Qwest Energy (2001) Limited Partnership

Qwest Energy (2001) Limited Partnership
Qwest Energy Income Development Limited Partnership

Qwest Energy Income Development Limited Partnership
Qwest Energy II Limited Partnership

Qwest Energy II Limited Partnership
Qwest Energy Development III Limited Partnership

Qwest Energy Development III Limited Partnership

March 14, 2005 19:05 ET

Qwest Energy Enters into Agreements to Sell its Drilling Funds' Oil and Gas Interests to Rock Energy Inc.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: QWEST ENERGY (2001) LIMITED PARTNERSHIP

AND QWEST ENERGY INCOME DEVELOPMENT LIMITED PARTNERSHIP

AND QWEST ENERGY II LIMITED PARTNERSHIP

AND QWEST ENERGY DEVELOPMENT III LIMITED PARTNERSHIP

MARCH 14, 2005 - 19:05 ET

Qwest Energy Enters into Agreements to Sell its
Drilling Funds' Oil and Gas Interests to Rock Energy
Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 14, 2005) - Qwest
Energy is pleased to announce that its four (4) drilling fund limited
partnerships (collectively referred to as "the Qwest Drilling Fund LP's"
as referred to below) have entered into an agreement to sell the
majority of their oil and gas interests to Rock Energy Inc. ("Rock
Energy"), subject to Unitholder approval.

- Qwest Energy 2001 LP

- Qwest Energy Income Development LP

- Qwest Energy II LP

- Qwest Energy Development III LP (collectively the "Qwest Drilling Fund
LP's")

The Qwest Energy Drilling Fund LP's appointed ELM Energy Management Ltd
("EEM") as their drilling program manager and EEM has, to date, managed
the oil and gas investments on behalf of the Qwest Drilling Fund LP's.

In addition, EEM through six (6) private corporations and four (4)
drilling fund partnerships has common interests in many of the same
properties (the "ELM Entities") and EEM has also entered into separate
agreements, on similar terms, to sell to Rock Energy all of the
interests held by the ELM Entities.

The Offer

Rock Energy has agreed to issue an aggregate of 5,660,380 shares and
$18.97 million cash to acquire the oil and gas interests of the Qwest
Drilling Fund LP's.

The transactions have an effective date of January 1, 2005 and, as a
result, the respective purchase prices payable to each of the Qwest
Drilling Fund LP's are subject to a number of closing adjustments.

The amount of cash and the number of shares distributable to the
investors of the Qwest Drilling Fund LP's is subject to final
adjustments as may be necessary to satisfy liabilities of the Qwest
Drilling Fund LP's and to provide for a hold back to satisfy any
unanticipated liabilities arising subsequent to the closing of the asset
sale. As a result, definitive values (exclusive of holdbacks) offered to
limited partners will not be know for approximately another 3-4 weeks at
which time the tangible uncertainties and adjustments should be
finalized.

About the Qwest Drilling Fund LP's Interests

The Qwest Drilling Fund LP's and EEM hold non-operated working interests
ranging from approx 5% to 85% in a number of different plays across the
western Canadian sedimentary basin. The average working interest based
on reserve volumes is approximately 28%. The properties can be
characterized as assets early in their life cycle with future
development opportunities. The core properties (comprising 75% of the
value) being sold are:

- Wild River, Alberta (30% working interest),

- Northeast BC - Parkland, Cypress (12 - 45% working interest),

- Musreau, Alberta (7 - 20% working interest),

- Elmworth/Wapiti, Alberta ( 20 - 45% working interest),

- Girouxville, Alberta (45% working interest), and

- Niton, Alberta (45% working interest).

The collective interests of the Qwest Drilling Fund LP's and the ELM
Entities are currently producing approximately 1,250 boe/d (consisting
of approximately 90% gas with the balance light oil and liquids) and at
January 1, 2005 have proven reserves of 2.899 million boe and proven
plus probable reserves of 4.058 million boe as evaluated by Gilbert,
Laustsen Jung Associates Ltd ("GLJ").

Timing and Procedure

It is expected that the transaction will close in early May, 2005 and
the closing will be subject to regulatory and limited partner approvals.

Information circulars are expected to be mailed to the limited partners
of the Qwest Drilling Fund LP's within four weeks from the date of this
news release, after which (approximately 25 days post mailing) meetings
of the limited partners of each of the Qwest Drilling Fund LP's will be
held to vote on the respective transactions. Closing of any one of the
Qwest Drilling Fund LP's is conditional on closing of all the Qwest
Drilling Fund LP's, unless waived by Rock Energy.

About Rock Energy

Rock Energy is a Calgary, Alberta based TSX listed (symbol RE.TO) junior
oil and gas company with a proven and respected executive management
team (www.rockenergy.ca). Following the closing of the transaction it is
expected that Rock Energy will have 19.6 million shares outstanding
(basic) and total debt of $14.5 million.

Qwest Energy has structured the Agreements entered into with Rock Energy
to provide the Qwest Drilling Fund LP limited partners with several
attractive benefits including fair market value assets valuations,
liquidity and capital appreciation potential through the Rock Energy
shares to be issued to the limited partners.

Rock Energy's Executive Management team is lead by Mr. Allen Bey,
President and CEO. Mr. Bey founded Avid Oil and Gas in 1996 and sold the
company to Husky in 2001 for $160 million. Rock Energy's Board of
Directors includes; Messrs. Stuart Clark, Chairman (Director of Storm
Exploration and Focus Energy Trust) Allen Bey, President and CEO, Peter
Malowany (Vice President Morgas Ltd.), Matthew Brister (President Storm
Ventures Intl.) and James Wilson (Vice President Finance and CFO,
Grizzly Resources Ltd.).

Advisory

This press release contains forward-looking statements that involve
known and unknown risks, uncertainties, assumptions and other factors,
some of which are beyond Qwest Energy's control, that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. Qwest Energy believes that the expectations
reflected in those forward-looking statements are reasonable at the time
made but no assurance can be given that these expectations will prove to
be correct and such forward-looking statements included in, or
incorporated by reference into, this press release should not be unduly
relied upon. These statements speak only as of the date of such
information, as the case may be, and may be superseded by subsequent
events. Qwest Energy does not intend, and does not assume any
obligation, to update these forward-looking statements.

This press release contains references to barrels of oil equivalent
(boe), boes maybe misleading, particularly if used in isolation. A boe
conversion of 6 mcf to 1 barrel of oil is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Qwest Energy Corp.
    Maurice Levesque
    President & Director
    (604) 602-1142
    www.qwestenergy.com