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Ridgeway Arizona Oil Corporation Gushes About Newest Arizona Project.

ST. JOHNS, Ariz., Feb. 26 /PRNewswire/ --

Just a scratch of the surface in Apache County, Arizona revealed one of the largest discoveries of Helium and CO2 gases in the country. In 1994, Ridgeway Arizona Oil Corporation (a wholly owned subsidiary of Ridgeway Petroleum, Corp.) drilled a "wildcat" well in the St. Johns Anticline in Apache County to test for oil and gas. Instead, they discovered a massive accumulation of Helium and CO2. (The Springerville Generating Station, owned and operated by Tucson Electric Power, is located between St. Johns and Springerville Arizona, and sits in the middle of this discovery.)

"With demand for helium and CO2 growing, we are very proud to have discovered one of the country's largest accumulations in Apache County, Arizona and Catron County, New Mexico. As Americans' demand for oil increases, we will be able to help decrease our reliance on foreign oil with enhanced oil recovery," said Walter B. Ruck, Ridgeway's President and Chief Executive Officer. "To put the magnitude of the find in perspective, there is enough CO2 in the St. Johns Anticline to service all of the CO2 needs of Arizona and a significant portion of the needs of California for the next 40 years," Ruck said.

The project is moving forward in 2001 with the construction of a CO2 liquification plant, access roads and a network of pipelines to allow production to commence in the summer of 2001. Later stages of the project will include a large Helium processing plant plus a facility to provide CO2 for enhanced oil recovery.

"After extensive research and planning, we are turning a corner on this project. It is an exciting time for Ridgeway and Apache and Catron Counties," Ruck said.

With minimal disturbance of the land and establishment of a processing plant, the Ridgeway Resource Park will produce significant quantities of CO2 that will be sold for use in Enhanced Oil Recovery in California and/or the Permian Basin, of eastern New Mexico and west Texas.

Using CO2, Enhanced Oil Recovery maximizes an oil well's capacity by extracting incremental oil from both working and "shut-in" wells, extending the life of the wells and reducing United States' dependence on foreign imports. Industries that benefit from low-cost CO2, as a result of proximity to production, for use in refrigeration, carbonation, agriculture and other applications can help spur economic development of the area through new growth.

Helium, because of its rare nature and important uses in many applications is a very valuable commodity. Although Helium represents less than 1 percent of the Ridgeway find, its value is one-third of the entire project. Helium is used in high technology fields for such applications as a gas for supersonic wind tunnels; a cooling medium for nuclear reactors; an artificial environment for deep sea divers; and in medical research, treatment and diagnosis. Liquid Helium is used to cool super-conducting magnets, which are essential to the operation of MRI systems and research instruments, while gaseous helium is used in the production of optical fibers and semiconductors, analytical processes and leak detection.

Ridgeway Arizona Oil Corporation is a wholly owned subsidiary of Ridgeway Petroleum, Corp., which has been exploring for oil and gas in North America since 1980. Headquartered in Calgary, Alberta, Canada, Ridgeway is now principally engaged in the business of development of its Helium and CO2 project. A publicly traded company on the Canadian Venture Exchange (CDNX: RGW), Ridgeway has holdings in Arizona, New Mexico and Alberta.

Walter B. Ruck, an oil industry veteran, has served as President and Chief Executive Officer since 1986. With more than 44 years' experience in the North American petroleum industry, Ruck has been involved in several major oil and gas discoveries in both the United States and Canada. His vision was instrumental in Ridgeway's Helium and CO2 discovery on the St. Johns Anticline.
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Publication:PR Newswire
Geographic Code:1USA
Date:Feb 26, 2001
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