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Gold/Mining/Energy : Amalgamated Exploration Inc (AXPL)
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To: S. Thomas who wrote (95)3/17/1997 1:33:00 PM
From: S. Thomas   of 117
 
The gist of the news release is as follows:

The March 7 meeting was attended by shareholders, Oil & Gas analysts and industry people.

Geological engineer sent by Petroleum Development Corp and representative of Warren Resources were present at the testing.

AXPL evaluated 4 proposed drilling cites; gave thumbs-down for 3 and said one was good. After much further testing PETD (?) and Warren has hired AXPL for doing testing for them for the next six months.

The first well drilled following site testing in New Mexico for an independent operator is commercially viable.

The first well based on electrotelluric survey for the company itself (2% interest) will begin to be drilled in April.
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Nothing negative so far. For myself, as some of you out there, I have ruled out scam here. I am also adding a bit to my position as a speculative investment.

Something I noted on this news release was that the electrotelluric testing provides the depths at which hydrocarbons will be detected. In the case of the Warren Resources well (1 out of 4) mentioned above, they suggested going deeper to 12500 feet, and no one else had proposed it.

In the case of the NEw MExico well, oil was found at the levels proposed from the survey.
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