DENVER, December 20 /PRNewswire/ -- Amalgamated Explorations, Inc. (OTC: AXPL) announces that the Escrow Agreement established pursuant to a Settlement Agreement in the John Jackson case has been closed pursuant to a Harris County, Texas Court Order. Mr. Jackson has received the return of his patent and Amalgamated has received the return of certain company stock certificates.

Amalgamated continues to prosecute its digital Electrotelluric® technology patent filing.

Amalgamated also announces that pursuant to various leasehold interests in three significant drilling prospects, it is negotiating with industry partners for drilling agreements for this coming year 2002. Two of the prospects are in Natrona County, Wyoming and one is in the Powder River County, Montana. Additional information will be released as drilling commitments are formalized.

Amalgamated Explorations, Inc. is a Denver based oil & gas and mineral exploration company currently listed on the OTC pink sheets. This statement is being issued as updated company information to the company stockholders on the company's website www.findoil.com

Forward-Looking Statements

This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projections.