Ridgeway Petroleum provides Update



    Listed: TSX Venture Exchange (Symbol: RGW)

    HOUSTON, March 21 /CNW/ - Ridgeway Petroleum Corp. (the "Company") is
pleased to provide an update to the 12 well winter drilling program initiated
earlier this year.
    To date, the Company has completed the drilling of 4 wells and is
currently engaged in drilling operations on 2 additional wells. In addition,
the Company has completed testing on two of the wells and is continuing with
test operations on two other wells. There are currently 3 rigs operating in
the field, two in Arizona and one in New Mexico.
    All 4 wells drilled to date have encountered CO2 bearing reservoirs as
expected. Three wells drilled to date have successfully targeted the Amos Wash
and Fort Apache reservoirs while the fourth well has been drilled to basement
to confirm the deliverability of the basal Granite Wash zone found productive
in offsetting wells. The 11-16-30 well, located approximately 1 mile north of
the 11-21-30 well that had previously produced gas from the Granite Wash
interval encountered the Granite Wash at approximately 2,265 ft and strong CO2
gas shows and pressures were recorded until total depth of 2,377 ft. The well
has been flow tested for several days at an unstimulated rate of over 1mmcfpd
with constant pressures. It is anticipated that a low pressure frac treatment
over this interval will significantly increase this rate. This is the first
time that the Granite Wash interval has been drilled with air and open hole
completed in the Field and bodes well for future completions within this
interval.
    As previously reported the 11-29-30 well, the first well in the program,
was completed as a future Amos Wash and Ft Apache gas well. The well was open
hole tested over the Ft Apache interval at unstimulated rates of 0.7mmcfpd.
Subsequent analysis of the gas showed 94% CO2 and 0.8% Helium. The results of
this well have confirmed the deliverability of the Ft Apache interval over
this part of the field and that the Helium content is in the upper range of
expectations. The Amos Wash interval will be tested at a later date. During
drilling of the Amos Wash interval the well experienced excellent gas shows,
flows and pressures and it is expected to contribute significantly to the
overall flow rates.
    The test results to date have confirmed that natural production from the
Ft Apache and Granite Wash can occur without reservoir stimulation, and based
on past results will significantly be improved with frac technology and
potentially, horizontal completions. The Company is in the process of
reviewing the data received to date and will begin preparing frac designs and
multi lateral horizontal completions later this summer.
    The Company also announces the grant of 950,000 incentive stock options
entitling the purchase for a period of 5 years, of 950,000 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

    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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