Southwestern Water Exploration Co. files lawsuit against former executives and accounting firm

DENVER, Colo., March 3, 2003 -- Southwestern Water Exploration Co. has filed a lawsuit against former CEO Steven B. Misner, former CFO Barbara J. McAllister, KPMG LLP Canada and the American Institute of Formation Evaluation Ltd.

Southwestern Water Exploration Co. is a Colorado corporation engaged in water exploration. The company filed the lawsuit in the U.S. District Court for the District of Colorado.

The action charges Misner and McAllister with, among other things, fraud, civil conspiracy, and breach of fiduciary duty while serving as officers and directors of the company. The lawsuit also alleges professional negligence on the part of KPMG, LLP Canada.