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DENVER--(BUSINESS WIRE)--May 28, 1998--Amalgamated Explorations Inc., (OTC/BB:AXPL) has signed a definitive Option Agreement with Telluri-Tek Inc. of Phoenix. 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. is a Denver-based independent natural gas, oil, and mineral exploration and production company.
Amalgamated also owns MSP Technologies and its new Electrotelluric hydrocarbon depth detector. Amalgamated's properties are located
primarily in the Rocky Mountain region of Wyoming, Nevada, Montana, Colorado and Utah. For additional information about Amalgamated
Explorations and MSP Technologies, please visit our Web site at findoil.com, or phone Jon Vaux at 1-888-999-8787.
This release contains forward-looking statements regarding Amalgamated Explorations Inc. and MSP Technologies future plans and
expected performance based on assumptions we believe to be reasonable. A number of risks and uncertainties could cause actual results to
differ materially from these statements, including, without limitation, fluctuations in the price of crude oil and natural gas, the success rate of exploration efforts and the time lines of development activities, particularly in the Wind River Basin and as well as other risk factors described from time to time in the Company's documents. SOURCE Amalgamated Explorations Inc. |
