American Energy Group, Ltd. Announces Execution of Gas Sales Agreement for Haseeb #1 Well
May 5, 2009 11:18:00 AM
Copyright Business Wire 2009
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View Additional ProfilesWESTPORT, Conn.--(BUSINESS WIRE)-- The American Energy Group, Ltd. (OTC.BB: AEGG) announced today that Hycarbex-American Energy, Inc. ("Hycarbex") has entered into a gas sales agreement with Sui Southern Gas Company ("SSGC") pertaining to the Haseeb #1 Well. Under the terms of the agreement, SSGC has agreed to purchase the gas produced by Hycarbex from the Haseeb #1 Well. Hycarbex previously announced that the Pakistan Ministry of Petroleum and Natural Resources has authorized a provisional gas allocation of up to 28 million cubic feet of gas per day (MMCFD) for the extended well test (EWT) period. The gas will be sold into SSGC's existing Shikarpur Compression System. Sales into the pipe line are expected to commence in the third calendar quarter of 2009. The Ministry of Petroleum and Natural Resources is currently processing Hycarbex's request for gas pricing for the Haseeb #1 Well.
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%).
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, the impact of competition and pricing, actual operating conditions, the outcome of future drilling activity, estimates of production decline rates for existing wells and commodity price fluctuations, and domestic and foreign government regulation and approvals. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of the Company are expressly qualified by the 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.
Source: The American Energy Group, Ltd.
The American Energy Group
President and CEO