Ridgeway tests 1% helium from newly discovered basement zone; Extends all 11 high priority leases



    Listed: TSX Venture Exchange (Symbol: RGW)

    HOUSTON, TX, June 5 /CNW/ - Ridgeway Petroleum Corp. (the "Company") is
pleased to provide an update to the 12 well drilling program initiated earlier
this year.
    Since the last update of April 10, 2007 the Company has completed testing
of the newly discovered fractured basement zone in the 11-06-31 well. The well
has been tested continuously since April 12 and has consistently been
producing CO(2) gas at rates of 245 mcfpd with zero water. There has been no
decline in either flowing pressures or production rates since inception of
testing. In addition, the helium content measured over this period is
consistently in the range of 1% of total gas and appears to indicate that this
well has discovered a new, high potential, helium pool. Further evaluation of
this fractured basement zone will be conducted in future delineation wells in
order to further understand the significance of this new pay zone.
    To date, the Company has completed the drilling of 7 wells and is
currently engaged in various drilling operations on 5 additional wells. In
addition, the Company has completed testing on five of the wells and is
continuing with test operations on two other wells.
    The Company is also pleased to report that the Arizona State Land
Department has recommended that 8 leases be extended for a further two year
period from April 27, 2007. This is in addition to 3 leases granted the same
extension on February 22nd, 2007 following the completion of drilling on these
leases earlier this year. In total, the 2007 winter drilling program has
protected all 11 of the high priority leases due to expire in February and
April this year.
    CEO Barry Lasker reports "The Company is very encouraged with the results
of the testing at the 11-06-31 well. The testing program has indicated that
additional helium and CO(2) reserves have been discovered by this well,
however the significance of this new zone will only be determined with
additional drilling. The Company is also very pleased that our key leases have
been secured by the 2007 winter drilling program. The Company had embarked on
an aggressive drilling program, the likes of which we had not done before. The
Company has been able to learn a great deal about the value of drilling these
wells using air, the ability to flow test these wells under natural
completions and the discovery of an additional high value Helium zone within
the fractured basement beneath the field".

    Ridgeway Petroleum is a development stage, enhanced oil recovery (EOR),
company that controls approximately 200,000 acres of land within the St Johns
Helium/CO(2) 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 CO(2) suppliers and EOR producers. The Company's
strategic focus for CO(2) 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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