Blowout of the Cave Gulch 1-29LAK Well

Denver, CO., August 13, 1998—Amalgamated Explorations Inc, (OTC.BB:AXPL) reported today that its Cave Gulch 1-29LAK well blew out at approximately 2:00 a.m. Mountain Time this morning. The well is currently venting natural gas to the atmosphere. The well, which Barrett Resources Corporation ( BRR) operates and owns a 70 percent working interest, appears to be totally lost. Amalgamated owns 1.5 % working interest and did participate in a blow out insurance policy on this well.

No one was injured by the blowout. Expert well control personnel are en route to the well.

On February 14, 1998, the well encountered a gas flow. With the assistance of well and pressure control personnel the gas from the 1-29LAK well was diverted into a sales line on February 20. As of August 12, the well was producing 45 million cubic feet of gas per day. Since February 20, the well had produced a total of 7 billion cubic feet of gas and the pressure of the well had declined from approximately 10,900 psi to 8,800 psi. In light of the 1-29LAK blowout, Barrett will consider delaying for safety purposes the testing of the 3-29MAD well, which is located one-half mile from the 1-29LAK well. The testing of the 3-29MAD testing had been scheduled to begin on August 18. Amalgamated owns 0.726% working interest in the 3-29 well.

Amalgamated Explorations, Inc. - 1-303-629-5115