During 2003, the Company participated with Tower and North Finn in the drilling of two exploration wells at its West Salt Creek project, located in Natrona County, Wyoming. These wells were unsuccessful and it does not expect to pursue additional oil and gas operations in this project. In March of 2004, the Company sold one-third of its interest in the undeveloped Big Sky Project acreage in the Williams 34X-14 well and in the Frasca 34X-14 well.

Big Sky Project, Richland County, Montana

The project is a horizontal drilling program targeting the Mississippian Bakken Formation. The Bakken Formation underlies most of the deeper portion of the Williston Basin in Montana and North Dakota. While the Bakken is recognized as the primary source of oil produced from overlying conventional Mississippian reservoirs, it is also known as an oil reservoir in its own right. Specifically, the Bakken has yielded 30 million barrels of oil from the old upper shale play in Billings, McKenzie and Golden Valley counties, North Dakota, and already an additional 3.5 million barrels of oil from the current middle siltstone play in Richland County, Montana.

Krejci Oil Project (Powder River Basin, Wyoming)

The Company owns a 50% working interest in a Mowry Oil Shale project located in and around the Krejci Field. Mowry oil production was established on the Prospect in the Krejci Field in the early 1960s when three wells drilled to the lower Dakota formation were completed in the Mowry after oil shows were noted during drilling.

Coalbed Methane Projects (Powder River Basin, Wyoming)

The Company controls a 50% working interest in approximately 4,400 gross leasehold acres in the Powder River Basin of Wyoming in areas it refers to as West Recluse, Glasgow and Bill. It owns a 100% working interest in seven wells that have been drilled at its West Recluse Area. As of December 31, 2003, four of those wells have been connected to sales lines and are producing natural gas.

AOGI - AMER OIL & GAS (OTCBB)
Date Open High Low Last Change Volume % Change
10/08/04 2.1700 2.5000 2.1700 2.3600 +0.1800 501500 +8.26%

Composite Indicator
Trend Spotter TM Buy

Short Term Indicators
7 Day Average Directional Indicator Buy
10 - 8 Day Moving Average Hilo Channel Buy
20 Day Moving Average vs Price Buy
20 - 50 Day MACD Oscillator Buy
20 Day Bollinger Bands Buy

Short Term Indicators Average: 100% - Buy
20-Day Average Volume - 132315

Medium Term Indicators
40 Day Commodity Channel Index Buy
50 Day Moving Average vs Price Buy
20 - 100 Day MACD Oscillator Buy
50 Day Parabolic Time/Price Buy

Medium Term Indicators Average: 100% - Buy
50-Day Average Volume - 100610

Long Term Indicators
60 Day Commodity Channel Index Buy
100 Day Moving Average vs Price Buy
50 - 100 Day MACD Oscillator Buy

Long Term Indicators Average: 100% - Buy
100-Day Average Volume - 109289

Overall Average: 100% - Buy

Price Support Pivot Point Resistance

2.3600 2.0133 2.3433 2.6733

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American Receives $1.2 Million From the Sale of Coal Bed Methane Interests
Friday October 1, 8:01 am ET

DENVER, Oct. 1 /PRNewswire-FirstCall/ -- American Oil and Gas, Inc. (OTC Bulletin Board: AOGI - News) today announced that it has closed on the previously announced sale of 90% of its interest in its West Recluse, Glasgow and Bill coalbed methane acreage in the Powder River Basin of Wyoming and has received approximately $1.2 million in gross sales proceeds. Included in the sale is 90% of its interest in its existing seven producing West Recluse wells. As part of the agreement, American has retained a 10% working interest in the seven producing wells and will retain a 5% carried working interest in any additional wells drilled on this acreage. To date, the purchaser has drilled 25 additional wells that are in various stages of completion.

"We are pleased to report that we have closed on this sale," said Andy Calerich, President of American Oil & Gas, Inc. "By combining the proceeds from this sale with the proceeds from the $4.5 million private placement announced earlier this week, we expect to move forward rapidly with our expanding project portfolio."

