<HTML>
<HEAD>
<TITLE>Filed by Bowne Pure Compliance</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV style="font-size: 10pt">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): November 10, 2008 (November 5, 2008)</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>AMERICAN OIL &amp; GAS INC.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Nevada</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>1-31900</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>88-0451554</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>1050 17th Street, Suite 2400 Denver, CO<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>80265</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(303) 991-0173</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>N/A<BR></B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;3.02 Unregistered Sales of Equity Securities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;5, 2008 (the &#147;Grant Date&#148;), the Board of Directors of American Oil &#038; Gas Inc. (the
&#147;Company&#148;) authorized certain officers of the Company to enter into negotiations with thirteen
officers and employees of the Company to exchange existing, vested and unvested, options under the
Company&#146;s 2004 Stock Option Plan (the &#147;2004 Plan&#148;) and 2006 Stock Incentive Plan (the &#147;2006 Plan&#148;
and, together with the 2004 Plan, the &#147;Plans&#148;) for new, unvested, options with a purchase price of
$2.00 per share. The Company negotiated individually with all employees and officers, and twelve
of the thirteen officers and employees accepted an exchange.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The nine non-officer employees exchanged vested and unvested options to purchase an aggregate of
878,000 shares of the Company&#146;s common stock and the Company issued to them an aggregate of: (i)
unvested options to acquire 329,000 shares of common stock, one-fifth of which vest on each of the
first, second, third, fourth and fifth anniversaries of the Grant Date; (ii)&nbsp;unvested options to
acquire 125,000 shares of common stock, one-fifth of which vest at the end of each of the next five
six-month periods following the Grant Date; (iii)&nbsp;unvested options to acquire 126,000 shares of
common stock, one-fifth of which will vest on May&nbsp;5, 2009, and one-fifth vesting on each of the
second, third, fourth and fifth anniversaries of the Grant Date; and (iv)&nbsp;unvested options to
acquire 298,000 shares of common stock vesting on the following schedule: (A)&nbsp;91,000 shares on May
5, 2009, (B)&nbsp;75,000 shares on November&nbsp;5, 2009, (C)&nbsp;60,000 shares on May&nbsp;5, 2010, (D)&nbsp;60,000 shares
on November&nbsp;5, 2010, and (E)&nbsp;12,000 shares on November&nbsp;5, 2011. Each portion of the options to
purchase 878,000 shares shall terminate on the fifth anniversary of the date it first becomes
exercisable.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The officers exchanged vested and unvested options to purchase an aggregate of 890,000 shares of
the Company&#146;s common stock. The table below sets forth, for each officer, the total number of
shares of common stock underlying each option that was exchanged, the prior exercise price for each
option and the new exercise price for each option. Each of the new option grants are unvested, and
one-fifth of each grant vests on each of the first, second, third, fourth and fifth anniversaries
of the Grant Date. Each portion of such options shall terminate on the fifth anniversary of the
date it first becomes exercisable.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of Shares of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Stock Options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Previous</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>New Exercise</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Officer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>under the Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Price</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Don Schroeder (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Don Schroeder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter Loeffler (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter Loeffler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Joe Feiten (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Joe Feiten</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Don Schroeder is VP of Land for the Company.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Peter Loeffler is VP of Exploration and Development for the Company.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Joe Feiten is Chief Financial Officer for the Company.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">These issuances were granted based on exemptions from registration under the Securities Act of
1933, as amended (the &#147;Securities Act&#148;), pursuant to Section&nbsp;4(2) of the Securities Act and Rule
506 of Regulation&nbsp;D and applicable state laws.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.</B>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Not applicable.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(e)&nbsp;To the extent applicable, the contents of Item&nbsp;3.02 above are incorporated into this Item
5.02(e) by reference.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;7.01. Regulation&nbsp;FD Disclosure.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;10, 2008, the Company, issued a press release entitled &#147;American Oil &#038; Gas Reports 3rd
Quarter 2008 Results, Announces Share Repurchase Program and Reports Employee Option Grants.&#148; A
copy of the press release is furnished herewith as Exhibit&nbsp;99.1.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;10, 2008, the Company, issued a press release entitled &#147;American Oil &#038; Gas to Present
at Two Upcoming Investor Conferences.&#148; A copy of the press release is furnished herewith as
Exhibit&nbsp;99.2.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The information in this Item&nbsp;7.01 of this Form 8-K is being furnished and shall not be deemed
&#147;filed&#148; for the purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, or otherwise subject
to the liabilities of that section. The information in this Item&nbsp;7.01 of this Form 8-K also shall
not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by
reference.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;99.1 Press Release dated November&nbsp;10, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Exhibit&nbsp;99.2 Press Release dated November&nbsp;10, 2008.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURE
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">Date: November&nbsp;10, 2008</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">AMERICAN OIL &#038; GAS INC.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/Andrew P. Calerich</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Andrew P. Calerich, President</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated November&nbsp;10, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated November&nbsp;10, 2008</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "c77038e8vk.htm", "description": "FORM 8-K", "secsgml_size_bytes": 21493}]
{"company-data": {"conformed-name": "AMERICAN OIL & GAS INC", "cik": "0001120916", "assigned-sic": "1311", "irs-number": "880451554", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31900", "film-number": "081176526"}, "business-address": {"street1": "1050 17TH STREET", "street2": "SUITE 1850", "city": "DENVER", "state": "CO", "zip": "80265", "phone": "3039910173"}, "mail-address": {"street1": "1050 17TH STREET", "street2": "SUITE 1850", "city": "DENVER", "state": "CO", "zip": "80265"}, "former-company": {"former-conformed-name": "DRGOODTEETH COM", "date-changed": "20000906"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 10, 2008 (November 5, 2008)
AMERICAN OIL & GAS INC.
