Tuesday April 1, 9:01 am ET
WESTPORT, Conn.--(BUSINESS WIRE)--The American Energy Group, Ltd. (OTC BB: AEGG.OB) announced today that Hycarbex-American Energy, Inc. (?Hycarbex?) has announced its drilling plans for its next exploratory well on the Yasin Block (2768-7). Hycarbex announced that the proposed exploratory well will be drilled during the second calendar quarter of 2008 approximately 17 kilometers southwest of the successful Haseeb #1 Well which was drilled on the Yasin block in 2006. The well will target the Sui Main Limestone (?SML?) which has produced enormous quantities of gas in the area. The target geologic structure has not been drilled prior to this exploratory well. The depth at which the SML is expected to be encountered is approximately 1,000 to 1100 meters. Hycarbex further announced that the bulk of drilling materials and consumables have been procured and that a site survey has been finalized. Hycarbex has been in negotiations with several experienced drilling contractors in Pakistan and has narrowed its selection to two candidates based upon rig availability.
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 opinions of third parties regarding subsurface geologic conditions, which estimates, assumptions or opinions are unproven. 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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