American Oil & Gas Inc. reported financial results for the first half of 2010, and reported a successful well completion in the Williston Basin in North Dakota.
American Oil & Gas Inc. reported net income of $27.8 million, or $0.46 per diluted share, for the first six months of 2010, compared to a net loss of $5.5 million, or ($0.11) per diluted share, in the same period of 2009.
American Oil & Gas Inc. said that the large gain in the first half of 2010 was due to a one-time gain of $36.4 million from the sale of the company’s oil and gas properties in the Powder River Basin in Wyoming.
American Oil & Gas Inc. reported sales of $3.3 million in the first half of 2010, a 400% increase from the $0.82 million in sales in the first half of 2009. The management of American Oil & Gas Inc. attributed the large increase on a year over year basis to higher volume and higher realized prices for oil and gas sales.
American Oil & Gas Inc. sold 46,262 barrels of oil and 51,284 million cubic feet of natural gas during the first six months of 2010. The company realized average prices of $63.64 per barrel for oil and $6.50 per million cubic feet for natural gas.
American Oil & Gas Inc. also reported that a well in Williams County, North Dakota produced approximately 2400 barrels of oil per day and 3.9 million cubic feet per day of natural gas.
For more information on the company, go to www.americanog.com