Ridgeway Petroleum announces private placement



    Listed: TSX Venture Exchange (Symbol: RGW)

    HOUSTON, March 22 /CNW/ - Ridgeway Petroleum Corp. (the "Company")
announces a non-brokered private placement of up to 2,500,000 units at
$2.00 per unit for aggregate proceeds of up to $5,000,000. Each unit comprises
one share of the Company and one half of one whole non-transferable share
purchase warrant. Each whole warrant will entitle the holder to purchase one
share of the Company at a price of $3.00 per share for one year from the date
of the closing of the private placement. The Company may pay finder's fees in
the form of cash, shares, warrants or a combination thereof in connection with
the private placement. The private placement, including payment of the
finder's fees, is subject to regulatory approval.
    The proceeds of the private placement are intended to be used for ongoing
drilling operations on the Company's St Johns Helium/CO2 Project, potential
oilfield acquisitions and for general working capital.

    Ridgeway Petroleum is a development stage, enhanced oil recovery (EOR),
company that controls approximately 200,000 acres of land within the St Johns
Helium/CO2 field in Arizona and New Mexico where the Company is developing
what is thought to be the largest undeveloped resource of helium and carbon
dioxide gases in North America. Independent engineering firms have estimated
that the St Johns field contains approximately 15 trillion cubic feet of in
place resources, with a potential recoverable resource of 5 trillion cubic
feet. Development of the project could result in the Company becoming one of
North America's largest CO2 suppliers and EOR producers. The Company's
strategic focus for CO2 delivery and EOR production is the Permian Basin where
significant potential exists for enhanced oil recovery from mature, depleted
oil fields.

    ON BEHALF OF THE BOARD OF DIRECTORS

    Barry D Lasker, CEO

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    %SEDAR: 00004538E




For further information:

For further information: visit our Website at
www.ridgewaypetroleum.com., or Retail Investors please call Don Currie on
1-888-990-3551; Institutional Investors please call Jonathan Buick at The
Buick Group on 1-877-748-0914, or email jbuick@buickgroup.com

Organization Profile

RIDGEWAY PETROLEUM CORP.

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