Ridgeway Petroleum Corp. has announced that the four wells it has been drilling in North America have all produced deposits of CO2.

Having completed the drilling of these initial four, the company is currently engaged in drilling operations on two additional wells. Ridgeway Petroleum is a development stage, enhanced oil recovery (EOR), company that controls approximately 200,000 acres of land within the St Johns Helium/CO2 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 CO2 suppliers and EOR producers. The Company's strategic focus for CO2 delivery and EOR production is the Permian Basin where significant potential exists for enhanced oil recovery from mature, depleted oil fields.

As previously reported the gas from the first well in the programme was tested and showed 94 per cent CO2 and 0.8 per cent Helium. The test results to date have confirmed that natural production from the Ft Apache and Granite Wash welled areas can occur without reservoir stimulation, and based on past results will significantly be improved with frac technology.