ASPEN EXPLORATION CORPORATION

2050 S. Oneida St., Ste. 208

Denver, CO 80224-2426

Telephone: (303) 639-9860

Fax: (303) 639-9863

Email: aecorp2@qwest.net

ASPEN EXPLORATION ANNOUNCES 11 WELL DRILLING PROGRAM

FOR IMMEDIATE RELEASE:

DENVER, COLORADO, February 20, 2007. Aspen Exploration Corporation (OTCBB: ASPN.OB), an energy company with offices in Bakersfield, California, and Denver, Colorado, announced today details on its 2007 drilling program. The Company plans to drill approximately 9 gas tests this year in the Sacramento Valley gas province of northern California and 2 oil tests in Kern County, California. Aspen drilled ten successful gas wells out of eleven attempts in 2006 for a 91% success rate, and nine gas wells out of ten attempts in 2005. During the last 6 years, Aspen has participated in the drilling of 45 operated wells, 38 of which were completed as gas wells, and 7 dry holes, a success rate of 84%.

We anticipate that five of these new wells will be in the West Grimes Gas Field, Colusa County, California. The wells in this field produce from multiple Forbes intervals ranging in depth from 6,000 feet to 8,500 feet and have produced over 80 BCF of gas to date since it was discovered in 1960. Numerous wells in this immediate area have produced at very prolific flow rates (4,000 MCFPD), have yielded excellent per well reserves (3 to 4 BCF per well), and have long productive well lives. Several of the 10 producing wells that Aspen acquired in this field four years ago have been producing for 40 years. Aspen believes that several of these wells may have additional gas potential in behind-pipe zones, which have not yet been perforated. Aspen drilled 12 gas wells out of 12 attempts in this field during the past three years. These wells were drilled based on a 10.5 square mile 3-D seismic survey over a portion of Aspen’s 7,000 plus leased acres in this field. Several additional excellent drilling prospects have been identified. Aspen has a 21% operated working interest in this field.

Aspen’s other 4 wells in the Sacramento Valley are expected to be located in the Grimes (2), Denverton Creek (1), and Kirk (1) gas fields. Aspen’s working interest in these 4 wells will range from 30% to 45%. Aspen also intends to drill a deep, high potential oil test in Kern County which, if successful, could lead to multiple additional drilling locations. A Stevens oil test is also planned in the Rosedale Ranch Field, Kern County, California. The actual timing and drilling of these wells will be contingent on permits and drilling rig availability.

In other news, Aspen entered into a gas sales contract to sell Enserco 2,000 MMBTU of gas per day at a fixed price of $7.65 per MMBTU less transportation and other expenses. The contract is for the term April 1, 2007 through October 31, 2007. Aspen’s current contracts with Enserco, 2,000 MMBTU of gas per day at a fixed price of $10.15 per MMBTU and 2,000 MMBTU of gas per day at a fixed price of $7.30 MMBTU, both expire on March 31, 2007.

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Aspen’s stock is quoted on the OTC Bulletin Board under the symbol ASPN.OB. For more information concerning oil and gas operations contact Bob Cohan, President and CEO, in Aspen’s Bakersfield office at (661) 831-4669. Aspen’s web page can be found at www.aspenexploration.com.

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DISCLAIMER

This news release contains information that is “forward-looking” in that it describes events and conditions which Aspen Exploration Corporation (“Aspen”) reasonably expects to occur in the future. Expectations for the future performance of the business of Aspen are dependent upon a number of factors, and there can be no assurance that Aspen will achieve the results as contemplated herein and there can be no assurance that Aspen will be able to conduct its operations or production from its properties will continue as contemplated herein. Certain statements contained in this report using the terms “may,” “expects to,” and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks which are beyond the Company’s ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. These risks include, but are not limited to: the possibility that the described operations (including any proposed exploration or development drilling) will not be completed on economic terms, if at all, or the estimates of reserves may not be accurate. The exploration for, and development and production of, oil and gas are an enterprises attendant with high risk, including the risk of fluctuating prices for oil and natural gas, imports of petroleum products from other countries, the risks of not encountering adequate resources despite expending large sums of money, and the risk that test results and reserve estimates may not be accurate, notwithstanding appropriate precautions. Many of these risks are described herein and in Aspen’s annual report on Form 10-KSB, and it is important that each person reviewing this report understand the significant risks attendant to the operations of Aspen. Aspen disclaims any obligation to update any forward-looking statement made herein.