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AMERICAN OIL AND GAS CORPORATION COMPLETES PUBLIC OFFERING AND REPORTS FIRST QUARTER RESULTS FOR 1992

 AMERICAN OIL AND GAS CORPORATION COMPLETES PUBLIC OFFERING AND
 REPORTS FIRST QUARTER RESULTS FOR 1992
 HOUSTON, May 14 /PRNewswire/ -- American Oil and Gas Corporation (NYSE: AOG) today completed an offering of 6,325,000 shares of common stock at $10.625 per share, which included 825,000 shares from the exercise of the underwriters' over-allotment option. The offering was increased by 500,000 shares from the amount originally filed with the Securities and Exchange Commission. The net proceeds of approximately $63 million will be used to reduce the debt assumed in connection with the acquisition in April 1992 of the assets of the Maple Gas Corporation. The managing underwriters of the offering were Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co.
 The company also announced that on May 7th its common stock commenced trading on the New York Stock Exchange. Previously, the stock had traded on the American Stock Exchange.
 For the first quarter of 1992, the company reported a modest increase in net income applicable to common stock when compared to the same period of 1991, despite a reduction in operating income. This reduction was attributable to lower sales volumes caused by the record warm winter weather and reduced sales to fuel irrigation pumps. The first quarter of 1991 benefited from an unusually early start to the irrigation season due to dry weather.
 American Oil and Gas Corporation is engaged in the natural gas gathering, processing, transportation and marketing business.
 AMERICAN OIL AND GAS CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 THREE MONTHS ENDED MARCH 31, 1992 AND 1991
 (In thousands, except per share amounts)
 1992 1991
 Revenues $93,072 $111,367
 Operating costs and expenses:
 Cost of gas sold 76,620 93,981
 Operation and maintenance 2,553 2,698
 General and administrative 3,721 3,566
 Depreciation and amortization 2,396 2,358
 Taxes - other than income taxes 624 576
 Total 85,914 103,179
 Operating income 7,158 8,188
 Other income (expense):
 Interest income 199 397
 Interest expense (1,625) (2,090)
 Equity in loss of WellTech, Inc. -- (752)
 Other, net 108 428
 Total (1,318) (2,017)
 Income before income taxes 5,840 6,171
 Provision for income taxes 2,087 2,077
 Net income 3,753 4,094
 Preferred stock dividends 548 944
 Net income applicable to common stock $ 3,205 $ 3,150
 Primary earnings per common share $ 0.18 $ 0.19
 Number of shares used in computing
 earnings per share 17,436 16,227
 -0- 5/14/92
 /CONTACT: William P. Conner, chief financial officer of American Oil and Gas Corporation, 713-739-2900/
 (AOG) CO: American Oil and Gas Corporation ST: Texas IN: OIL SU: ERN


KD -- NY064 -- 0216 05/14/92 12:07 EDT
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Publication:PR Newswire
Date:May 14, 1992
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