May 14, 1997 Company Press Release Clarification of April 29, 1997, News Release Amalgamated Explorations Inc. (OTCBB:AXPL) wishes to clarify its April 29, 1997, news release. Amalgamated did not intend to imply that it received endorsement or approval by Pedeco Inc. or its parent corporation, Petroleum Development Corp. Furthermore, it has been brought to the company's attention that the Mallard No. 1 well was drilled prior to Electrotelluric® Survey. The Mallard No. 2 well has not yet been drilled. Finally, Mallard wells No. 3 and No. 4 have not yet been completed. Amalgamated has financial interest in neither Pedeco nor the Mallard or Mathis wells. 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