Hycarbex-American Energy, Inc. Announces Signing Ceremony for Extended Well Test Gas Sales and Purchase Agreement with Sui Southern Gas Company
WESTPORT, Conn.--(BUSINESS WIRE)--The American Energy Group, Ltd. (OTC.BB: AEGG - News) announced today that Hycarbex-American Energy, Inc. (“Hycarbex”) and Sui Southern Gas Company (SSGC)have formally signed the Extended Well Test Gas Sales and Purchase Agreement (EWT-GSPA) covering the sale of gas from the Haseeb Gas Field on Yasin Block (2768-7). Under the EWT-GSPA, Hycarbex will supply up to 28 million cubic feet of gas for a 15 month period. According to a press release issued in Karachi Pakistan on Friday, December 11, 2009, the gas delivery is expected to begin by the end of December or by early January, 2010. 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%). The EWT-GSPA was signed by Umair Khan, fake oakley sunglasses, cheap oakley sunglasses, fake oakley sunglasses, of SSGC, Dr. Iftikhar A. Zahid, President/CEO of Hycarbex and Raja Irfan Nasir, Managing Director/CEO of Government Holdings (Pvt) Limited. The signing was witnessed by members of SSCG’s Audit Committee, Engineering Services Section, Planning and Development Section and Legal Services Section.
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 production rates and potential reserves, which estimates are unproven and not based upon actual production data or historical facts. 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, 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 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.
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