American Energy Reports Second Quarter/Six Months Results.HOUSTON--(BUSINESS WIRE)--Feb. 16, 1999--The American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Energy Group, Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AMEL), an independent oil and gas exploration, drilling and production company, today reported results for the fiscal second quarter and six months ended December 31, 1998. Oil and gas revenues for the three months ended December 31, 1998 were $107,724, compared with $210,385 for the corresponding three months of the prior fiscal year. The company incurred a net loss for the second quarter of $244,480, or $0.008 per basic share, versus net income of $73,055, or $0.003 per basic share for same period of the prior year. Six-month oil and gas revenues declined to $160,295, from $383,752 for the prior year's initial six months. Net loss for the six months was $367,065, or $0.012 per basic share, compared to net income of $84,802, or $0.003 per share for the corresponding period of the prior year. American Energy attributed the decline in oil and gas sales to a decrease of more than 37 percent in the weighted average price per barrel of oil sold, as well as its related decision to shut in most of its primary production for maintenance and repair. Hycarbex-American Energy, Inc., the company's wholly owned international exploration subsidiary, has begun drilling its second exploratory well in Pakistan. The subsidiary holds an exploration license from the government of Pakistan Government of Pakistan (Urdu: حکومتِ پاکستان), The Constitution of Pakistan provides for a Federal Parliamentary System of government, with a President as the Head of State and an indirectly-elected Prime on approximately one million acres in the Middle Indus Basin of central Pakistan. During the second quarter, American Energy also announced that it had acquired from two industry partners their working interest in properties American Energy has been operating in the Blue Ridge Blue Ridge, eastern range of the Appalachian Mts., extending south from S Pa. to N Ga.; highest mountains in the E United States. Mt. Mitchell, 6,684 ft (2,037 m) high, is the tallest peak. Beginning with a narrow ridge in the north, c. Oil Field and Boling Oil Field, Fort Bend County, Texas Fort Bend County is a county located along the Gulf Coast region in the U.S. state of Texas within the Houston–Sugar Land–Baytown metropolitan area. In 2000 its population was 354,452; in 2005, the U.S. Census Bureau estimated its population to have reached 463,650. . American Energy now owns 100 percent of the working interest in these two oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. . The American Energy Group, Ltd. is an independent oil and gas exploration, drilling, and production company based in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , involved with both domestic and international exploration projects. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and actual results could differ materially from those projected herein.
THE AMERICAN ENERGY GROUP, LTD.
Financial Highlights (Unaudited)
For the Three Months Ended For the Six Months Ended
12/31/98 12/31/97 12/31/98 12/31/97
Revenues $107,724 $210,385 $160,295 $383,752
Net Income (Loss)(244,480) 73,055 (367,065) 84,802
Earnings (Loss)
Per Share
(basic) ($0.008) $0.003 ($0.012) $0.003
Weighted Average
Shares
Outstanding
(basic) 30,519,722 25,867,548 30,306,889 25,186,017
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