The all-stock transaction increases Hess‘ strategic position in the Bakken oil play in North Dakota by approximately 85,000 net acres.
American Oil & Gas is engaged in the exploration, development and production of hydrocarbon reserves primarily in the Rocky Mountain region.
In July 2010, Hess said it would issue 0.1373 shares of its common stock in exchange for each outstanding share of American Oil & Gas common stock.
Hess is engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products.
