Hycarbex-American Energy Spuds Pakistan Well

The American Energy Group says that drilling has commenced on Hycarbex-American Energy, Inc.'s Al-Ali No. 1 well in the Republic of Pakistan Yasin Block (2768-7). The Al-Ali No. 1 Well is located 6 miles North by Northwest of Hycarbex's Haseeb No. 1 Well which Hycarbex successfully completed in 2005. The Al-Ali No. 1 Well will be drilled to an approximate depth of 1,700 meters (5,577 feet) with the primary target expected to be the Sui Main geologic formation. The drilling contractor is Oil & Gas Exploration Company Krakow Limited which commenced the drilling with its Skytop Brewster RP-600 Drilling/Workover Rig. The drilling contractor and equipment are identical to those utilized by Hycarbex in the drilling of its Haseeb No. 1 Well. Hycarbex's technical team views the Al-Ali No. 1 Well as a new exploratory well which will target a geologic structure with four way closure according to the team's analysis of seismic data collected in the area. The American Energy Group, Ltd. owns an 18% gross royalty in the Al-Ali No. 1 well.