SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) MAY 26, 1998
THE AMERICAN ENERGY GROUP, LTD.
(Exact name of registrant as specified in its charter)
NEVADA 0-26402 87-0448843
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
P.O. BOX 489, SIMONTON, TEXAS 77476
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (281) 346-2652
______________________________________________________________
(Former name or former address, if changed since last report.)
The American Energy Group, Ltd. Form 8-K Page 1
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FORM 8-K
THE AMERICAN ENERGY GROUP, LTD.
ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Not Applicable.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not applicable
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT:
Not Applicable.
ITEM 5. OTHER EVENTS.
The Company's wholly owned subsidiary, Hycarbex-American Energy, Inc., has
been engaged in drilling operations on its Jacobabad Concession in the Middle
Indus Basin in central Pakistan since March 15,1998. The exploratory well,
Kharnhak No. 1, has encountered results of a potentially material nature. These
preliminary results are identified in the attached Exhibit A, a Company Update
of same date as this filing. The ultimate significance of these results or
magnitude of impact on the Company cannot be determined until further evaluation
and review of technical data has been completed.
ITEM 6. RESIGNATIONS OF REGISTRANTS DIRECTORS.
Not Applicable.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Not Applicable
The American Energy Group, Ltd. Form 8-K Page 2
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ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE AMERICAN ENERGY GROUP, LTD.
(Registrant)
Date: MAY 26, 1998 BY: B/J/S
Bradley J. Simmons, President
The American Energy Group, Ltd. Form 8-K Page 3
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EXHIBIT A TO FORM 8-K DATED MAY 26, 1998
IMMEDIATE RELEASE
THE AMERICAN ENERGY GROUP, LTD.
WWW.AMELOIL.COM
OTC ("AMEL")
COMPANY UPDATE..........Islamabad, Pakistan..........May 26, 1998
Hycarbex, Inc., a wholly owned subsidiary of The American Energy Group, Ltd.,
today announced preliminary results of its first Middle Indus Basin exploratory
well in central Pakistan. The well, Kharnhak No. 1, was spudded on March 15th,
1998, and was drilled to total depth on May 12, 1998. The well ceased drilling
in the Chiltan Limestone of the Upper Jurassic formation at 8,250 feet, and had
encountered gas shows throughout a 700 foot section identified by paleontologist
reports as the Sui Main Limestone and a 260 foot section identified as the Pab
Ranikot Sandstone. As a result of log analysis, core analysis, and the gas shows
encountered, the Company conducted drillstem tests in the Sui Main Limestone.
The drillstem test of the Sui Main Limestone at approximately 3,900 feet
produced natural gas and formation water, and pressure tests indicated downhole
flowing pressure of 1750 psi. Chromatograph readings taken from gas samples at
the surface indicated a high quality gas with no CO2 or H2S detected. A
successful flare test was conducted at the surface during the drillstem test.
Casing has been set to a depth of 7,500 feet, operations have been suspended,
and the drilling rig has been released. The commerciality of this well and the
Sui Main geological structure will be determined by futher evaluation and
analysis by the Company and the Government of Pakistan.
Based upon these results and the intent to evaluate other potentially productive
formations and structures, the Company will hold an Operating Committee Meeting,
which is comprised of the working interest owners (in this case, the Company and
the Government of Pakistan) in Islamabad to extend its Exploration License on
the Jacobabad Concession for one year and commit to drill another well to
evaluate the Sui Main and Pab formations by April, 1999. The next well is
anticipated to be drilled to a maximum depth of 5,000 feet.
Having completed its three years of work requirements and initial License term,
the Company, per the provisions of the Exploration License, will relinquish 20%
of the acreage originally held under the Concession, thereby retaining
approximately one million acres for further exploration and development. The
relinquished acreage is not part of the potentially productive structure to be
evaluated by the Company on the Jacobabad Concession.
The American Energy Group, Ltd. is an independent oil and gas exploration,
drilling, and production company based in Houston, Texas, involved with both
domestic and international exploration projects.
Shareholder Relations Contact: Larry Stauffer
Porter, Levay, & Rose, Inc. New York
212- 564-4700
281-346-2652..........P.O. Box 489..........Simonton, Texas 77476
The American Energy Group, Ltd. Form 8-K Page 4
