New press release -- Very unfortunate. Here it is:
PRESS RELEASE
1645 Court Place, Suite 201
Denver, CO. 80202
FOR MORE INFORMATION, CONTACT:
Jon Vaux,
1-888-999-8787
FOR IMMEDIATE RELEASE:
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. is a Denver-based independent natural gas,
oil, and mineral exploration and production company. Amalgamated also owns
MSP Technologies and its 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. |
