CORRECTION/Bonanza gas discovery in Wind River basin, Cave Gulch field, Natrona County, Wyoming, leads to 200 well development valued at $725 million.SAN DIEGO--(BUSINESS WIRE)--July 30, 1996--Amalgamated Explorations Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AXPL) announced intent to drill nine natural gas wells in association with Chevron (a) and industry partners. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a U.S. Government BLM BLM n abbr (US) (= Bureau of Land Management) → les domaines report (April 1996), each well has an estimated potential value of $10 million. The U.S. Bureau of Land Management reports substantial reserves of natural gas in the Cave Gulch field of Wyoming. The total development of the area is expected to include 200 natural gas wells, with estimated gas reserves of 580 billion cubic feet valued at $725 million. The economic life of the reserves is estimated at 40 years. Christian F. Murer, president of 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. and one of the founding geologists of the Cave Gulch discovery stated: "Our first well with joint venture partner Barrett Resources was enormous and created a drilling frenzy Frenzy Beatlemania term referring to the Beatles’ (rock musicians) immense popularity; manifested by screaming fans in the 1960s. [Pop. Culture: Miller, 172–181] Big Bull Market . "The well is currently producing 10 million cubic feet of natural gas and 100 barrels of oil per day which equates to over $10,000 per day from just one well. We had 300 feet net pay zone to a depth of 6,900 feet." The Cave Gulch No. 1 well was awarded "Best of The Rockies" by Hart's Oil and Gas World Magazine. The Independent Petroleum Association judged the well a "Superior well." Amalgamated Explorations, which holds 2,500 acres in the area, is following this discovery with further development, beginning with a nine-well drilling program in the Cave Gulch field. Two investment opportunities are offered to the public by Amalgamated Explorations as follows: Direct Well Ownership: Tax deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). investments are available through direct well partnership in a limited liability company. Estimated return on investment is 59% in the first year with a 40 plus year economic life. Private Common Stock Offering: A private offering is available at $2.50 per share. The minimum investment is $5,000 for qualified investors. Amalgamated Explorations has made prospectuses and summaries available for download at http://www.goipo.com/doclist.html. Adobe Acrobat Reader The former name of Adobe Reader. See PDF. for Macintosh or Windows, necessary to view the documents, is available free of charge and is downloadable from the site. For more information contact Amalgamated Explorations 24 hour toll free investor hot line at 888/BUY-AXPL (289-2975) or contact Jon Vaux, vice president of shareholder relations, at 619/458-9546. (a) Chevron is a registered trademark. CONTACT: Amalgamated Explorations Jon Vaux, 619/458-9546 888/BUY-AXPL (289-2975) |
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