Forster Signs Multi-well Deal with Ridgeway



Forster Drilling Corp. has entered into a multi-well daywork contract with Houston-based Ridgeway Petroleum Corp. to drill wells in the St. John Field, which is located in Eastern Arizona and Western New Mexico.

The field is the largest-known undeveloped CO2 resource in North America. Ridgeway controls the St. John Field with approximately 200,000 acres under lease. Forster is in the process of custom building a Rig to Ridgeway's specifications. Forster anticipates deploying the Rig on or before the end of this week.

Forster Drilling Corporation is engaged in three related business activities:

--Providing contract drilling services to independent oil and gas exploration and production companies;
--Acquiring and rebuilding rotary drilling rigs and manufacturing major rig components; and
--Exploring for, development, production, and sale of oil and natural gas.

RELATED COMPANIES
Company: Ridgeway Petroleum more info
 - Ridgeway Announces Name Change (Jun 08)
 - Ridgeway Raises $3.1M in Private Placement (Apr 03)
 - Ridgeway Announces Private Placement (Mar 22)
Company: Forster Drilling Corp. more info
 - Forster Drilling Employs Rig 15 (Mar 03)
 - Forster Drilling Deploys Rig 12 (Feb 26)
 - Forster Drilling Appoints New Director (Feb 25)