American Energy Group, Ltd. Announces Initiation of Legal Proceedings to Enforce Yasin Production Payments
09 Février 2012 - 5:09PM
The American Energy Group, Ltd. (Pink Sheets:AEGG) announced today
that it has initiated legal proceedings in the High Court of
Islamabad Pakistan against Hycarbex-American Energy, Inc.
("Hycarbex") and its parent company, Hycarbex Asia Pte. Limited
("Hycarbex-Asia"), and third parties to enforce the provisions of
the existing agreements pertaining to the Yasin, Sanjawi and
Zamzama North petroleum concessions in which American Energy holds
an interest. In particular, the legal proceedings seek preservation
of the status quo through injunctions, court appointment of a
receiver to facilitate payment to American Energy of its gross
production interests in the Yasin Block concession which were
suspended in November by Hycarbex in breach of these existing
agreements, and court declaration of the respective rights of the
parties under the agreements. The Islamabad High Court has
issued injunctions preserving the status quo. Other matters
are pending before the Court.
The American Energy Group, Ltd. further announced that it has
completed two transactions for the sale of common shares to private
investors in order to provide short-term general and administrative
operating capital while the legal proceedings are pending. The
transactions provided for the sale of 1,500,000 shares for $150,000
and the sale of 666,667 shares for $100,000,
respectively. Management intends to make future sales of
securities as needed to fund operations until the accrued, unpaid
Yasin production proceeds are paid and monthly Yasin production
payments are resumed as a result of successful resolution of the
legal proceedings or voluntary payment compliance by Hycarbex.
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 successful resolution of pending
legal proceedings which may not occur, and including potential
production rates and/or potential reserves, which estimates are
unproven and not based upon actual production data. 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, court or tribunal
rulings 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.
CONTACT: Pierce Onthank
President and CEO
(203) 222-7315
mail@aegg.net
American Energy (CE) (USOTC:AEGG)
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