AEGG Announces Updated Schedule for Surface Facility & Pipeline Connection & Results of Well # 1

There are many dress shops in Ireland that are providing wide varieties of wedding dresses uk. They also provide you consultancy on your choice and help make your decision. WESTPORT, Conn.--(BUSINESS WIRE)--The American Energy Group, Ltd. (OTC.BB: AEGG - News) announced today that Hycarbex-American Energy, Inc. (“Hycarbex”) has updated its completion schedule for the surface treatment facility and pipeline connection for the Haseeb #1 Well and the results of the Yasin Exploratory Well # 1 on Yasin Block (2768-7). 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%), Hypak Asia (Pvt) Ltd. (10%) and Government Holdings (Pvt) Limited (5%).

Hycarbex previously announced the construction in process of a surface treatment facility by EPS, an affiliate of Specialty Process Equipment Corporation (“SPEC”), a worldwide specialist in design, engineering and custom fabrication of processing facilities based in Houston, Texas, with manufacturing facilities in Houston, Texas, United Arab Emirates and Pakistan [website:]. While estimated completion of the construction was originally expected during the first quarter of calendar 2009, delays were encountered due to local heavy monsoon rains and weather damage to parts of the facility requiring replacement fabrications. The surface facility completion is currently expected in October, 2009, together with the connection to the pipeline and commencement of Haseeb #1 gas sales to Sui Southern Pipeline Company.

Hycarbex also announced results for the Yasin Exploratory Well #1. After drilling to the Sui Main Limestone, which was only one of the target zones for the well, mechanical difficulties were encountered in the hole. The Sui Main Limestone showed strong intermittent gas during the drilling, but a steady flow was not achieved. Hycarbex spent several months attempting to resolve the mechanical difficulties and considering alternative remedial operations while simultaneously evaluating the geologic data obtained from the drilling. After evaluation, Angular redrilling in the same wellbore and other remedial measures targeted at saving the wellbore were decided against because the preliminary data collected by Hycarbex indicates that the drilling placement was not at the optimum position on the producing structure. Hycarbex plans to perform additional seismic to refine the preliminary data obtained from the drilling process. Since the drilling reaffirmed Hycarbex’s belief that the structure is very promising, a nearby replacement well is planned for the first six (6) calendar months of 2010 after completion of the additional seismic.

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, drilling risks and actual operating conditions and results, deviation in costs of critical equipment and services, deviation in production decline rates, the impact of competition and commodity pricing, and domestic and foreign governmental regulation and approvals.

The United States Securities and Exchange Commission (“SEC”) permits the disclosure in SEC filings of only “proved reserves” by oil and gas companies. Proved reserves are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. The term “probable reserves” when used by the Company in its disclosures means reserves which are more likely than not to be recoverable. The term “possible reserves” when used by the Company in its disclosures means reserves which are less likely to be recoverable than probable reserves. Estimates of probable reserves and possible reserves are more uncertain than estimates of proved reserves and thus are subject to substantially greater risk of not being realized.

All forward-looking statements in this disclosure, whether written or oral, and whether made by, or on behalf of the Company are expressly qualified by the above 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 Pierce Onthank, President and CEO at (203) 222-7315 or [email protected].


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