Qwest Energy Development III Limited Partnership

Qwest Energy Development III Limited Partnership

March 15, 2005 17:23 ET

Qwest Energy Development III Limited Partnership Status of Reserves Evaluation


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: QWEST ENERGY DEVELOPMENT III LIMITED PARTNERSHIP

MARCH 15, 2005 - 17:23 ET

Qwest Energy Development III Limited Partnership
Status of Reserves Evaluation

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2005) - Qwest
Energy Development III Limited Partnership wishes to advise investors
that the British Columbia Securities Commission is of the opinion that
the Partnership's reserves evaluation dated May 14, 2004 was not
prepared fully in accordance with the independent reserves evaluator
requirements of National Instrument 51-101. However, for the reason
described below, the Commission is not requiring the Partnership to
reissue the May 14, 2004 report.

The basis for the Commission's opinion was that at the time of the
report's preparation by the Calgary-based engineering firm of Gilbert
Laustsen Jung Associates Ltd. ("GLJ"), Mr. Daryl Gilbert, then the
President of GLJ - while he did not participate in the preparation of
the report - was a member of the Board of Directors of the General
Partner of the Partnership.

In light of the subsequent resolution of this question of independence
as a result of Mr. Gilbert's long-planned retirement from his position
as President of GLJ effective January 31, 2005, after a 26 year career,
and his retirement from the Board of the Partnership's General Partner
earlier this month, and the fact that the Partnership will be releasing
an updated reserves evaluation prepared by GLJ later this month as part
of its ongoing reporting requirements, the Commission is not requiring
the Partnership to reissue the May 14, 2004 report.

Qwest Energy is an oil and gas investment management company focused on
identifying and delivering Canadian oil and gas investment opportunities
to investors. Our oil and gas drilling programs provide individual
investors the opportunity for, and benefits from, ownership in oil and
gas wells drilled with recognized oil and gas companies.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Qwest Energy Development III Management Corp.
    Cindy Bower, Manager, Business
    Development & Client Services
    (604) 602-1142 or 1-866-602-1142
    cbower@qwestenergy.com
    www.qwestenergy.com