| January 28, 1997 Company Press Release Amalgamated Explorations Announces the Completion of $1 Million Private Placement Denver, Colorado-Amalgamated Explorations (NASDAQ/BB:AXPL) is pleased to announce the closing of its $1 million private placement. The funds will be used as interim capital in development of its newly-acquired oil and gas detection technology, the MSP electrotelluric® survey. The electrotelluric® survey uses the Earth's natural electromagnetic field to detect oil and gas deposits, disclosing the depths of deposits to 17,000 feet. This new patent pending technology is the latest in oil and gas exploration. Unlike 3-D seismic surveys that only identify potential hydrocarbon-bearing structure, this technology can detect the actual hydrocarbon through anomalies in ultra-low-frequency electromagnetic waves. The survey can be completed in five minutes, gives instant infield results, and is totally non-invasive. Unlike seismic, there is no environmental damage from the survey. For more information about Amalgamated Explorations and the electrotelluric® survey, visit the company's Web page at http://www.findoil.com . Amalgamated Explorations, Inc. - 1-303-629-5115 |