| October 1, 1997 Company Press Release Cash Corner Well -- Wildcat Field Discovery DENVER--(BUSINESS WIRE)--Oct. 1, 1997--Amalgamated Explorations Inc. (OTC/BB:AXPL), Wednesday released the results and accuracy of Amalgamated/MSP Technologies Electrotelluric® surveys on the Oklahoma Cash Corner wildcat field discovery, now being completed by operator Ingram Explorations Inc., of Seminole, Okla. Wayne Ingram, president of Ingram Explorations stated: ``In this business you use every tool available. The Electrotellurics® has proven itself to be a very valuable. I was really excited after our geophysicists overlaid the Electrotelluric® survey shots on top of the seismic maps. The Electrotelluric® survey showed a hydrocarbon field which mirrored the shape of the seismic survey structure, it was amazing. Not only did Electrotellurics® show we had hydrocarbons, but it showed closure of the formation, where our seismic was weak.'' Electrotelluric® surveys are unlike seismic surveys which show the formation structure. Amalgamated/MSP's Electrotelluric® surveys indicate the presence of the actual oil and gas, to depths of 17,000 feet. These electromagnetic surveys are a new science in oil and gas detection. Exploration companies are finding this information is valuable and a quick way to analyze the subsurface of the Earth or a potential prospect for hydrocarbon presence. Regarding the Cash Corner Well, the Electrotellurics® showed strong hydrocarbon presence at 4500 and 5400 ft. depths. The down hole well logs run after drilling indicated the zone at 5400 ft. depth (dolomite formation) was water wet with less than 3 ohms of resistance and should be passed as a non-productive formation, but the Electrotelluric® survey indicated hydrocarbons at that depth, which lead the operator to pursue and attempt to complete the zone. Oil has now been recovered at 5419-5424 ft. depth in the dolomite formation and Ingram is attempting completion of the well. Ingram went on the say: ``It is clear the Electrotelluric® technology works. The survey detected the presence of hydrocarbons and showed the structure was mapped properly. This technology is another tool which needs to be used in conjunction with all other surface tools. It does its job and helps reduce risk. Keep in mind, none of these tools are perfect or conclusive, but I can tell you this, if MSP's Electrotellurics® indicates a dry hole, I won't touch it.'' Amalgamated is waiting for completion of the Cash Corner Well. The operators have had a difficult time completing the well due to a bad cement bond. Amalgamated Explorations, Inc. - 1-303-629-5115 |