| June 12, 1997 Company Press Release Amalgamated Explorations Acquires Additional Properties and Updates Cash Corner Completion Progress Amalgamated Explorations (NASDAQ/BB: AXPL) is pleased to announce the acquisition of substantial new oil and gas properties in eastern Nevada. Based on strong electrotelluric® survey results, leases totaling 8,000 acres were added to the company's holdings in eastern Nevada. Christian F. Murer, president of Amalgamated Explorations, stated: "Amalgamated is maintaining its focus on land acquisition. We are concentrating on identifying, through application of principles of geology aided by electrotelluric® survey, those properties we believe will be most productive." Ingram Exploration continues completion work on the Oklahoma Cash Corner Prospect well. Ingram has advised Amalgamated that additional information should be available within the next several days. The electrotelluric® survey uses the Earth's natural electromagnetic field to detect oil and gas deposits, disclosing the location of deposits to depths to 17,000 feet. This new patent pending technology is the latest in oil and gas exploration. This technology can detect the actual hydrocarbon through anomalies in ultra-low-frequency electromagnetic waves. The survey can be completed in five minutes, gives instant infield results and is totally non-invasive. Unlike seismic, there is no environmental damage from the survey. For the first time, it is possible to determine whether a well is likely to be dry without the time and expense of drilling a test hole. 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 |