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AMERICAN OIL AND GAS CORPORATION ANNOUNCES EARNINGS FOR THE QUARTER ENDED MARCH 31, 1993

 HOUSTON, May 6 /PRNewswire/ -- American Oil and Gas Corporation (NYSE: AOG) today announced net income applicable to common stock of $3.3 million or $0.13 per share for the quarter ended March 31, 1993, compared with $3.3 million or $0.19 per share for the first quarter of 1992. The decrease in earnings per share for 1993 related to the increase in common shares outstanding following the public offering in May 1992.
 Operating income for the first quarter of 1993 was slightly lower than the first quarter of 1992 primarily due to the effects of rising natural gas supply costs. The lower margin on gas sales was partially offset by (i) the operating results of the natural gas processing business acquired in April 1992, (ii) the favorable disposition of certain contractual matters and (iii) increased gas sales volumes. Rising natural gas prices also caused a reduction in the margin on natural gas liquids (NGLs) sales as NGLs sales prices remained flat. Since the fourth quarter of 1992, the company has expanded its efforts to reduce exposure to price risk related to volatile natural gas prices by renegotiating certain of its fixed-price and monthly-indexed sales contracts and expanding its hedging of natural gas purchases.
 American Oil and Gas Corporation operates in the mid-stream segment of the natural gas industry providing essential services between the wellhead and the end user. These services include gathering, processing, transporting, storage and marketing.
 AMERICAN OIL AND GAS CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Operations
 (unaudited, in thousands, except per share amounts)
 Period ended Three months
 March 31, 1993 1992
 Revenues:
 Natural gas sales $114,491 $ 89,352
 Natural gas liquids sales 16,565 1,124
 Transportation 2,795 2,526
 Other 155 70
 Total 134,006 93,072
 Operating Costs and Expenses:
 Cost of sales 112,419 76,620
 Operation and maintenance 5,192 2,553
 General and administrative 4,622 3,721
 Depreciation and amortization 4,253 2,562
 Taxes-other than income taxes 822 624
 Total 127,308 86,080
 Operating Income 6,698 6,992
 Other Income (expense):
 Interest income 152 199
 Interest expense (2,317) (1,625)
 Other, net 187 108
 Total (1,978) (1,318)
 Income before income taxes 4,720 5,674
 Provision for income taxes 1,361 1,827
 Net Income 3,359 3,847
 Preferred stock dividends 43 548
 Net income applicable to common stock $ 3,316 $ 3,299
 Earnings per common share $ 0.13 $ 0.19
 Number of shares used in computing
 earnings per common share 26,257 17,436
 -0- 05/06/93
 /CONTACT: William P. Conner, CFO of American Oil and Gas Corporation, 713-739-2900/
 (AOG)


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

AH -- NY093 -- 5543 05/06/93 14:33 EDT
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Date:May 6, 1993
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