Southwestern Water Announces Completion of Drilling Activities for First Well

April 8, 2002

Southwestern Water Exploration Co. announced that the company's first well in Colorado, Rehoboth #1, completed drilling on Sunday, March 24, 2002.

The target depth was achieved and, as anticipated, the formation (aquifer) was water bearing. Pressure and flow tests were completed on April 4, 2002. Extensive water samples have been taken for analysis, including EPA (Environmental Protection Agency) screening for drinking water standards.

Engineering reports to be completed by Layne Geosciences and Knight Piesold will follow. The reports will include water sample chemistry, analysis of all core and pressure data, analysis of pumping test data, and recommendations for future well design and individual well yield. These reports should be completed in six to eight weeks.

Southwestern Water's prospect is located in Colorado. Colorado regulation stipulates that the total acre-footage that can be sold is based on the specific yield of the aquifer. Laboratory tests are being conducted to determine this value from the initial well. On this basis and subject to the final engineering reports, the Company estimates that reserves range from 50,000 to 100,000 acre-feet for sale.

Source: Southwestern Water

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