| February 26, 1998 Company Press Release AMALGAMATED'S CAVE GULCH UPDATE WIND RIVER BASIN, NATRONA COUNTY, WYOMING Denver, CO., Feb. 26, 1998--Amalgamated Explorations, Inc. ( OTC, BB:AXPL) reported today the Cave Gulch Federal #1-29 deep test well in the Wind River Basin operated by Barrett Resources Corporation of Denver, Colorado has been connected to a sales line with a production rate of approximately 40 million cubic feet of natural gas per day with flowing pressures of approximately 10,900 psi. The operator is continuing with expert well and pressure control personnel on location to assist in the pressure control efforts. The production depth approximately 18,175 feet and Amalgamated owns a 1.5% working interest in the well. Prior to drilling, a survey was conducted by Amalgamated and MSP Technologies at the drilling location utilizing the Companies new Electrotelluric® technology. This internal, unreported, Electrotelluric® survey was accurate in showing the approximate depths of the hydrocarbon bearing formations. The Electrotelluric® survey also indicated the possibility of a high pressure formation at the approximate depths at which the well attempted to blow out. Drilling of the ultra-deep test to the Madison formation at the Cave Gulch #3-29 location, projected to 21,000 feet, is still underway. Amalgamated holds a 0.726% working interest in this well. In honor of the "tight hole" status of this well, information is being held confidential at the request of the operator, Barrett Resources Corporation. Currently, four additional deep test wells are being permitted by Barrett Resources in the Cave Gulch field and Amalgamated will have 1.5% and 3.6% working interest in two of these wells. Amalgamated Explorations, Inc. - 1-303-629-5115 |