rcvd this release via email after close of market today...tommorrow
should be interesting unless of course we're in a market where nothing
would move the stock...Text follows:
*********************************************************************
Amalgamated Explorations' Drilling Predictions Prove Accurate
Amalgamated Explorations Inc. Denver, CO. (OTC BB: AXPL) Results are
coming in from the Cash Corner wildcat well in Oklahoma. Significant
deposits of oil and gas have been discovered at or near the depths
indicated by the Electrotelluric survey, as predicted by Amalgamated's
management in the Company's April 17, 1997 press release. The logging of
the well has been completed and production casing is now being set.
Amalgamated owns a 2% interest in the project.
Electrotelluric surveys being conducted in the San Antonio, Texas area are
enjoying excellent results as well. This South Texas area has extremely
complex geology and has traditionally been known as a difficult area for
oil exploration. The surveys are being conducted for Pedeco Inc. a
subsidiary of Petroleum Development Corporation of Beeville, Texas.
Five wells have been drilled that were surveyed prior to drilling and all
five have encountered productive hydrocarbons at depths indicated by the
Electrotelluric survey. Four of the wells are the Mallard wells #1,2,3 and
4 of Atascosa County, Texas. The Mallard #1 and #4 are wildcat discovery
wells. The fifth well is the Mathis #1 located in San Patricio County, Texas.
Amalgamated's Electrotelluric Survey scans the Earth's natural
electromagnetic fields to detect oil and gas deposits to depths of 17,000
feet. The company believes that it has the most advanced direct oil finding
technology in the world. Unlike 3-D seismic surveys, that only identify
potential structures for the trapping of hydrocarbons, the patent pending
Electrotelluric Survey detects the hydrocarbons themselves. This technology
gives instant in-field results, is totally non-invasive and environmentally
friendly.
For more information about Amalgamated Explorations and the Electrotelluric
survey, including photos of the Electrotelluric survey equipment, visit the
Company's web page at: findoil.com .
CONTACT: Amalgamated Explorations Inc.
Jon Vaux, 888/999-8787 |
