American Oil & Gas (NYSE Amex: AEZ) Increases Ownership

American Oil & Gas, Inc. (NYSE Amex: AEZ) has signed a definitive agreement to acquire leasehold rights to approximately 16,000 net acres in Williams County, North Dakota in a privately negotiated transaction with Evertson Energy Partners. Subject to customary due diligence, the transaction is expected to close within 30 days.  The acquisition is approximately 16,000 additional net acres North of and adjacent to Its Goliath Acreage Position. American Oil & Gas, Inc. is an independent oil and natural gas company engaged in exploration, development and production of hydrocarbon reserves primarily in the Rocky Mountain region.

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Pat O'Brien CEO recently commented, "We are pleased to be able to add to our Bakken and Three Forks acreage position in such a meaningful manner and on very attractive terms. Similar to our Goliath acreage position, our geological evaluation of this additional acreage shows productive potential from both the Bakken and the Three Forks formations. We plan to begin our Bakken/Three Forks drilling operations this fall." American Oil & Gas, Inc. is a Denver based independent oil and natural gas exploration and production company focused on building shareholder value from projects and properties located in the western United States. The majority of current and planned activity is centered in the Rocky Mountain Region. The company commenced oil and gas operations in January of 2003 with a partial interest in a single 18,000 acre project.  Management believes there is potential for a large multi-year inventory of drilling locations. With initial and continued drilling success, American’s current acreage positions hold the potential to drill from 100 to over 350 net wells at Goliath, 350 to over 700 net wells at Fetter and over 700 gross wells at Krejci. The Bigfoot project area is an emerging project area where additional evaluation will need to be performed. Additional information about American Oil & Gas, Inc. is available via the Company's website

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