<Page>

                                                                    EXHIBIT 99.1


            SOUTHWESTERN WATER BEGINS MARKETING COLORADO OPPORTUNITY

DENVER, Colorado, December 20, 2002 - Southwestern Water Exploration Company, a
Colorado corporation engaged in water exploration (the "Company"), today
announced that independent sources have revealed that the fair market value of
the potential water reserves discovered by the Company in its Rehoboth #1
exploration discovery can not be calculated at this time.

The Company can confirm, however, that engineering reports prepared by Knight
Piesold and Company revealed that the aquifer located in Colorado has a minimum
of 129,000 acre feet available for development with an expected yearly
production rate of 2,904 acre feet per year. Tor Boswick, the Company's chief
executive officer and chairman of the board, stated "Southwestern Water
Exploration Company has begun the process of marketing the opportunity to
develop this reservoir for the benefit of potential end users, and the company's
expectation is that the market in Colorado will determine the ultimate price per
acre foot."

STATEMENTS MADE IN THIS PRESS RELEASE INCLUDE FORWARD-LOOKING STATEMENTS MADE
PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. SUCH STATEMENTS INVOLVE CERTAIN RISKS AND UNCERTAINTIES THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE
FORWARD-LOOKING STATEMENTS. INFORMATION ON SIGNIFICANT POTENTIAL RISKS AND
UNCERTAINTIES THAT MAY CAUSE SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO,
THOSE MENTIONED BY THE COMPANY FROM TIME TO TIME IN ITS FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION. THE WORDS "BELIEVE," "ESTIMATE," "EXPECT,"
"INTEND," "ANTICIPATE," "SHOULD" AND SIMILAR EXPRESSIONS AND VARIATIONS THEREOF
IDENTIFY CERTAIN OF SUCH FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE
DATES ON WHICH THEY WERE MADE. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY
UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS, OR OTHERWISE. READERS ARE CAUTIONED THAT ANY SUCH
FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVE
RISKS AND UNCERTAINTIES, AND, THEREFORE, READERS SHOULD NOT PLACE UNDUE RELIANCE
ON THESE FORWARD-LOOKING STATEMENTS.