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American Oil & Gas increases ownership in Bakken

American Oil & Gas Inc. has increased its working interest in the 87,000 gross acre Goliath project in the Bakken from 50% to 95% in roughly 63,000 net acres located in Williams and Dunn Counties, ND through two separate transactions - one with Teton Energy Corp. and the other with privately-held Evertson Energy Partners. 

American purchased Teton Energy Corp.'s interests in the Goliath project, which comprised approximately 14,900 net undeveloped acres, Teton's 25% ownership in the Champion 1-25H well, 17% ownership in the Viall 1-30 well, 6% ownership in the Solberg 32-2 well, and Teton's interest in seven gross (approximately .12 net) producing Bakken wells for $900,000 in cash.

American also closed on an acreage exchange at Goliath with Evertson Energy Partners which resulted in American receiving approximately 11,600 net acres and Evertson receiving a 50% working interest in the Champion 1-25H well, a 34% working interest in the Viall 1-30 well, an 11.9% working interest in the Solberg 32-2 well and American's rights to formations below the Three Forks in four 640 acre sections.

American now controls roughly 60,000 net undeveloped acres at Goliath, a 25% working interest in the Champion 1-25H well, a 17% working interest in the Viall 1-30 well, a 6% working interest in the Solberg 32-2 well and an interest in seven gross (approximately .36 net) other producing Bakken wells.

"The Bakken play in the Williston Basin of North Dakota and Montana remains one of the most active and prolific oil areas in North America," stated Pat O'Brien, CEO of American. "This activity is supported by strong economic returns at current oil prices and a US Geological Survey assessment in 2008 that estimated the Bakken formation holds over three billion barrels of technically recoverable oil."

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