Ridgeway Petroleum completes financing;



    Listed: TSX Venture Exchange (Symbol: RGW)

    HOUSTON, April 3 /CNW/ - The Board of Directors of Ridgeway Petroleum
Corp. (the "Company") today announced the closing, subject to final Exchange
approvals, of a non brokered private placement for gross proceeds of
$3,100,720 consisting of 1,550,360 Units. The placement was comprised of Units
priced at $2.00 per unit. Each Unit consists of one share of the Company and
one-half of one whole non-transferable share purchase warrant, each whole
warrant entitling the holder to purchase one additional share of the Company
for every warrant held at a price of $3.00 until March 31, 2008. Finder's fees
totalling $169,156 cash were paid. All securities issued in the private
placement are subject to hold periods expiring July 31, 2007.
    Proceeds from this placement are intended to be used for potential oil
field acquisitions, to continue the 2007 winter drilling program and for
general corporate purposes.
    The Company also announces the grant of 150,000 incentive stock options
entitling the purchase, for a period of five years, of 150,000 shares of the
company at a price of $1.89 per share pursuant to the terms of the Company's
Stock Option Plan approved by shareholders on June 14, 2006.

    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

    "signed"

    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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