

American Oil & Gas, Inc.

American Oil & Gas announced today that closing has occurred on the sale of non-core acreage within its Douglas Project. American has received $26,365,402 in sales proceeds.

In August of this year, American announced it entered into a definitive agreement with a major independent natural gas producer to sell approximately 36,000 net acres in its 128,000 gross (70,000 net) acre Douglas project area. 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 at West Douglas.