American Energy Reports First Quarter Financial Results.

HOUSTON--(BUSINESS WIRE)--Nov. 12, 1999--

The American Energy Group Ltd. (OTCBB:AMEL) today reported record revenues for the quarter ended Sept. 30, 1999 as filed today in its Form 10-Q with the Securities and Exchange Commission.

Oil revenues for the quarter surged by approximately five hundred (500%) percent to $315,712 from $52,203 for the prior year's comparable quarter. The Company attributed this increase to the reactivation of previously inactive wells in its two domestic fields, after a prolonged period of maintenance and repair, combined with an increase in the average price received for its sold oil of sixty three (63%) percent over last year's comparable quarter average price. The Company attained a net profit for the quarter of $20,607 or $0.001 per share versus a net loss of $124,885, or ($0.004) per share in the quarter ended Sept. 30, 1998.

THE AMERICAN ENERGY GROUP LTD.
FINANCIAL HIGHLIGHTS

                        For the Quarter ended    For the Quarter ended
                               9/30/99                 9/30/98

Revenues                       $315,712                 $52,571

Net income (loss)               $20,607               ($124,885)

Earnings (loss) per share         0.001                  (0.004)

Weighted average shares
 outstanding (basic)         33,180,888              29,353,539

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.