American Oil and 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 the Company can be found at the Company's website: www.americanoilandgasinc.com.

This release and the Company's website referenced in this release contains forward-looking statements regarding American Oil and Gas, Inc.'s future plans and expected performance that are based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of drilling efforts and the timeliness of development activities, fluctuations in oil and gas prices, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector in which securities prices are highly volatile and may be influenced by economic and other factors beyond the Company's control. This press release may include the opinions of American Oil & Gas, Inc., and does not necessarily include the views of any other person or entity.

For further information please contact: Andrew Calerich, President of American Oil and Gas, Inc., +1-303-991-0173, fax +1-303-595-0709; or Neal Feagans, Investor Relations, Feagans Consulting, Inc, +1-303-449-1184, for American Oil and Gas, Inc.

---------------------------------------

28-Sep-2004

Sale of Equity, Financial Statements and Exhibits

Item 3.02. Unregistered Sales of Equity Securities.

On September 28, 2004, the Company completed the private placement of an aggregate of 3,000,000 shares of common stock, $.001 par value, at a price of $1.50 per share. The cash offering resulted in $4,500,000 in gross proceeds and approximately $4,400,000 in net proceeds to the Company after deducting placement related costs.

The private placement was made pursuant to exemptions from registration under the Securities Act of 1933, including Sections 3(b) and 4(2), as well as Rule 506 of Regulation D under the Securities Act of 1933. The shares were issued to six institutional accredited investors and the offering did not involve a general solicitation.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

Exhibit
Number Exhibit Title
------ -------------

99.1 Press release dated September 28, 2004.

---------------------------------------------

American Completes $4.5 Million Private Placement
Tuesday September 28, 11:36 am ET

DENVER, Sept. 28 /PRNewswire-FirstCall/ -- American Oil and Gas, Inc. (OTC Bulletin Board: AOGI - News) today announced completion of a $4.5 million private placement of a total of 3 million shares of its common stock with a large Boston-based institutional investment advisor on behalf of six of its investment client accounts. Within 70 days of the closing, American will file a registration statement to register the resale of these shares. Including the three million shares issued in this private placement, American currently has 29,792,652 fully diluted shares outstanding.
"We are extremely pleased to announce the successful closing of this financing," stated Andy Calerich, President of American Oil & Gas, Inc. "This financing gives us greatly enhanced financial flexibility to pursue our expanding project portfolio. Our strong current cash position, no long-term debt, and expanding production base at our Big Sky project further strengthen our foundation to continue delivering on our business plan."

With respect to a separate matter, American announced that 1,500,000 warrants, exercisable at $1.00 per share, expired unexercised on August 31, 2004. These warrants were issued as part of a previously announced private placement that was completed in March 2004.

American Oil and 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 the Company can be found at the Company's website: www.americanoilandgasinc.com.

This release contains forward-looking statements regarding American Oil and Gas, Inc.'s future plans and expected performance that are based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of drilling efforts and the timeliness of development activities, fluctuations in oil and gas prices, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector in which securities prices are highly volatile and may be influenced by economic and other factors beyond the Company's control. This press release may include the opinions of American Oil & Gas, Inc., and does not necessarily include the views of any other person or entity.

Contact:
Andrew Calerich, President
303.991.0173 Fax: 303.595.0709
1050 17th Street, Suite 1850 - Denver, CO 80265

Neal Feagans, Investor Relations
Feagans Consulting, Inc
303.449.1184

-------------------------------------------

Income Statement Get Income Statement for:




View: Annual Data | Quarterly Data All numbers in thousands
PERIOD ENDING 30-Jun-04 31-Mar-04 31-Dec-03 30-Sep-03
Total Revenue 80 68 68 30
Cost of Revenue 15 20 25 13

