*****News Release******
Friday January 31 5:29 PM EDT
Amalgamated's oil and natural gas detection system proves accurate
DENVER--(BUSINESS WIRE)--Jan. 31, 1997--Amalgamated Explorations (NASDAQ/BB:AXPL) is pleased to
announce the results of the first electrotelluric surveys conducted for seven independent oil and gas exploration companies.
Fourteen exploration sites were tested and subsequently drilled from March 1996 through October 1996. The survey was
100 percent accurate in determining a dry hole. The survey also determined presence of hydrocarbons with 93 percent
accuracy.
John Jackson, president of MSP Technologies (a wholly owned subsidiary of Amalgamated Explorations) said: "Since
March of 1996, 14 wells have been drilled by seven clients of MSP Technologies. All 14 were tested with the
electrotelluric survey before drilling commenced. Five of the surveys indicated dry holes and nine indicated the presence of
hydrocarbons. The five holes predicted to be dry were dry.
"Of the nine wells predicted to have hydrocarbons, five were commercial producers and four contained sub-commercial
levels of hydrocarbon. Where hydrocarbon anomalies were detected, the survey was 93 percent accurate in determining the
production zones at depth. We are accurate to within 200 to 300 feet of mapping the precise depths of hydrocarbons."
MSP's electrotelluric survey correctly predicted four out of four wells for Wyman and Associates of Salt Lake City. The
president of Wyman and Associates, Richard Wyman, stated: "... it appears we have predicted four out of four correctly
... With these encouraging results, I strongly recommend more surveys of this type be taken prior to drilling. I would not
want to drill one of my own wells without first using this instrument."
The electrotelluric survey uses the Earth's natural electromagnetic field to detect oil and gas deposits, disclosing the
location of deposits to depths of 17,000 feet. This new patent pending technology is the latest in oil and gas exploration.
This technology can detect the actual hydrocarbon through anomalies in ultra-low-frequency electromagnetic waves.
The survey can be completed in five minutes, gives instant infield results and is totally non-invasive. Unlike seismic, there
is no environmental damage from the survey.
For the first time, it is possible to determine whether a property is likely to be commercially productive without the time
and expense of drilling a test hole.
For more information about Amalgamated Explorations and the electrotelluric survey, visit the company's Web page at
findoil.com or call 888/999-8787.
CONTACT: Amalgamated Explorations, Denver
Jon Vaux, 888/999-8787 |
