AEZ - American Oil & Gas
I have owned this stock for a long time. I loaded up on it in the melt down and it is paying off. They are using new frac methods to get a oil in Wyoming and North Dakota. The wells produce ngas and oil. I think it will get back to old highs as they prove out the new methods. Kipp
American Oil & Gas Announces Second Successful Fetter Field Niobrara Re-Completion
Wallis 6-23 Well Flows 564 BOE per Day
Press Release
Source: American Oil & Gas, Inc.
On 8:45 am EST, Monday November 30, 2009
DENVER, CO--(Marketwire - 11/30/09) - American Oil & Gas, Inc. (AMEX:AEZ - News) announced that its Wallis 6-23 well has been successfully re-completed in the Niobrara formation and produced 455 barrels of oil and 656 mcf of natural gas, or 564 barrels of oil equivalent (boe) per day during a recent 24 hour flow back period. The Wallis 6-23 well is the second well in a re-completion program expected to include a total of five wells under the terms of a previously announced participation agreement at American's 53,000 gross (33,000 net) acre Fetter field project, located in the Powder River Basin of Wyoming.
Pat O'Brien, Chairman and CEO of American, stated, "The results of the Niobrara re-completion in the Wallis 6-23 well exceeded our expectations. We were successful in increasing the volume of proppant in the frac to over three times that of the Hageman 11-22 well and are obviously pleased and excited about the results, especially when taking into consideration that this is not a horizontal well. These results, in conjunction with the results of the Hageman 11-22 well, which is currently producing at a rate of approximately 90 boe per day, strongly support our belief that a number of formations in the field, including the Niobrara, have commercial potential. Preparations are underway to fracture stimulate the Niobrara formation in the Hageman 16-34H well, which is the third well in the program."
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: www.americanog.com.
