| April 29, 1997 Company Press Release Amalgamated Explorations' Drilling Predictions Prove Accurate Amalgamated Explorations Inc. Denver, CO. (OTC BB: AXPL) Results are coming in from the Cash Corner wildcat well in Oklahoma. Significant deposits of oil and gas have been discovered at or near the depths indicated by the Electrotelluric® survey, as predicted by Amalgamated's management in the Company's April 17, 1997 press release. The logging of the well has been completed and production casing is now being set. Amalgamated owns a 2% interest in the project. Electrotelluric® surveys being conducted in the San Antonio, Texas area are enjoying excellent results as well. This South Texas area has extremely complex geology and has traditionally been known as a difficult area for oil exploration. The surveys are being conducted for Pedeco Inc. a subsidiary of Petroleum Development Corporation of Beeville, Texas. Five wells have been drilled that were surveyed prior to drilling and all five have encountered productive hydrocarbons at depths indicated by the Electrotelluric® survey. Four of the wells are the Mallard wells #1,2,3 and 4 of Atascosa County, Texas. The Mallard #1 and #4 are wildcat discovery wells. The fifth well is the Mathis #1 located in San Patricio County, Texas. 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, including photos of the Electrotelluric® survey equipment, visit the Company's web page at: http://www.findoil.com . Amalgamated Explorations, Inc. - 1-303-629-5115 |