Exhibit 99.2

 Drilling Commences on Hycarbex-American Energy, Inc. Al-Ali No. 1 in Pakistan

    WESTPORT, Conn.--(BUSINESS WIRE)--May 9, 2006--The American Energy
Group, Ltd. (OTC.BB: AEGG) announced today that drilling has commenced
on Hycarbex-American Energy, Inc.'s Al-Ali No. 1 well in the Republic
of Pakistan Yasin Block (2768-7). The Al-Ali No. 1 Well is located 6
miles North by Northwest of Hycarbex's Haseeb No. 1 Well which
Hycarbex successfully completed in 2005. The Al-Ali No. 1 Well will be
drilled to an approximate depth of 1,700 meters (5,577 feet) with the
primary target expected to be the Sui Main geologic formation. The
drilling contractor is Oil & Gas Exploration Company Krakow Limited
which commenced the drilling with its Skytop Brewster RP-600
Drilling/Workover Rig. The drilling contractor and equipment are
identical to those utilized by Hycarbex in the drilling of its Haseeb
No. 1 Well. Hycarbex's technical team views the Al-Ali No. 1 Well as a
new exploratory well which will target a geologic structure with four
way closure according to the team's analysis of seismic data collected
in the area. The American Energy Group, Ltd. owns an 18% gross royalty
in the Al-Ali No. 1 well.

    This news release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events, or performance and
underlying assumptions and other statements, including opinions of
third parties regarding subsurface geologic conditions, which
estimates, assumptions or opinions are unproven. These statements are
subject to uncertainties and risks including, but not limited to,
economic conditions, the impact of competition and pricing, actual
operating conditions and results, and domestic and foreign government
regulation and approvals. All such forward-looking statements, whether
written or oral, and whether made by, or on behalf of the Company are
expressly qualified by the cautionary statements and any other
cautionary statements which accompany the forward-looking statements.
In addition, the Company disclaims any obligation to update
forward-looking statements to reflect events or circumstances after
the date hereof.

    CONTACT: American Energy Group, Ltd.
             Pierce Onthank, 203-222-7315
             mail@aegg.net