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"we expect to pursue oil and gas operations on our identified Montana and Wyoming projects, including the acquisition of additional acreage through leasing, farmout or option and participation in the drilling of oil and gas wells. We do not intend to operate the drilling of oil and gas wells, but expect to participate as an outside working interest owner, sharing risk and rewards with Tower and North Finn and, in certain projects, with other working interest participants. We intend to continue to evaluate additional opportunities in areas where we feel there is potential for oil and gas reserves and production and may participate in areas other than those already identified, although there is no assurance additional opportunities will be available, or if we participate in additional opportunities, that those opportunities will be successful.
We anticipate that our strategic relationship with Tower and North Finn will provide us with continuing opportunities to participate in oil and gas projects. We do not expect to expend significant capital in the initial drilling "
American Oil & Gas Signs Letter of Intent to Acquire Tower Colombia Corporation Thursday March 24, 8:00 am ET - Transaction to Provide an Additional 25% Interest in Four Project Areas and Solidifies American's In-House Technical Management Team
DENVER, March 24 /PRNewswire-FirstCall/ -- American Oil & Gas, Inc. (OTC Bulletin Board: AOGI - News) today announced that it has entered into a letter of intent with Denver, Colorado based Tower Colombia Corporation whereby American will acquire 100% of the outstanding common stock of Tower Colombia Corporation. In exchange, American will issue 5.8 million shares of its restricted common stock. In conjunction with the merger, Pat O'Brien will continue as Chief Executive Officer and as Chairman of American. Mr. O'Brien also is the president of Tower. Bob Solomon, currently Vice President of Tower, will become Vice President of American and will be responsible for oil and gas economic and financial evaluations and the acquisition and disposition of oil and gas assets. Kendell Tholstrom, currently Vice President of Tower and a Director of American, will also become Vice-President of American and will be responsible for oil and gas operations.
"The combination of American and Tower represents a dramatic step forward for our company," said Andy Calerich, President of American. "We are very fortunate to be able to bring the management team of Tower on board and we are pleased that the increased ownership in these project areas, combined with the enhanced ability to expand into additional project areas, will expose us to the potential for significant accretive value. 2005 is already shaping up to be a very active and exciting year."
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