-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 Ch7QcSLIJMmQOHh+KlavwVkfMvsWk2XdyC49rpjJ9g0CvhdGLZkoAmjdHOSNRSke
 2g+HxOaTncs0BFS/Hhv4lA==

<SEC-DOCUMENT>0001209191-08-059593.txt : 20081107
<SEC-HEADER>0001209191-08-059593.hdr.sgml : 20081107
<ACCEPTANCE-DATETIME>20081107195721
ACCESSION NUMBER:		0001209191-08-059593
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081105
FILED AS OF DATE:		20081107
DATE AS OF CHANGE:		20081107

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN OIL & GAS INC
		CENTRAL INDEX KEY:			0001120916
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				880451554
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1050 17TH STREET
		STREET 2:		SUITE 1850
		CITY:			DENVER
		STATE:			CO
		ZIP:			80265
		BUSINESS PHONE:		3039910173

	MAIL ADDRESS:	
		STREET 1:		1050 17TH STREET
		STREET 2:		SUITE 1850
		CITY:			DENVER
		STATE:			CO
		ZIP:			80265

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRGOODTEETH COM
		DATE OF NAME CHANGE:	20000906

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Schroeder Don E
		CENTRAL INDEX KEY:			0001389888

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31900
		FILM NUMBER:		081173101

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(303) 991-0173

	MAIL ADDRESS:	
		STREET 1:		13121 W OHIO AVENUE
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228

	FORMER NAME:	
		FORMER CONFORMED NAME:	Schroeder Dan E
		DATE OF NAME CHANGE:	20070213
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c76979_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-11-05</periodOfReport>

    <issuer>
        <issuerCik>0001120916</issuerCik>
        <issuerName>AMERICAN OIL &amp; GAS INC</issuerName>
        <issuerTradingSymbol>AEZ</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001389888</rptOwnerCik>
            <rptOwnerName>Schroeder Don E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1050 17TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 2400</rptOwnerStreet2>
            <rptOwnerCity>DENVER</rptOwnerCity>
            <rptOwnerState>CO</rptOwnerState>
            <rptOwnerZipCode>80265</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>V.P. of Land</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.84</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>250000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2007-02-12</value>
            </exerciseDate>
            <expirationDate>
                <value>2017-02-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>250000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.37</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>90000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2009-04-17</value>
            </exerciseDate>
            <expirationDate>
                <value>2016-04-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>90000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>340000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>340000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>340000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person agreed to cancellation of the option granted to him in exchange for a new option described below.</footnote>
        <footnote id="F2">One-fifth of the option shall vest on each of the next five anniversaries of the grant date.</footnote>
        <footnote id="F3">Each portion the option shall terminate on the fifth anniversary of the date it first becomes exercisable.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Don Schroeder</signatureName>
        <signatureDate>2008-11-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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