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The American Energy Group, Ltd. (OTC.BB: AEGG) announced today that Dr. Iftikhar A. Zahid has resigned from the Board of Directors of The American Energy Group, Ltd. effective immediately. Dr. Zahid, who also serves on the Board of Directors of Hycarbex-American Energy, Inc., the operator of the Yasin 2768-7 Block petroleum concession in the Sindh Province of Pakistan, will focus his efforts upon assisting Hycarbex-American Energy, Inc. and its parent company, Hycarbex Asia Pte. Ltd. in securing a strategic partner to expand the development of the Yasin 2768-7 Block petroleum concession. Hycarbex-American Energy, Inc. and Hycarbex Asia Pte. Ltd. have engaged Macquarie Capital (Europe) Ltd. to serve as their financial advisor in the search for the strategic partner. The American Energy Group, Ltd. owns an 18% royalty in the Yasin 2768-7 Block petroleum concession.
Pierce Onthank, President of American Energy, stated, “Dr. Iftikhar Zahid has been an important asset to American Energy during his lengthy service on the Board of Directors and will be greatly missed. We wish him the greatest of success.”
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.
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]