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AMERICAN OIL AND GAS CORPORATION ANNOUNCES CONVERSION OF ALL PREFERRED STOCK

 HOUSTON, Jan. 21 /PRNewswire/ -- American Oil and Gas Corporation (NYSE: AOG) announces today that all outstanding shares of the company's convertible preferred stock, which the company had called for redemption effective Jan. 20, 1993, were converted by their holders into an aggregate of 2,429,265 shares of the company's common stock. The conversion increased the total number of outstanding common shares to 25,674,395 and eliminated the annual preferred dividend requirement of $1,737,900. Mr. David M. Carmichael, Chief Executive Officer, stated, "We are pleased to have 100 percent support from our preferred shareholders. This conversion and our recently completed credit facilities have significantly improved the company's capital structure."
 American Oil and Gas Corporation is engaged in the natural gas gathering, processing, transporting and marketing business.
 -0- 1/21/93
 /CONTACT: William P. Conner, senior vice president and chief financial officer of American Oil and Gas Corporation, 713-739-2900/
 (AOG)


CO: American Oil and Gas Corporation ST: Texas IN: OIL SU:

KD -- NY045 -- 7391 01/21/93 12:04 EST
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Publication:PR Newswire
Date:Jan 21, 1993
Words:172
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