Drilling Schedule for Next Exploratory Well in Yasin Block Unveiled

The American Energy Group, Ltd. announced that Hycarbex-American Energy, Inc. has announced its drilling plans for its next exploratory well on the Yasin Block (2768-7). Hycarbex announced that the proposed exploratory well will be drilled during the second calendar quarter of 2008 approximately 17 kilometers southwest of the successful Haseeb #1 Well which was drilled on the Yasin block in 2006.

The well will target the Sui Main Limestone ("SML") which has produced enormous quantities of gas in the area. The target geologic structure has not been drilled prior to this exploratory well. The depth at which the SML is expected to be encountered is approximately 1,000 to 1100 meters.

Hycarbex further announced that the bulk of drilling materials and consumables have been procured and that a site survey has been finalized. Hycarbex has been in negotiations with several experienced drilling contractors in Pakistan and has narrowed its selection to two candidates based upon rig availability.