Hess completes acquisition of American Oil & Gas to gain Bakken oil acreage

Hess Corporation has completed the acquisition of American Oil & Gas Inc. The all-stock transaction increases Hess' strategic position in the Bakken oil play in North Dakota by approximately 85,000 net acres. 
On July 27, 2010, American Oil & Gas, Inc. announced a corporate merger with Hess Corporation whereby stockholders of American would receive 0.1373 shares of Hess common stock for each share of American common stock. This transaction is expected to close in the fourth quarter of 2010, subject to approval of American stockholders. 
American Oil & Gas Inc. is active in the Bakken oil play with the Goliath project in North Dakota. The company also operates the Fetter and Krejci projects in Wyoming. 
American has operated or participated in the drilling of 22 gross (12.9 net) wells thus far in the Goliath project area in Williams County, North Dakota and is currently operating a four-rig drilling program. Including wells-in-progress, American has operated the drilling of a total of 16 gross (11.2 net wells) at Goliath, and six gross (1.7 net) wells have been drilled or are in progress by other operators. American operates and owns interests in five gross (3.05 net) currently producing wells. 
Source: Press release