American Energy Group Names New Director.

HOUSTON--(BUSINESS WIRE)--March 23, 1999--The American Energy Group Ltd. (OTC BB:AMEL) announced today that Mr. Manfred Welser has joined the company's board of directors, increasing the company's board membership to six.

Mr. Welser, 41, is Managing Director and President of The Combus Group, an international trust company and an American Energy shareholder which is based in Zurich, Switzerland. Mr. Welser is a graduate of the Business School of Economics in Zurich and has established a successful career in international private banking. Mr. Welser has extensive experience in matters pertaining to natural resource companies and international finance.

In a statement issued from company headquarters in Simonton, Texas, Bradley J. Simmons, Chairman and President said "Our Company is very fortunate to have a board member with the financial and business acumen of Mr. Welser. He is an excellent addition to the team of professionals from the oil industry and the financial community comprising our board."

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.