American Receives $5.3 Million from Sale of Non-Core Colorado Paradox Basin Acreage
American Oil & Gas, Inc. announced today that it has sold approximately 11,130 net acres, including its 75% working interest ownership in a well that was drilled in late 2007, but not yet completed, for proceeds of $5.3 million. There were no proved reserves or production associated with this property sale.
Pat O’Brien, CEO of American commented, “We are pleased to announce the sale of this peripheral project that we positioned into early last year. We had invested approximately $1.9 million in the project area which included our share of the cost to drill a well. Considering the scale and potential of our ongoing programs in the Fetter Field, Goliath Bakken and Krejci projects and our land acquisition activities in other new areas, we elected to monetize this early stage opportunity and plan to re-deploy the proceeds to our core focus areas.”
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. Additional information about American Oil & Gas, Inc. can be found at the Company’s website: http://www.americanog.com.
