American Energy Group Ltd (OTCMKTS:AEGG):Wins The Interim Order

Today on September 27, 2013, American Energy Group Ltd (OTCMKTS:AEGG) that International Court of Arbitration has granted an interim order in favor of the Company. Earlier in February the company filed an Application for Interim Relief with the arbitration tribunal. This Order is not appeal-able to a court or other tribunal.

Hycarbex, Hycarbex Asia and Hydro Tur (‘the companies’) have been order to produce the records of production and sales from Yasin Concession, Pakistan and to pay 18% of all sales proceeds of hydrocarbons receivedfor the period August 2011 till the date of the Order – by Order dated September 25, 2013, within 14 days. The companies have also been directed to continue sharing the said records and directing the purchaser of hydrocarbons to pay directly to American Energy Group (OTCMKTS:AEGG) till the further orders. The Arbitration Tribunal further ordered that the companies would require to pay $1,436,137.81 as an interim amount to American Energy Group (OTCMKTS:AEGG) upon failure to produce the records of production and sales for the period August 2011 through December 2012 within 14 days. And following failure to produce such records for the period December 2012 through the date of the Orderthe arbitration tribunalwill considerfor a further Order to decide approximate interim amount. The actual sale proceeds would be determined only upon produce of actual records to American Energy Group (OTCMKTS:AEGG).

Commenting on the Order the President and Chief Executive Officer of American Energy Group (OTCMKTS:AEGG), Pierce On thank mentioned that we are delighted with the interim order and this is a huge leap towards our efforts to enforce the legal rights. He also added that the company looks forward to the final resolution in the arbitration hearing scheduled early in 2014.

If the company’s request gets granted by the Arbitration Tribunal in its final hearing, the company will regain full ownership of the Hycarbex stock. Till the final hearing the orders issued by the High Court of Islamabad which underlined the term prohibiting Hycarbexfrom transferring any interest in the Yasin Concession, will remain in effect.

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