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The American Energy Group, Ltd. (OTC.BB: AEGG) announced today that Hycarbex-American Energy, Inc. (“Hycarbex”) has released to American Energy an independent third party reserve study covering the Haseeb Gas Field, 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%). A copy of the independent third party reserve study will be made available on the American Energy website www.aegg.net.
Mr. Pierce Onthank, President & CEO of American Energy Group, stated: "We are pleased that WallStreet Research has initiated research coverage of the AEGG shares coming on the heels of the release of an independent third party reserve study for the Hycarbex-American Energy, Inc. Haseeb Gas Field on the Yasin Block (2768-7) concession in Pakistan. Later this week, Alan Stone & Company LLC, an affiliate of WallStreet Research, is running a road show for our company in South Florida, with meetings in Palm Beach, Boca Raton, and Miami."
Mr. Paul Resnik, CFA, Senior Analyst with WallStreet Research, noted: "We feel that American Energy Group shares have great potential, considering the magnitude and quality of the recent reserve data, concurrent with the company's outlook for meaningful revenues and profitability expected from gas production in the near term."
About American Energy Group, Ltd.
The American Energy Group, Ltd., headquartered in Westport, Connecticut, has participated in acquisition of oil and gas properties since 1995. It owns an 18% overriding royalty interest in the Yasin Block (2768-7) concession in Pakistan, which is operated by Hycarbex-American Energy, Inc. The Concession is located approximately 230 miles northeast of the port city of Karachi, and a working interest in an oil and gas lease in Galveston County, Texas. Based on geological data gathered in recent years, which suggest nearly identical structures with those of the other countries of the Arabian Peninsula, a significant number of well known international oil and gas operators have moved into Pakistan. On January 30, 2009, the Company announced the release of an independent third party reserve study for the Haseeb Gas Field on the Yasin Block concession in Pakistan authored by GSM, Inc. of Amarillo, Texas and its Pakistan associate, Integrated Petroleum Consultants (Pvt.) Limited. The report provides estimates of proved, probable and possible total gas reserves in place in the Sui Main Limestone geologic formation and estimates of the proved, probable and possible ultimate recoverable gas reserves from the formation, and is available, along with other information on the American Energy Group website at www.aegg.net.
About WallStreet Research™
WallStreet Research™ (WSR) is a prominent research boutique led by Alan Stone, Managing Director of Alan Stone & Company, LLC (ASC). The firm specializes in the microcap and smallcap investment arena, looking for emerging growth companies with strong management, unique or proprietary technology, significant market potential, financial strength, and outstanding long-term earnings growth possibilities. Mr. Stone was formerly a securities analyst and assistant portfolio manager at Merrill Lynch Asset Management, an investment analyst at Prudential Insurance Company's Capital Markets Group, and an investment banker with Ladenburg Thalmann & Company. The firm has offices in Los Angeles, CA, Palm Beach, FL, and New York City, NY, and is well known for discovering undervalued companies and bringing them to the attention of the investment community. ASC/WSR also arranges road shows for its publicly traded clients, before the investment community in New York City, California and Florida.
Forward Looking Statements
This news release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, projected stock performance or asset 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, the outcome of future drilling activity by third parties upon which the Company relies, estimates of production decline rates for existing wells and commodity price fluctuations, and domestic and foreign government regulation and approvals affection operations upon which the Company expects to derive all of its operating income. 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.
The information presented in the WallStreet Research report is not to be construed as an offer to sell, nor a solicitation of an offer to purchase, any securities referred to therein or otherwise. Readers are encouraged to conduct their own due diligence and review all of the company's financial statements and risks statements on file with the SEC. American Energy Group has paid a consulting fee of $17,500 to Alan Stone & Company, LLC in conjunction with the preparation and distribution of this report and a quarterly update, as well as additional fees for various road show services. Alan Stone & Company, LLC or its associates may own shares, for investment purposes, in its corporate accounts, and may increase or decrease its positions at any time, without notice.
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