Southwestern Water retains independent accounting firm for internal investigation

DENVER, Colo., Dec. 23, 2002 -- Southwestern Water Exploration Co., a Colorado corporation engaged in water exploration, Monday announced that it has retained the accounting firm of Gelfond Hochstadt Pangburn, P.C. for the purposes of conducting an internal independent investigation of the company's business operations for the fiscal years 2001 and 2002.

Tor Boswick, the company's chief executive officer and chairman of the board, stated, "in light of recent events, we feel this investigation is appropriate to reassure our shareholders. We will take all appropriate actions upon receipt of the investigation's results. The new management team of Southwestern Water Exploration Co. is excited to begin the challenge of moving the company forward in the coming year."