| October 9, 1996 Company Press Release Amalgamated to Acquire Revolutionary New Oil Finding Technology Denver, Colorado-Amalgamated Explorations, Inc., (NASDAQ;OTC: AXPL) has entered into a definitive agreement to acquire MSP Technologies of Texas as a wholly owned subsidiary. MSP Technologies' John Jackson invented the electrotelluric® survey. This survey scans the Earth's passive electromagnetic fields and can reliably detect subterranean oil and gas deposits. MSP's patent pending technology can quickly scan to depths down to 17,000 feet-- within minutes. Mr. Christian F. Murer, President of Amalgamated Explorations, said, "the MSP survey is the only direct hydrocarbon detection technology of its kind. It's akin to taking an MRI (Magnetic Resonance Image) of the Earth and thereby immediately identifying the presence of oil and gas at depth. This survey can virtually eliminate the drilling of commercially non-viable wells and gives Amalgamated Explorations a decisive edge in identifying and acquiring exploration properties. This will have a tremendous impact on the oil and gas industry." Under the terms of the agreement Amalgamated will acquire all of the stock of MSP in exchange for $1,500,000 of Amalgamated's common stock and cash. The acquisition is expected to close November 1, 1996. Amalgamated Explorations, Inc. - 1-303-629-5115 |