American Energy Announced a Letter of Intent to Acquire Maverick Drilling Company Inc.

HOUSTON--(BUSINESS WIRE)--April 22, 1999--

The American Energy Group, Ltd. (OTC BB:AMEL) announced the execution of a Letter of Intent to acquire Maverick Drilling Company Inc., a privately-owned twenty-six (26) year old drilling services business based in Austin, Texas. The final business terms of the acquisition are subject to due diligence to be performed by American Energy Group and the subsequent approval of its Board of Directors.

Bradley J. Simmons, chairman and CEO of American Energy Group stated, "The acquisition of Maverick provides us the opportunity to expand the drilling efforts on our domestic and international prospects, as well as to realize financial benefit from the contract drilling services performed for other companies. We are very excited about this addition."

Don Henrich, president of Maverick Drilling and a current American Energy Group Board member will continue in his role as president of Maverick after the acquisition is completed.

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.

Certain matters described in this report are forward-looking statements and are subject to risks and uncertainties that could cause actual results to differ materially from those projected.