American Energy Reports Year-End Results.HOUSTON--(BUSINESS WIRE)--Nov. 17--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 year ended June June: see month. 30, 1998. Oil and gas revenues for the 12 months rose 226 percent, to $641,203, from $283,485 for the prior year. The company incurred a net loss for fiscal 1998 of $527,991, or $0.014 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on 33,374,941 diluted shares outstanding, versus a net loss of $156, 663, or $0.006 per diluted share on 27,174,937 diluted shares outstanding for fiscal 1997. The loss includes legal and professional expenses of $541,031 of which a substantial portion is non-recurring. Total assets as of June 30, 1998 were $20,864,635, up from assets of $13,092,370 as of June 30, 1997. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $17,476,355 at the close of fiscal 1998, a 67 percent increase from $10,457,095 at the close of the prior year. The company noted that it had only commenced its principal drilling and reworking operations at the close of fiscal 1998 and had not yet generated significant revenues at that time. Additionally, net results for the period were adversely affected by a 24 percent decline in the price of oil sales. Currently, the company's wholly owned Hycarbex-American Energy, Inc. subsidiary is in the planning stages for drilling a second exploration well on its Jacobabad Jacobabad (Urdu/Sindhi: جیکب آباد) is a city in the Jacobabad District, Sindh, Pakistan. Jacobabad located at . Concession in the Middle Indus Indus (ĭn`dəs), chief river of Pakistan, c.1,900 mi (3,060 km) long, rising in the Kailas range in the Tibetan Himalayas, and flowing W across Jammu and Kashmir, India, then SW through Pakistan to the Arabian Sea SE of Karachi. Basin of central Pakistan under 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 . The American Energy Group, Ltd. is an independent oil and gas exploration, drilling and production company based in Houston, involved with both domestic and international exploration projects. -0-
THE AMERICAN ENERGY GROUP, INC.
Financial Highlights (Unaudited)
For the Year Ended For the Year Ended
6/30/98 6/30/97
Revenues $641,203 $283,485
Net Income (loss) (527,991) (156,663)
Earnings (loss) Per Share
Basic ($0.020) ($0.014)
Diluted ($0.014) ($0.006)
Weighted Average Shares Outstanding
Basic 26,252,631 11,548,539
Diluted 33,374,941 27,174,937
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