Thursday December 20, 2:12 pm ET
WESTPORT, Conn.--(BUSINESS WIRE)--The American Energy Group, Ltd. (OTC BB: AEGG.OB) announced today that Hycarbex-American Energy, Inc. (?Hycarbex?) has announced that it has commenced public advertisement for construction bidding on its planned surface treatment facility for the Haseeb #1 Well drilled by Hycarbex in 2005. The bidding period expires January 15, 2008. The facility will treat the production gas from the Haseeb #1 Well which will be sold into the Sui Southern Pipeline. The gas sales agreement is expected to be signed after the surface facility contract is awarded to the successful bidder and the facility completion date is agreed upon by Hycarbex and the contractor. The American Energy Group, Ltd. owns an 18% gross royalty in the Yasin Block (2768-7) Concession, including the Haseeb #1 Well. The working interest is co-owned by Hycarbex (85%), Techno Petroleum (Pvt) Limited (10%) and Government Holdings (Pvt) Limited (5%).
Hycarbex further announced that it plans to drill an exploration well on the Yasin Block (2768-7) during the first six (6) months of calendar 2008.
Hycarbex further announced that on November 6, 2007, the Ministry of Petroleum & Natural Resources approved the new Petroleum and Exploration Policy of 2007 (the ?New Exploration Policy?). The New Exploration Policy contains several incentives to induce foreign investment and accelerate in-country exploration activities, including new petroleum pricing policies which will increase the gas pricing available for the Yasin Block (2768-7). The increased gas prices will materially benefit The American Energy Group, Ltd. due to its 18% royalty in the Yasin Block (2768-7), which includes both the Haseeb #1 Well and the 2008 exploration well planned by Hycarbex. The New Exploration Policy is published in its entirety at the website for the Ministry of Petroleum & Natural Resources, the internet address for which is www.mpnr.gov.pk.
This news release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, including potential production rates and potential reserves, which estimates are unproven and not based upon actual production data or historical facts. These statements are subject to uncertainties and risks including, but not limited to, economic conditions, the impact of competition and pricing, actual operating conditions and results, and domestic and foreign government regulation and approvals. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of the Company are expressly qualified by the cautionary statements and any other cautionary statements which accompany the forward-looking statements. In addition, the Company disclaims any obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100, Orlando, FL 32751, (800) 733-2447,
Fax: (407) 644-0758, info@redchip.com
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