(Exact name of registrant as specified in its charter)
Nevada
1-31900
88-0451554
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1050 17th Street, Suite 2400 Denver, CO
80265
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(303) 991-0173
N/A
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.02 Unregistered Sales of Equity Securities
On November 5, 2008 (the "Grant Date"), the Board of Directors of American Oil & Gas Inc. (the
"Company") authorized certain officers of the Company to enter into negotiations with thirteen
officers and employees of the Company to exchange existing, vested and unvested, options under the
Company's 2004 Stock Option Plan (the "2004 Plan") and 2006 Stock Incentive Plan (the "2006 Plan"
and, together with the 2004 Plan, the "Plans") for new, unvested, options with a purchase price of
$2.00 per share. The Company negotiated individually with all employees and officers, and twelve
of the thirteen officers and employees accepted an exchange.
The nine non-officer employees exchanged vested and unvested options to purchase an aggregate of
878,000 shares of the Company's common stock and the Company issued to them an aggregate of: (i)
unvested options to acquire 329,000 shares of common stock, one-fifth of which vest on each of the
first, second, third, fourth and fifth anniversaries of the Grant Date; (ii) unvested options to
acquire 125,000 shares of common stock, one-fifth of which vest at the end of each of the next five
six-month periods following the Grant Date; (iii) unvested options to acquire 126,000 shares of
common stock, one-fifth of which will vest on May 5, 2009, and one-fifth vesting on each of the
second, third, fourth and fifth anniversaries of the Grant Date; and (iv) unvested options to
acquire 298,000 shares of common stock vesting on the following schedule: (A) 91,000 shares on May
5, 2009, (B) 75,000 shares on November 5, 2009, (C) 60,000 shares on May 5, 2010, (D) 60,000 shares
on November 5, 2010, and (E) 12,000 shares on November 5, 2011. Each portion of the options to
purchase 878,000 shares shall terminate on the fifth anniversary of the date it first becomes
exercisable.
The officers exchanged vested and unvested options to purchase an aggregate of 890,000 shares of
the Company's common stock. The table below sets forth, for each officer, the total number of
shares of common stock underlying each option that was exchanged, the prior exercise price for each
option and the new exercise price for each option. Each of the new option grants are unvested, and
one-fifth of each grant vests on each of the first, second, third, fourth and fifth anniversaries
of the Grant Date. Each portion of such options shall terminate on the fifth anniversary of the
date it first becomes exercisable.
Number of Shares of
Common Stock Options
Previous
New Exercise
Officer
under the Plans
Exercise Price
Price
Don Schroeder (1)
250,000
$
5.84
$
2.00
Don Schroeder
90,000
$
3.37
$
2.00
Peter Loeffler (2)
150,000
$
5.84
$
2.00
Peter Loeffler
60,000
$
3.37
$
2.00
Joe Feiten (3)
250,000
$
4.95
$
2.00
Joe Feiten
90,000
$
3.37
$
2.00
(1)
Don Schroeder is VP of Land for the Company.
(2)
Peter Loeffler is VP of Exploration and Development for the Company.
(3)
Joe Feiten is Chief Financial Officer for the Company.
These issuances were granted based on exemptions from registration under the Securities Act of
1933, as amended (the "Securities Act"), pursuant to Section 4(2) of the Securities Act and Rule
506 of Regulation D and applicable state laws.
2
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
(a)
Not applicable.
(b)
Not applicable.
(c)
Not applicable.
(d)
Not applicable.
(e) To the extent applicable, the contents of Item 3.02 above are incorporated into this Item
5.02(e) by reference.
Item 7.01. Regulation FD Disclosure.
On November 10, 2008, the Company, issued a press release entitled "American Oil & Gas Reports 3rd
Quarter 2008 Results, Announces Share Repurchase Program and Reports Employee Option Grants." A
copy of the press release is furnished herewith as Exhibit 99.1.
On November 10, 2008, the Company, issued a press release entitled "American Oil & Gas to Present
at Two Upcoming Investor Conferences." A copy of the press release is furnished herewith as
Exhibit 99.2.
The information in this Item 7.01 of this Form 8-K is being furnished and shall not be deemed
"filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject
to the liabilities of that section. The information in this Item 7.01 of this Form 8-K also shall
not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by
reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1 Press Release dated November 10, 2008.
Exhibit 99.2 Press Release dated November 10, 2008.
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 10, 2008
AMERICAN OIL & GAS INC.
By:
/s/Andrew P. Calerich
Andrew P. Calerich, President
4
INDEX TO EXHIBITS
Exhibit Number
Description
Exhibit 99.1
Press Release dated November 10, 2008
Exhibit 99.2
Press Release dated November 10, 2008
5