Qwest Energy (2001) Limited Partnership

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

Qwest Energy II Limited Partnership

Qwest Energy II Limited Partnership
Qwest Energy Development III Limited Partnership

June 23, 2005 17:43 ET

Qwest Energy Closes Divestiture Transactions with Rock Energy Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 23, 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 described below) have closed the transactions to sell the Qwest Drilling Fund LP's oil and gas interests to Rock Energy Inc. ("Rock Energy"), as approved by the limited partners of the Qwest Drilling Fund LP's.

- 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")

Timing and Procedure

The General Partners of the Qwest Drilling Fund LP's anticipate distributing the Rock Energy shares and net cash (i.e. excluding the 5% hold back), on a pro-rata basis, to limited partners by mid July. It is expected the hold back proceeds of the transaction will be released, net of any adjustments, on September 15, 2005, on a pro-rata basis, to the limited partners of the Qwest Drilling Fund LP's. The Rock Energy shares to be distributed to limited partners of the Qwest Drilling Fund LP's are subject to a four month hold period, which will expire late October, 2005.

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.).


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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