Winslow Resources Inc.

Winslow Resources Inc.

March 17, 2005 12:20 ET

Winslow Finalizes Coal Valley CBM Joint Venture and Updates CBM Drilling Activity

CALGARY, ALBERTA--(CCNMatthews - Mar. 17, 2005) - Winslow is pleased
to announce that it has entered into a Joint Venture Agreement with
Richards Oil and Gas Limited and an industry participant to explore and
jointly develop coal bed methane ("CBM") properties in west-central Alberta.
The properties are located in areas of active surface coal mining and were
acquired strategically under an option agreement in 2004 based on technical
data available as a result of the long history of coal mining activity near
the properties. Winslow is excited to participate in what is a widely growing
gas resource development play in Alberta. Our partners have substantial CBM
experience and bring with them the ability to add value to the Coal Valley
and future projects.

Winslow believes Coal Valley is a unique environment for CBM potential within
the Ardley Coals. This area of the foothills has never been drilled
specifically for CBM targets. The Coal Valley is a gently folded syncline
flanked for several miles on either side by coal outcrop and surface coal
mining activity. Three prospective coal seams are buried in the syncline to
optimum depths of 300-1000m. Recent test data in the Coal Valley area confirms
significant gas contents within the Coalspur formation (Ardley Coal equivalent).

A well location has been chosen in Coal Valley to initiate the drilling project.
Expected spud date is early in the second quarter and the industry partner will
be operator of the well. Winslow will have a carried interest in the first well
up to $350,000 and will participate for 27.78% on expenditures over this amount.
The Company overall will retain a 27.78% working interest within the Area of
Mutual Interest ("AMI") in Coal Valley which includes three sections under the
2004 option agreement and five additional contiguous sections of farmin lands.
The lands are ideally located near road access and infrastructure which improves
the economically feasible of the project. Additional well locations and land
acquisitions will be considered for later this year based on the results of the
first well.

Winslow trades on the TSX Venture Exchange under the symbol "WLR" and has
22,515,899 common shares issued and outstanding.

The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.

Contact Information

  • Winslow Resources Inc.
    John Nelson
    Interim President, Vice-President, New Ventures
    (403) 355-1175