American Oil & Gas Inc., Denver, (Amex: AEZ) reports its Hagemann 11-22 well has reached its target depth of 12,945 feet in the company’s Fetter Field lease in Douglas, Wyo. Completion operations will begin in three weeks and target the Niobrara, Frontier, Mowry and Dakota formations.

The well is American’s first in its 2008 Fetter Field program, says American chief executive Pat O’Brien. “Our completion program is designed to significantly reduce the costs and time incurred on previous wells while maximizing the reserve and production potential.”

The next well will target the Teapot and Parkman formations and will be drilled before the end of August.