American Oil & Gas Reports 1st Quarter 2010 Financial Results

American Oil & Gas, Inc. (NYSE Amex: AEZ) announced net income of $28,034,714 ($0.49 per share, basic and $0.46 per share, diluted), as compared to a net loss attributable to common stockholders of $3,891,363 ($0.08 loss per common share, basic and diluted) for the quarter ended March 31, 2009.

The press release is quoted as saying:

During the quarter ended March 31, 2010, American sold 7,820 barrels of oil at $71.14 per barrel and 45,490 mcf of natural gas at $6.67 per mcf for total oil and gas revenues of $859,971. For the corresponding quarter ended March 31, 2009, American sold 3,778 barrels of oil at $33.83 per barrel and 51,414 mcf of natural gas at $3.46 per mcf for total oil and gas revenues of $305,674. Lease operating expenses, including production taxes, for the quarters ended March 31, 2010 and 2009 were $241,409 and $299,675, respectively. Depreciation, depletion and amortization expense of oil and gas properties was $246,000 for the current quarter and $113,000 for the corresponding prior year quarter.

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