American Energy Group Ltd. is an oil and gas exploration company with non-operated interests in Pakistan. The company has an 18% overriding royalty in Block #2768-7 of the Yasin Concession in the Haseeb Gas Field, which is located 230 miles northeast of the port city of Karachi, Pakistan.
The Yasin concession totals more than 536,000 acres and is a prolific natural gas producing area of Pakistan. The block that American Energy Group Ltd. has an interest in already has several producing and commercial wells. Hycarbex-American Energy, its partner in the block, has spent millions over the last decade to explore the geology of the play, and prepare it for development.
American Energy Group Ltd. has an interest in the Haseeb #1 Well, and the company recently announced that it would begin selling natural gas from this well beginning in the third quarter of 2009. There are also 28 other drilling sites that have been identified on the block.
Although Pakistan is not generally known for its energy reserves, the management of American Energy Group Ltd. is optimistic about the climate for oil and gas development and exploration in Pakistan. The country has recently adopted energy policies with a long-term goal of inducing foreign investment in the country.
American Energy Group Ltd. also owns an oil and gas lease located in Galveston County, Texas. The company has a 100% working interest in acreage below a 10,000-foot depth. The lease totals 640 acres.
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