Gross Profit 65 48 43 17

Operating Expenses
Research Development - - - -
Selling General and Administrative 234 189 237 210
Non Recurring - - - -
Others 21 21 27 9

Total Operating Expenses - - - -


Operating Income or Loss (190) (162) (221) (202)

Income from Continuing Operations
Total Other Income/Expenses Net 1 - - -
Earnings Before Interest And Taxes (189) (162) (221) (202)
Interest Expense - - - -
Income Before Tax (189) (162) (221) (202)
Income Tax Expense - - - -
Minority Interest - - - -

Net Income From Continuing Ops (189) (162) (221) (202)

Non-recurring Events
Discontinued Operations - - - -
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -


Net Income (189) (162) (221) (202)
Preferred Stock And Other Adjustments (15) (15) (13) (5)

Net Income Applicable To Common Shares ($204) ($177) ($234) ($207)

-----------------------------------------

American Oil & Gas Provides Operations Update and Second Quarter Financial Results
Tuesday August 17, 7:45 am ET

DENVER, Aug. 17 /PRNewswire-FirstCall/ -- American Oil and Gas, Inc. (OTC Bulletin Board: AOGI - News) today announced oil and gas revenues of $79,763 and a net loss of $188,705, or one cent per share, for the quarter ended June 30, 2004. For the prior year quarter ended June 30, 2003, the Company reported no revenues and a net loss of $141,424, or one cent per share. For the six months ended June 30, 2004, the Company had oil and gas revenues of $147,677 and a net loss of $350,704, or two cents per share, and for the prior year six months ended June 30, 2003, the Company reported no revenues and a net loss of $377,304, or two cents per share. During the quarter and six month periods ended June 30, 2003, the Company did not have any oil and gas operations, and the primary activities were the raising of capital and the transition into the business of oil and gas exploration and production.

During the quarter ended June 30, 2004, the Company sold 815 barrels of oil at an average price of $37.47 per barrel, for total oil revenues of $30,527, and sold 11,228 mcf of gas at an average price of $4.39 per mcf, for total gas revenues of $49,236. For the six month period ended June 30, 2004, the Company sold 1,587 barrels of oil at an average price of $34.37 per barrel, for total oil revenues of $54,548, and sold 23,361 mcf of gas at an average price of $3.99 per mcf, for total gas revenues of $93,129. Production taxes and lease operating expenses for the quarter and six month periods ended June 30, 2004 were $14,710 and $34,922, respectively.

Depreciation, depletion and amortization expense for the quarter ended June 30, 2004 relating to the Company's oil and gas operations was $19,305, or $7.18 per barrel of oil equivalent produced. The Company reflected general and administrative expenses of $233,625 and $141,424 for the current and prior year quarterly periods, respectively. Included in the quarterly amount for 2004 are stock based deferred compensation expense of $70,625 and stock based directors' expense of $15,738.

At June 30, 2004, the Company had working capital of approximately $1,541,000, approximately $1,838,000 in cash and cash equivalents, $4,433,033 in total assets, a long term asset retirement obligation of $31,507, and $3,967,228 in stockholders' equity. There are currently 25,938,702 common shares outstanding.

Operations Update

At the Company's Big Sky project in Richland County, Montana, the Matador 1-13H well (13.3% working interest), which is located near the Williams 34x-14 and Frasca 34x-14 wells in the central portion of the fairway, has been drilled and is scheduled for completion in the next few weeks. The Obergfell Trust 13X-13 well (1.67% working interest) has been drilled and completed in the southeastern portion of the producing fairway, approximately 20 miles from the Williams and Frasca wells. The Avenger 1-12H well (6.48% working interest), located in the northwest portion of the fairway, commenced drilling on July 31, 2004 and is expected to take approximately 45 days to drill and complete. During the quarter ended June 30, 2004, cumulative production from the Company's interest in three producing wells at Big Sky was 678 barrels of oil equivalent (gross production of 97,400 boe). The Company expects to participate in four additional wells resulting in ownership of 10 gross wells (approximately 0.7 net well) here by year-end 2004.

