2009-09-18-2009-07-20-2009-07-20

Acquired additional 45% WI in 63,000 net acres in Williams, Dunn counties, ND, involving Goliath project.

American Oil & Gas Inc., Denver, (NYSE Amex: AEZ) has acquired an additional 45% working interest to a total of 95% interest in approximately 63,000 net acres in Williams and Dunn counties, North Dakota, from Teton Energy Corp. and privately held Evertson Energy Partners in two deals valued in excess of $900,000. American purchased Teton's interests in the Goliath project, which comprises approximately 14,900 net undeveloped acres, Teton's 25% ownership in the Champion 1-25H well, 17% ownership in Viall 1-30, 6% ownership in Solberg 32-2, and Teton's interest in seven gross (approximately 0.12 net) producing Bakken wells for $900,000 in cash. American also closed on an acreage exchange at Goliath with Evertson which resulted in American receiving approximately 11,600 net acres and Evertson receiving a 50% working interest in Champion 1-25H, a 34% working interest in Viall 1-30, an 11.9% working interest in Solberg 32-2 and American's rights to formations below the Three Forks in four 640-acre sections for an undisclosed price. American now controls approximately 60,000 net undeveloped acres at Goliath, a 25% working interest in Champion 1-25H, a 17% working interest in Viall 1-30, a 6% working interest in Solberg 32-2, and an interest in seven gross (approximately 0.36 net) other producing Bakken wells. Pat O'Brien, CEO of American, says, "We believe our Goliath acreage has the potential to demonstrate results similar to commercial wells being drilled by other operators in the North Dakota portion of the basin and are extremely pleased to have been able to increase our ownership interest at what we think are attractive terms."