April 17, 1997 Company Press Release Amalgamated Explorations Predicts Pay Zones Prior to Drilling Amalgamated Explorations is pleased to release further information pertaining to the Company's March 17, 1997 news announcement of exploratory drilling in Oklahoma. Ingram Explorations, Inc. of Seminole, Oklahoma will commence the drilling on the Cash Corner prospect during the week of April 14, 1997. This site has been subjected to extensive testing with Amalgamated's electrotelluric® survey, which consistently detected anomalies in electromagnetic fields at frequencies of 1200 and 1400 hertz. Such anomalies are indicative of the presence of hydrocarbons, with the frequencies corresponding to depths of 4500 and 5400 feet, respectively. The first well will be drilled to a depth of 5700 feet and Amalgamated officials predict that hydrocarbons will be found in the Red Fork formation at 4500 feet and in the Wilcox formation at 5400 feet. to test the Red Fork and Wilcox formations. Amalgamated Explorations, Inc. has a two-percent working interest in the test well and 966 acres in the immediate area. Drilling is scheduled to commence today. Photos of the electrotelluric® device with examples of test result printouts are posted on the Company's web site at http://www.findoil.com/etsphoto.htm . The web site will be updated with daily drilling reports until the well is completed. Other wells to be drilled with Amalgamated's participation include locations in Wyoming and Utah. In Natrona County, Wyoming, Amalgamated plans to join Barrett Resources Corporation in a deep test development well in the Cave Gulch field. The Cave Gulch Federal #1-29 (Lak) is scheduled to be drilled to a depth of 18,150 feet in order to test eight prospective pay zones from 16,000 to 18,000 feet. Barrett Resources has filed an application with the Oil and Gas Conservation Commission of the state of Wyoming requesting a 640 acre drilling unit. Amalgamated will have a 1.46% working interest on the $7.6 million project. Companies with working interests in the project include Chevron, Texaco, Moncrief, Mountain Petroleum, Prima Oil & Gas, Yates Petroleum and others. Secondly, a wildcat well planned by Conoco in the Kaiparowits Plateau of southern Utah has been permitted by the state. The well will be drilled offset to overriding royalty of 0.87% held by Amalgamated on a 1600-acre lease on the prospect. The planned test will drill to 14,500 feet at an estimated cost to Conoco of $2 million. Amalgamated will utilize its electrotelluric® survey to ascertain the viability of each well and will make further predictions prior to drilling. 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