| Tuesday March 16, 11:58 am Eastern
Time Company Press Release Amalgamated Explorations Appoints John H. Resing as Chairman of the Board of Directors DENVER--(BUSINESS WIRE)--March 16, 1999--Amalgamated Explorations Inc., (OTCBB:AXPL - news) announced today the appointment of John H. Resing of Bellevue, Wash., as Chairman of the Board of Directors of the company and its wholly owned subsidiary, MSP Technologies Inc. Resing, age 54, is a former partner of Coopers & Lybrand and has nearly 20 years experience as a venture capital investor. Amalgamated is engaged in the oil and gas exploration business with lease holdings and drilling activities in the ``Cave Gulch'' and ``Boone Dome'' gas fields of Natrona County, Wyo. Amalgamated also holds mining locations and oil and gas leases in Nevada, Montana and Utah. The principal major addition to the asset base of Amalgamated was the acquisition of MSP Technologies Inc. in late 1996. MSP is the exclusive worldwide license holder of the revolutionary Electrotelluric® Technology (ET). ET is a patented geophysical technology that can within minutes: 1) detect subsurface hydrocarbons, 2) give an indication of the signal depth to approximately 17,000 feet for potential hydrocarbons, and 3) give an indication of the strength of signal or the commercial potential of the hydrocarbon signal. Visit our Web site at http://www.findoil.com for more information. Company President and Chief Executive Officer Christian F. (Ted) Murer said, ``The company is pleased to have attracted a person with the corporate finance and company building skills of an experienced venture capitalist. MSP will benefit greatly from his experience with technology companies. His skill will be particularly valuable in guiding the strategic direction and initial growth of the Electrotelluric® Technology Service business of MSP where he will be spending most of his time in the coming months.'' Resing observed, ``I would not have joined this company if I did not believe that it has an extraordinary opportunity to grow shareholder value. Ted and I will do our best to fulfill the promise that has motivated our loyal shareholders over the last two years as the patented Electrotelluric® Technology was proved in the field. It is now time to tend the crop that Ted and Mr. John Jackson, the inventor, have sowed.'' Notice, this release contains forward-looking statements regarding Amalgamated Explorations Inc. and MSP Technologies Inc. future plans and expected performances based on assumptions we believe to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, fluctuations in the price of crude oil and natural gas, the success rate of exploration efforts and the timelines of development activities, as well as other outside factors. No warranties are expressed or implied of the representations, accuracy or results projected herein. Amalgamated Explorations, Inc. - 1-303-629-5115 |