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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ----------------------

                                 SCHEDULE 13G/A

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 2)*

                            American Oil & Gas, Inc.
                                (Name of Issuer)

                         Common Stock, $0.001 par value
                         (Title of Class of Securities)

                                    028723104
                                 (CUSIP Number)

                                December 31, 2008
             (Date of Event Which Requires Filing of this Statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
     [ ]  Rule 13d-1(b)
     [X]  Rule 13d-1(c)
     [ ]  Rule 13d-1(d)





----------------
     *The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

     The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).









                                Page 1 of 7 Pages






CUSIP No. 028723104                  13G/A                    Page 2 of 7 Pages


--------------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS

            GLG Partners LP
--------------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
                                                               (a)  [X]
                                                               (b)  [ ]
--------------------------------------------------------------------------------
     (3)    SEC USE ONLY
--------------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION

            United Kingdom
--------------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         -----------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    10,860 Shares
OWNED BY       -----------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      -----------------------------------------------------------------

PERSON WITH:  (8)  SHARED DISPOSITIVE POWER
                   10,860 Shares
--------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
            10,860 Shares
--------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
                                                                    [ ]
--------------------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED 
             BY AMOUNT IN ROW (9)
             0.02%
--------------------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
             PN
--------------------------------------------------------------------------------






CUSIP No. 028723104                  13G/A                    Page 3 of 7 Pages


--------------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS

            GLG Partners Limited
--------------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
                                                               (a)  [X]
                                                               (b)  [ ]
--------------------------------------------------------------------------------
     (3)    SEC USE ONLY
--------------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION

            United Kingdom
--------------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         -----------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    10,860 Shares
OWNED BY       -----------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      -----------------------------------------------------------------

PERSON WITH:  (8)  SHARED DISPOSITIVE POWER
                   10,860 Shares
--------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
            10,860 Shares
--------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
                                                                    [ ]
--------------------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED 
             BY AMOUNT IN ROW (9)
             0.02%
--------------------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
             IA, HC
--------------------------------------------------------------------------------






CUSIP No. 028723104                  13G/A                    Page 4 of 7 Pages


--------------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS

            GLG Partners, Inc.
--------------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
                                                               (a)  [X]
                                                               (b)  [ ]
--------------------------------------------------------------------------------
     (3)    SEC USE ONLY
--------------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION

            Delaware
--------------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         -----------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    10,860 Shares
OWNED BY       -----------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      -----------------------------------------------------------------

PERSON WITH:  (8)  SHARED DISPOSITIVE POWER
                   10,860 Shares
--------------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
            10,860 Shares
--------------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
                                                                    [ ]
--------------------------------------------------------------------------------
     (11)    PERCENT OF CLASS REPRESENTED 
             BY AMOUNT IN ROW (9)
             0.02%
--------------------------------------------------------------------------------
     (12)    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
             CO
--------------------------------------------------------------------------------





CUSIP No. 028723104                  13G/A                    Page 5 of 7 Pages

This Amendment No. 2 (this "Amendment") amends the statement on Schedule 13G
filed on March 26, 2007, as amended by Amendment No. 1 filed on February 14,
2008, (as amended, the "Schedule 13G") with respect to shares of Common Stock,
par value $0.001 per share (the "Shares") of American Oil & Gas Inc., a Nevada
corporation (the "Company"). Capitalized terms used herein and not otherwise
defined in this Amendment have the meanings set forth in the Schedule 13G. This
Amendment amends and restates Items 2(a), 4 and 5 in their entirety as set forth
below.

Item 2(a).  Name of Person Filing

         This statement is filed by the entities and persons listed below, who
         are collectively referred to herein as "Reporting Persons," with
         respect to the Shares:

         INVESTMENT MANAGER

         (i)      GLG Partners LP (the "Investment Manager"), with respect to
                  the Shares held by certain funds and managed accounts to which
                  the Investment Manager serves as investment manager (the "GLG
                  Funds").

         GENERAL PARTNER

         (ii)     GLG Partners Limited (the "General Partner"), which serves as
                  the general partner of the Investment Manager, with respect to
                  the Shares held by each of the GLG Funds.

         PARENT COMPANY

         (iii)    GLG Partners, Inc. (the "Parent Company"), which indirectly
                  wholly owns the General Partner, with respect to the Shares
                  held by each of the GLG Funds.

         The Investment Manager serves as the investment manager to each of the
         GLG Funds. The General Partner serves as the general partner to the
         Investment Manager. The Parent Company indirectly wholly owns the
         General Partner.


Item 4.   Ownership

            Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

      The information required by Items 4(a) - (c) is set forth in Rows 5-11 of
      the cover page for each Reporting Person hereto and is incorporated herein
      by reference for each such Reporting Person. Based upon the Company's
      Quarterly Report filed on Form 10Q on November 7, 2008 for the quarterly
      period ended September 30, 2008, the Company had 47,875,899 Shares
      outstanding as of November 4, 2008.




CUSIP No. 028723104                  13G/A                    Page 6 of 7 Pages

      The Investment Manager, which serves as the investment manager to each of
      the GLG Funds, may be deemed to be the beneficial owner of all Shares
      owned by the GLG Funds. The Investment Manager exercises its investment
      authority directly or indirectly through various entities, including,
      without limitation, GLG Inc. The General Partner, as general partner to
      the Investment Manager, may be deemed to be the beneficial owner of all
      Shares owned by the GLG Funds. Each of Emmanuel Roman, Pierre Lagrange and
      Noam Gottesman are Managing Directors of the General Partner. The Parent
      Company, which indirectly wholly owns the General Partner, may be deemed
      to be the beneficial owner of all Shares owned by the GLG Funds. Each of
      the Investment Manager, the General Partner, the Parent Company, GLG Inc.,
      Emmanuel Roman, Pierre Lagrange and Noam Gottesman hereby disclaims any
      beneficial ownership of any such Shares, except for their pecuniary
      interest therein.

Item 5.  Ownership of Five Percent or Less of a Class

        If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: [X]




CUSIP No. 028723104                  13G/A                    Page 7 of 7 Pages

                                   SIGNATURES

            After reasonable inquiry and to the best of its knowledge and
belief, each of the undersigned certifies that the information with respect to
it set forth in this statement is true, complete, and correct.

Dated: February 9, 2009



GLG PARTNERS LP

     By: /s/ Victoria Parry
         ------------------
         Name:  Victoria Parry
         Title: Senior Legal Counsel of GLG Partners LP


GLG PARTNERS LIMITED
      Individually and in its capacity as General Partner of GLG Partners LP

     By: /s/ Emmanuel Roman
         ------------------
         Name:  Emmanuel Roman
         Title: Managing Director


GLG PARTNERS, INC.

     By: /s/ Alejandro R. San Miguel
         ---------------------------
         Name:  Alejandro R. San Miguel
         Title: General Counsel and Corporate Secretary







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