The Company recently reported that it has signed an agreement for a private company to initiate drilling at the Company's Krejci project in Niobrara County, Wyoming. Initial drilling, in which American has the right to participate, is on schedule to commence by August 31, 2004. The 39,000 acre Krejci project (50% working interest, subject to terms of agreement) is targeting the 7,500 foot deep Mowry shale formation. The Company and its partners plan to evaluate several different drilling and completion techniques in the initial phase of development which may include both vertical and horizontal drilling.

The Company continues technical evaluations within its 103,000 gross acre (50% working interest) Douglas project, located in the southern Powder River Basin of Wyoming. The Company has started to present the Fetter field project, which is located within its Douglas project acreage, to potential industry participants for possible joint venture participation.

American Oil and 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 and Gas, Inc. can be found at the Company's website: www.americanoilandgasinc.com.

This release and the Company's website referenced in this release contain forward-looking statements regarding American Oil and Gas, Inc.'s future plans and expected performance that are based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of drilling efforts and the timeliness of development activities, fluctuations in oil and gas prices, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. This press release may include the opinions of American Oil and Gas, Inc. and does not necessarily include the views of any other person or entity.

For further information, please contact: Andrew Calerich, President of American Oil and Gas, Inc., +1-303-991-0173, or fax, +1-303-595-0709; or Investor Relations, Neal Feagans of Feagans Consulting, Inc, +1-303-449-1184, for American Oil and Gas.

-------------------------------------

Insider Transactions Get Insider Transactions for:




NET SHARE PURCHASE ACTIVITY

Insider Purchases - Last 6 Months
Shares Trans
Purchases N/A N/A
Sales N/A N/A
Net Shares Purchased
(Sold) N/A N/A
Total Insider Shares Held 2.99M N/A
% Net Shares Purchased
(Sold) 0.0% N/A


Net Institutional Purchases - Prior Qtr to Latest Qtr
Shares
Net Shares Purchased (Sold) N/A
% Change in Institutional Shares Held N/A

Data provided by Reuters

INSIDER & RULE 144 TRANSACTIONS REPORTED - LAST TWO YEARS

Date Insider Shares Transaction Value*

1-Oct-04 BUSTIN, ROBERT, MARC
100,238 Planned Sale $160,3801

31-Mar-04 DEMARE, NICK
Director 12,500 Acquisition (Non Open Market) at $0 per share. N/A

5-Nov-03 GELFAND, ALAN
Secretary 100,238 Acquisition (Non Open Market) at $0 per share. N/A

30-Oct-03 DEMARE, NICK
Director 224,000 Statement of Ownership N/A

30-Oct-03 DEMARE, NICK
Director 12,500 Statement of Ownership N/A

25-Aug-03 MERBACK, JOSEPH H.
Treasurer 500 Acquisition (Non Open Market) at $1.16 per share. $580

17-Jul-03 CALERICH, ANDREW P.
President 499,950 Statement of Ownership N/A

17-Jul-03 CALERICH, ANDREW P.
President 500,000 Statement of Ownership N/A

29-Apr-03 MERBACK, JOSEPH H.
Treasurer 1,000 Acquisition (Non Open Market) at $1.24 per share. $1,240

11-Mar-03 MERBACK, JOSEPH H.
Treasurer 1,000 Acquisition (Non Open Market) at $1.43 per share. $1,430

19-Feb-03 MERBACK, JOSEPH H.
Director 49,500 Statement of Ownership N/A

19-Feb-03 MINHAS, MONI S.
Director 100,238 Statement of Ownership N/A

13-Feb-03 MERBACK, JOSEPH H.
Treasurer 5,000 Acquisition (Non Open Market) at $1.286 per share. $6,430

17-Dec-02 MERBACK, JOSEPH H.
Treasurer 49,500 Acquisition (Non Open Market) at $0 per share.

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