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The American Energy Group, Ltd. (AEGG.PK) announced today that it has been successful in obtaining an order from the Islamabad High Court granting the relief sought by American Energy in the civil legal proceedings initiated in December, 2011, against Hycarbex and its parent company, Hycarbex Asia Pte. Limited (“Hycarbex-Asia”) relating to the existing agreements pertaining to the Yasin petroleum concession in which American Energy holds an interest. American Energy previously filed legal petitions seeking injunctions against Hycarbex and Hycarbex-Asia prohibiting alienation of interests and preserving the status quo, seeking appointment of an interim receiver to facilitate ultimate payment to American Energy of its gross production interests in the Yasin Block concession, and seeking a court order ordering Hycarbex and Hycarbex-Asia to appear before an arbitration tribunal in the United Kingdom for final adjudication of all disputes. In response to these petitions, the Islamabad High Court issued immediate temporary injunctions preserving the status quo. In the recent Final Order issued by the Islamabad High Court on March 27, 2012, all relief sought by American Energy has been granted, with the exception that American Energy’s application for appointment of an interim receiver for Hycarbex has been deferred to the arbitration tribunal. Local court rules permit an appeal by either litigant. Matters which are resolved in the United Kingdom arbitration proceeding will be considered final, unappealable and enforceable in the courts of Pakistan. Applicable arbitration rules permit recovery of costs and fees in addition to other relief requested. American Energy announced that it intends to immediately proceed with its arbitration claims as authorized by the Islamabad High Court.
This news release contains forward-looking statements, including estimated time lines for future events. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, including potential successful resolution of pending legal proceedings which may not occur, and including potential production rates and/or potential reserves, which estimates are unproven and not based upon actual production data. Forward-looking 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, court or tribunal rulings and domestic and foreign governmental regulation and approvals.
All forward-looking statements in this disclosure, whether made by, or on behalf of the Company or by or on behalf of the project operator, 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].