May 28, 1998 Company Press Release AMALGAMATED OFFERS LICENSE TO TELLURI-TEK Denver, Co., May 28, 1998— Amalgamated Explorations, Inc., (OTC, BB: AXPL) has signed a definitive Option Agreement with Telluri-Tek, Inc. of Phoenix, Arizona. The Option Agreement was entered into on May 19, 1998 and is effective through June 30, 1998. If exercised, Telluri-Tek, Inc. will license the use of Amalgamated's Electrotelluric® Hydrocarbon Detection Technology. Under the terms of the agreement, Telluri-Tek, Inc. must 1) purchase stock positions in Amalgamated through private placements, 2) financially provide for cooperative research and development of the Electrotelluric® Technology, and 3) provide exploration and royalty benefits to Amalgamated Explorations. Details of the Option Agreement will be disclosed after June 30, 1998 or upon exercising. Amalgamated Explorations, Inc. - 1-303-629-5115