Monday, April 12,1999 Company Press Release RESULTS OF BOONE DOME WELL FEDERAL 1-23 Denver, CO--(BUSINESS WIRE)-[ April 12,1999] -Amalgamated Explorations, Inc. (OTC 138: AXPL), an emerging petroleum exploration company that uses, and provides to others for a fee, the patented Electrotelluric® Survey method of directly detecting from the surface a petroleum deposit, today announced that Federal 1-23 well in Natrona County Wyoming has failed to produce hydrocarbons and will be abandoned. Ted Murer, Amalgamated's President and CEO said, "We are obviously disappointed that the test well crossed into the down thrown side of the Boone Dome thrust fault and as such did not encounter the Frontier sands which were expected at the 7,000 foot depth, in the up-thrown side of the fault. We bottomed the well in steeply dipping (70 to 80 degrees) black shale at 7,400 feet. "The test well did intercept two sandstone sections, 90 and 74 feet in thickness at the 4,500 to 4,700 foot depth in the fault complex with good sample and mud log "shows." Casing was run to 4,900 feet and tests were run on three separate sections of the sandstones. The formations proved to be impermeable and gave up no gas or fluids of any kind during the tests." The Electrotelluric® Survey had predicted hydrocarbon at the depth encountered during drilling. The predicted presence of the hydrocarbon was confirmed by the mud logging instruments and the open hole electric logs before the well was cased for the production leg. Two on site geologists each confirmed the instrument's detection of gas during the drilling. Amalgamated does not consider that this failure to make a producing well impeaches the ability of the Electrotelluric® Survey technology to confirm the presence of hydrocarbons before a well is drilled. The gas was there. However, no technology known to Amalgamated can accurately and consistently predict commercially productive wells. Since the up thrown fault block remains untested, Amalgamated is proposing a second test well on the lease with location surveying and permitting to start immediately. Commencement of actual drilling is subject to the availability of funding by the present farm out investors or others. Amalgamated is engaged in the oil and gas exploration business with lease holdings and working interests in the "Cave Gulch" and "Boone Dome" gas fields of Natrona County, Wyoming. Exploration is focused in the mountain regions of the Western United States. Amalgamated's wholly owned subsidiary, MSP Technologies, Inc., provides exploration companies with Electrotelluric® Survey services under an exclusive, worldwide license of the technology from the patent owners. The technology directly detects hydrocarbons to depths of approximately 17,000 feet. It is used to directly confirm the presence of hydrocarbons before drilling although "tight rock" or other factors may prevent the hydrocarbon from yielding an economically productive well. FORWARD-LOOKING STATEMENTS Statements made in this Press Release that are not historical or current facts are "forward looking statements" made pursuant to the safe harbor provisions of the federal securities laws. They can generally be identified because such statements will include words such as "believes," "anticipates," "expects" or words of similar import and involve the company's future plans, goals and expected events that have not yet occurred. Forward-looking statements represent management's best judgment as to what may occur in the future, but are subject to certain risks and uncertainties that could cause actual results and events to differ materially from those presently anticipated or projected. Such risks and uncertainties include: adverse economic conditions, changes in petroleum prices, inadequate capital, unexpected costs, failure to retain or recruit required personnel, failure of exploration and production processes, failure of marketing strategy lack of success in research and development of enhanced Electrotelluric® Survey technology, loss of the exclusive license to the patents or the requirement to pay substantial royalties and the failure to timely file SEC mandated documents resulting in the cancellation of the company's listing on the OTC Bulletin Board system. Readers should consider these risks and factors, and the impact they may have, when evaluating these forward-looking statements. Amalgamated Explorations, Inc. - 1-303-629-5115