Amalgamated Announces Survey Results and Commencement of Drilling.DENVER--(BUSINESS WIRE)--March 17, 1997--Amalgamated Explorations (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AXPL) is pleased to announce the results of the Company's March 7, 1997 meeting in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. . The meeting was attended by Amalgamated a·mal·ga·mate v. a·mal·ga·mat·ed, a·mal·ga·mat·ing, a·mal·ga·mates v.tr. 1. To combine into a unified or integrated whole; unite. See Synonyms at mix. 2. shareholders, oil and gas analysts, and several industry partners who challenged Amalgamated and its Electrotelluric survey to test four proposed well locations for Warren Resources, Inc. A field geological engineer hired by Jim Johnson Sr., President of Petroleum Development Corporation, and Norman Swanson of Warren Resources oversaw o·ver·saw v. Past tense of oversee. the testing. Upon completion of testing, three of the proposed drilling locations were condemned for lack of detected hydrocarbons. The fourth location will be drilled to an increased depth of approximately 12,500 feet as the Electrotelluric survey detected hydrocarbon deposits in the Jurassic formation -- a previously-undiscovered (for this region) occurrence made evident by the Electrotelluric survey. After repetitive testing and accuracy in the field, Petroleum Development and Warren Resources has hired Amalgamated to provide additional survey services in southern Texas. The testing will span approximately six months. Amalgamated also conducted surveys in Lea County, New Mexico Lea County is a county located in the U.S. state of New Mexico. As of 2000, the population was 55,511. Its county seat is Lovington6. Geography According to the U.S. Census Bureau, the county has a total area of 11,380 km² (4,394 mi²). under contract for David Alcorn, an independent oil and gas operator. Amalgamated's Electrotelluric survey detected hydrocarbons in both the Wolfcamp and Devonian formations. The first well has been drilled and tests positive for commercial amounts of oil and gas in both of these formations at the reported depths. Amalgamated wishes to announce commencement of drilling of the Company's first Electrotelluric-surveyed well. The controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail of this Oklahoma well is owned by Ingram Exploration with a two-percent interest owned by Amalgamated. The site has been subjected to exhaustive Electrotelluric testing. Drilling should commence this April. Amalgamated's Electrotelluric Survey scans the Earth's natural electromagnetic fields electromagnetic field Property of space caused by the motion of an electric charge. A stationary charge produces an electric field in the surrounding space. If the charge is moving, a magnetic field is also produced. A changing magnetic field also produces an electric field. 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 Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] . For more information about Amalgamated Explorations and the Electrotelluric survey, visit the company's Web page at: http://www.findoil.com . CONTACT: Amalgamated Explorations Inc. Jon Vaux, 888/999-8787 |
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