DENVER, Colo., Dec. 20, 2002 -- Southwestern Water Exploration Co., a Colorado corporation engaged in water exploration, Friday announced that independent sources have revealed that the fair market value of the potential water reserves discovered by the company in its Rehoboth #1 exploration discovery can not be calculated at this time.
The company can confirm, however, that engineering reports prepared by Knight Piesold and Southwestern Water revealed that the aquifer located in Colorado has a minimum of 129,000 acre feet available for development with an expected yearly production rate of 2,904 acre feet per year.
Tor Boswick, the company's chief executive officer and chairman of the board, stated "Southwestern Water Exploration Company has begun the process of marketing the opportunity to develop this reservoir for the benefit of potential end users, and the company's expectation is that the market in Colorado will determine the ultimate price per acre foot."
