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
Web
Site: www.aspenexploration.com
Aspen Exploration Successfully Deepens Prolific Gas Well
and
Increases Flow
Rate to 3,000 MCFPD
Sacramento
Valley, California
FOR IMMEDIATE
RELEASE:
DENVER, COLORADO, March 12, 2007. Aspen Exploration Corporation (OTCBB: ASPN), with offices in Bakersfield,
California, and Denver, Colorado, announced today it has deepened an existing
gas well and increased production from this well to 3,000 MCFPD of natural gas.
The
well, located in the Sacramento Valley gas province of northern California, was deepened 42 feet and is now
producing 3,000 MCFPD from a 70 foot open-hole section in the Forbes
formation. This was a substantial
increase from the prior rate of 500 MCFPD.
A potentially prolific 100' thick zone still remains behind-pipe in this
well. This well has already produced
approximately 200,000 MCF during the first 8 months of production. Aspen
has a 21% operated working interest in this well.
Aspen’s previously announced 11 well
drilling program should commence in April.
In the Sacramento
Valley, Aspen has drilled 29 successful gas wells out
of 30 attempts during the last 3 years (97% success rate) and drilled 37
successful gas wells out of 42 attempts during the last 5 years, a success rate
of 88%. Aspen currently operates 55 gas wells and has
non-operated interests in 20 additional wells in the Sacramento
Valley of northern California
and has non-operated interests in approximately 40 oil wells in Montana.
Future news
releases will keep shareholders informed of Aspen’s continuing progress and drilling
activity. Aspen’s stock is quoted on the OTC Bulletin
Board under the symbol ASPN.OB. For more
information concerning Aspen, 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.
* * * M O R E *
* *
* * * END * * *
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 Aspen’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 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.