Business News • MarketWire • American Enters Into Letter of Intent to Receive Approximately $44 Million From Sale of Powder River Basin, WY Assets

American Enters Into Letter of Intent to Receive Approximately $44 Million From Sale of Powder River Basin, WY Assets

American Enters Into Letter of Intent to Receive Approximately $44 Million From Sale of Powder River Basin, WY Assets

DENVER, CO--(Marketwire - February 26, 2010) - American Oil & Gas Inc. (NYSE Amex: AEZ) has entered into a letter of intent with a large independent oil and natural gas production company to sell all of American's ownership in non-producing wells, producing wells and undeveloped acreage located in the Powder River Basin of Wyoming for approximately $44 million. The sale will include all of American's ownership in the Fetter and Krejci projects. The letter of intent is subject to land due diligence by the purchaser and other conditions and is expected to close by March 31, 2010.

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