Amalgamated Resumes Drilling in Cave Gulch Field

DENVER, Jan. 21 / PRNewswire/ -- Amalgamated Explorations, Inc. (OTC Bulletin Board: AXPL) is pleased to announce that work has commenced on the Cave Gulch Federal Well #4-19, Natrona County, Wyoming for re-entry of a relief well that had been diverted in an effort to bring the Cave Gulch Federal Well #1-29 back under control. The #1-29 Well had previously blown out in August of 1998 after producing for six months at approximately 45 million cubic feet of gas per day. 

With the 1-29 back on production at approximately 11mmcfgpd, the 4-19 Well, in which Amalgamated holds a gross 3.44% working interest, is being reentered and deepened to an estimated 19,000 feet and is an additional development well in the Cave Gulch gas field operated by Barrett Resources, Inc. 

Amalgamated also advises that W. A. Moncrief, Jr., Fort Worth, Texas has announced the intent to commence drilling of the Federal Well #20-1 in Cave Gulch Field, Natrona County, Wyoming. Amalgamated owns a 1.16% working interest and drilling is estimated to commence within 30 days.

More information about Amalgamated Explorations is available on the company's website: www.findoil.com. 

Statements made in this Press Release that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of the federal securities laws. They can generally be identified because such statements will include words such as "believes," "anticipates," "expects" or words of similar import and involve the company's future plans, goals and expected events that have not yet occurred. Forward-looking statements represent management's best judgment as to what may occur in the future, but are subject to certain risks and uncertainties that could cause actual results and events to differ materially from those presently anticipated or projected. Such risks and uncertainties include adverse economic conditions, changes in petroleum prices, inadequate capital, unexpected costs, failure to retain or recruit required personnel, failure of exploration and production processes, failure of marketing strategy, lack of success in research and development of enhanced Electrotelluric® Survey technology, loss of the exclusive license to the patents or the requirement to pay substantial royalties and the failure to timely file SEC mandated documents resulting in the cancellation of the company's listing on the OTC Bulletin Board system. Readers should consider these risks and factors, and the impact they may have, when evaluating these forward-looking statements.

SOURCE Amalgamated Explorations, Inc.

CONTACT: Amalgamated Explorations, 888-541-1114
Quote for referenced ticker symbols: AXPL
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