THE AMERICAN ENERGY GROUP, LTD.
ANNOUNCES POST-AWARD ENFORCEMENT ACTIVITY TO ASSUME CONTROL OF
HYCARBEX-AMERICAN ENERGY, INC.
Westport, Connecticut. June 8, 2015
The American Energy Group, Ltd. (AEGG)
announced today that it has initiated its post-Arbitration Award
activities having assumed control of Hycarbex-American Energy, Inc.
(Hycarbex). The April 15, 2015 Arbitration Award announced
previously declared the 2003 Stock Purchase Agreement under which
AEGG sold the stock of Hycarbex as void ab initio and of no legal
effect. In connection with its findings, the Arbitration Tribunal
ordered that the register of shareholders for Hycarbex be rectified
to reflect AEGG as the owner of 100% of the common stock as it
stood in 2003. Subsequent to the award, AEGGs President, Pierce
Onthank, travelled to Nevis, the country of domicile for Hycarbex,
and upon presentation of the Award, the register of shareholders of
Hycarbex was duly rectified and the registration of 100% of the
stock reverted back to AEGGs name. AEGG in its capacity as
shareholder of Hycarbex further appointed Mr. Onthank as sole
Director and President of Hycarbex while removing all prior
management personnel. Additionally, Mr. Onthank travelled to
Pakistan and assumed the control of Hycarbex including Hycarbex
bank accounts. Mr. Onthank further interviewed and retained the key
personnel of Hycarbex. Mr. Onthank also formally informed the
Director General Petroleum Concessions of Pakistan, the regulator
of the Pakistan concessions operated by Hycarbex, that 100% of the
shares of Hycarbex had reverted to AEGG and that the management of
Hycarbex had been changed to Mr. Onthank. Mr. Onthank further
caused AEGGs attorneys to file a lawsuit seeking permanent
injunction prohibiting the past president from entering the
Hycarbex branch office in Islamabad, Pakistan or falsely
representing any claim to exercise any control over Hycarbex. In
this lawsuit, the Pakistan Court issued an interim restraining
order containing the requested prohibitions. Additional
transitional activities in Pakistan have been initiated. AEGGs
management intends to implement a business plan for future
exploration of the Hycarbex assets upon more extensive analysis of
available information derived from its transition efforts.
This news release contains forward-looking statements, including
reference to future events. Forward-looking statements which
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 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.
For further information contact Pierce Onthank, President and
CEO at (203) 222-7315 or mail@aegg.net.