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Up +133% today....great news
The American Energy Group, Ltd. (AEGG) announced today that an Arbitration
Tribunal formed under Rules of the International Chamber of Commerce (“ICC”)
International Court of Arbitration has upon Application For Interim Relief
filed by the Company with the Arbitration Tribunal in February, 2013 and a
hearing conducted June 13, 2013, granted an Interim Order in favor of the
Company and against Hycarbex American Energy, Inc. (“Hycarbex”), Hycarbex Asia
Pte, Ltd. (“Hycarbex Asia”) and Hydro Tur, Ltd. (“Hydro Tur”). By Order dated
September 25, 2013, the Arbitration Tribunal ordered Hycarbex, Hycarbex Asia
and Hydro Tur to do the following within fourteen (14) days of the Order: (1)
to produce to the Company the records of production and sales from the Yasin
petroleum concession in Pakistan for the period August 2011 through the date of
the Order and to continue to do so pending further order, (2) to pay to the
Company 18% of all sales proceeds of hydrocarbons received by such parties
between August 2011 through December 2012, (3) to pay to the Company 18% of all
sale proceeds of hydrocarbons received by such parties between December 2012
and the date of the Order, and (4) to direct the purchaser of the hydrocarbons
to pay direct to the Company 18% of all future sale proceeds during the
pendency of the arbitration proceedings. The Arbitration Tribunal further
ordered that in the event that Hycarbex, Hycarbex Asia and Hydro Tur fail to
produce to the Company the production and sales records for the period August
2011 through December 2012 within the fourteen (14) days following the Order,
that such parties are ordered to pay to the Company $1,436,137.81 as an
approximate interim amount pending the determination of actual sale proceeds
from the actual records. The Arbitration Tribunal further ordered that in the
event that Hycarbex, Hycarbex Asia and Hydro Tur fail to produce to the Company
the production and sales records for the period December 2012 through the date
of the Order and continue to do so, that the arbitration tribunal will consider
an application from the Company for a further Order as to an approximate
interim monetary amount pending the determination of actual sale proceeds for
such period. The Order of the Arbitration Tribunal is not appealable to a court
or other tribunal pursuant to the terms of the arbitration agreement and the
Rules of Arbitration of the ICC. Commenting upon the Order of the Arbitration Tribunal, Pierce
Onthank, President and CEO of The American Energy Group, Ltd. stated: “We
are elated with the ICC Tribunal’s interim order that American Energy be paid
in full for 18% of the production from the Yasin petroleum concession since
August, 2011. The order is a monumental step toward the Company’s
efforts since 2011 to enforce its legal rights. We look forward to the
final resolution of all remaining matters in this dispute in the arbitration
hearing scheduled early in 2014.” The Company filed its original claim with the ICC in April, 2012,
seeking an order which would void the original 2003 Stock Purchase Agreement
under which Hycarbex’s parent company acquired the stock of Hycarbex from
American Energy Group, Ltd. Hycarbex owns the majority working interest in and
operates the Yasin petroleum concession. If the Arbitration Tribunal grants the
request in its final arbitration award, the Company will regain 100% ownership
of the Hycarbex stock. The final arbitration hearing at which the Company’s
request will be determined is scheduled for February, 2014. During the pendency
of these arbitration proceedings, the injunctions issued by the High Court of Islamabad
Pakistan in December, 2011, to preserve the status quo remain in effect. Under
the terms of these Islamabad High Court injunctions, Hycarbex is prohibited
from transferring any interest in the Yasin petroleum concession. 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 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.
The Company’s website is aegg.net.
American Energy Group, Ltd. |
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