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The American Energy Group, Ltd. (OTC.BB: AEGG) announced today that Hycarbex- American Energy, Inc. (“Hycarbex”) has completed its pipe line connection and commenced gas sales to Sui Southern Gas Company under the Extended Well Test Gas Sales and Purchase Agreement covering the sale of gas from the Haseeb Gas Field on Yasin Block (2768-7) signed by the parties in December, 2009. Initial production into the line commenced at five (5) million cubic feet of gas per day (MMCFD) and will be gradually increased under the Extended Well Test to approximately fifteen (15) MMCFD. The American Energy Group, Ltd. owns an 18% gross royalty in the Yasin Block (2768-7) Concession, including the Haseeb No. 1 Well. The working interest is co-owned by Hycarbex (85%), Hypak Asia (Pvt) Ltd. (10%) and Government Holdings (Pvt) Limited (5%). Based upon evaluation of the data to be collected from the Extended Well Test over the next several months, the working interest owners will evaluate the prospects for additional drilling in the Haseeb discovery area with the objective of increasing the production rate well in excess of the 15 MMCFD.
Dr. Iftikhar A. Zahid, Hycarbex’s President, stated that the Haseeb surface facility and pipe line avoided damage from the monsoon rains and resulting flooding which ravaged several regions of Pakistan during July and August. He further declared that following the completion of the Extended Well Test, Hycarbex will evaluate other exploration potential within the Yasin Block (2768-7) and other Hycarbex properties. To date, Hycarbex has invested in excess of $28 million in the Yasin Block (2768-7). Pierce Onthank, President of American Energy, stated, “It has been an arduous road from the drilling of the Haseeb No. 1 Well to this pipe line connection, including the construction of a state-of-the-art surface facility, and we are extremely pleased that the gas sales have commenced. We look forward to additional development within the region which this milestone will facilitate.”
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 fake oakley sunglasses, oakley replica sunglasses.
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.
For further information contact Pierce Onthank, President and CEO at (203) 222-7315 or [email protected]