| March 17, 1997 Company Press Release Amalgamated Announces Survey Results and Commencement of Drilling Amalgamated Exploration Inc is pleased to announce the results of the Company's March 7, 1997 meeting in San Antonio, Texas. The meeting was attended by Amalgamated shareholders, oil and gas analysts, and several industry partners who challenged Amalgamated and its Electrotelluric® survey to test four proposed well locations for Warren Resources, Inc. A field geological engineer hired by Jim Johnson Sr., President of Petroleum Development Corporation, and Norman Swanson of Warren Resources oversaw the testing. Upon completion of testing, three of the proposed drilling locations were condemned for lack of detected hydrocarbons. The fourth location will be drilled to an increased depth of approximately 12,500 feet as the Electrotelluric® survey detected hydrocarbon deposits in the Jurassic formation -- a previously-undiscovered (for this region) occurrence made evident by the Electrotelluric® survey. After repetitive testing and accuracy in the field, Petroleum Development and Warren Resources has hired Amalgamated to provide additional survey services in southern Texas. The testing will span approximately six months. Amalgamated also conducted surveys in Lea County, New Mexico under contract for David Alcorn, an independent oil and gas operator. Amalgamated's Electrotelluric® survey detected hydrocarbons in both the Wolfcamp and Devonian formations. The first well has been drilled and tests positive for commercial amounts of oil and gas in both of these formations at the reported depths. Amalgamated wishes to announce commencement of drilling of the Company's first Electrotelluric®-surveyed well. The controlling interest of this Oklahoma well is owned by Ingram Exploration with a two-percent interest owned by Amalgamated. The site has been subjected to exhaustive Electrotelluric® testing. Drilling should commence this April. Amalgamated's Electrotelluric® Survey scans the Earth's natural electromagnetic fields to detect oil and gas deposits to depths of 17,000 feet. The company believes that it has the most advanced direct oil finding technology in the world. Unlike 3-D seismic surveys, that only identify potential structures for the trapping of hydrocarbons, the patent pending Electrotelluric® Survey detects the hydrocarbons themselves. This technology gives instant in-field results, is totally non-invasive and environmentally friendly. 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 |