Hycarbex-American Energy, Inc. Announces Spudding of Yasin Exploratory Well #1
The American Energy Group, Ltd. (OTCBB: AEGG - News) announced today that Hycarbex-American Energy, Inc. (“Hycarbex”) has spudded the Yasin Exploratory Well #1 on Yasin Block (2768-7). The American Energy Group, Ltd. owns an 18% gross royalty in the Yasin Block (2768-7) Concession. The working interest is co-owned by Hycarbex (85%), Hypak Asia (Pvt) Ltd. (10%) and Government Holdings (Pvt) Limited (5%).
As previously announced, the Yasin Exploratory Well #1 is expected to be drilled to a total depth of 1,550 meters (5,085 feet) and to target the Sui Main Limestone at 1,110 meters (3,642 feet) and the deeper Pab Sandstone at 1,550 meters (5,085 feet). The target structure was identified by Hycarbex using seismic results which were completed in December 2007. According to Hycarbex, the seismic analysis indicates that an identified Sui Main Limestone reservoir has an indicated estimated closure of 23.4 square kilometers (9 square miles) and vertical relief of 40 msec., and an indicated Pab Sandstone reservoir has an estimated closure of 21.49 square kilometers (8.3 square miles) and vertical relief of 30 msec.
This news release contains forward-looking statements. 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. These 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 replica rolex
. 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 written or oral, and whether made by, or on behalf of the Company 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]