EXHIBIT 99.1


On November 21, 2003, the Company issued the following press release:


                                  NEWS RELEASE
                                  ------------
                                November 21, 2003
                                -----------------



AMERICAN OIL & GAS PROVIDES OPERATIONS UPDATE AND ANNOUNCES 3RD QUARTER
FINANCIAL RESULTS

     DENVER - American Oil and Gas, Inc. (OTC Bulletin Board: AOGI) provides the
following update on certain of its oil and gas projects:

     In the Williston Basin of Montana, the Company participated in the
successful completion of the Williams #34X-14 well. This well commenced initial
production on October 1st, 2003, and the Company expects to report production
rates before year end. The Company intends to participate in additional drilling
here, including seven gross wells (0.25 net to the Company's interest) through
June of 2004. The Company's working interest in the potential wells to be
drilled in this area is expected to range from one percent to ten percent. The
Company controls a 20% working interest in approximately 12,200 net acres here.

     All seven of the Company's 100% owned coalbed methane wells drilled in the
Powder River Basin of Wyoming have been connected to sales lines. Two of the
wells are providing most of the gas production. Production rates are increasing
while the remaining wells continue to dewater. As of October 25, 2003,
production from these wells was approximately 165 MCF per day. The Company is
currently evaluating the most desirable approach to maximize the reserve value
associated with continued development here.

     In the southern portion of the Powder River Basin, technical analysis
continues on the Company's Krejci oil project in order to determine the optimum
drilling locations as well as the drilling and completion technique that would
provide the most likely opportunity for success. The Company expects drilling
operations to commence here before the end of the first quarter of 2004.

     Financially, the Company reported a net loss of $201,274, or one cent per
share, and $578,578, or two cents per share, for the three and nine months ended
September 30, 2003, respectively. Comparison to the prior year periods are not
meaningful because the Company had not had meaningful operations for some time
prior to acquiring oil and gas assets on February 18, 2003.

     During the third quarter, the Company recorded $29,853 for its initial
revenues from sales of oil and gas. Net of lease operating costs, the Company
reflected net income from oil and gas operations of $16,858. For the current
three and nine month periods, general and administrative costs were $210,036 and
$587,340, respectively. Included in general and administrative expenses for the
nine month period are incremental costs associated with the Company's entry into




the business of oil and gas exploration and production which are not expected to
continue or recur. Included in the three and nine month periods ended September
30, 2003 is a non-cash compensation charge of $70,625, which is the pro-rata
quarterly value of common stock to be earned by our President and CFO as a
component of his employment agreement. The Company will recognize this same
amount each quarter for two years from the commencement of that agreement in
July 2003.

     At September 30, 2003, the Company had working capital of approximately
$1,186,000, approximately $1,450,000 in cash, $3,198,000 in total assets, no
long term debt, and $2,896,000 in stockholders' equity, and there were
24,275,964 common shares outstanding.

     American Oil and Gas, Inc. is an independent oil and natural gas company
engaged in exploration, development and production of hydrocarbon reserves
primarily in the Rocky Mountain region. Additional information about American
Oil and Gas can be found at the Company's website: www.americanoilandgasinc.com.

                                      # # #

     This release and the Company's website referenced in this release contain
forward-looking statements regarding American Oil and Gas, Inc.'s future plans
and expected performance that are based on assumptions the Company believes to
be reasonable. A number of risks and uncertainties could cause actual results to
differ materially from these statements, including, without limitation, the
success rate of drilling efforts and the timeliness of development activities,
fluctuations in oil and gas prices, and other risk factors described from time
to time in the Company's reports filed with the SEC. In addition, the Company
operates in an industry sector where securities values are highly volatile and
may be influenced by economic and other factors beyond the Company's control.
This press release may include the opinions of American Oil and Gas, Inc. and
does not necessarily include the views of any other person or entity.


Contact:
Andrew Calerich, President                           1050 17th Street, Suite 710
303.595.0125                                         Denver, CO  80265
Fax: 303.595.0709