ASPEN EXPLORATION CORPORATION
2050 S. Oneida St., Ste. 208
Denver, CO  80224-2426
Telephone:  (303)  639-9860
Fax:  (303)  639-9863
Email:  aecorp2@qwestoffice.net
Web Site:  www.aspenexploration.com

ASPEN EXPLORATION MOVES AHEAD WITH DRILLING, PRODUCTION

FOR IMMEDIATE RELEASE:

DENVER, COLORADO, April 14, 2008.  Aspen Exploration Corporation (OTCBB: ASPN.OB), with offices in Bakersfield, California and Denver, Colorado, announced that drilling commenced on the Johnson Unit #13 well located in the Malton-Black Butte Field in Tehama County, California.  This well is scheduled to test the Forbes Formation at a total depth of about 4,800 feet.  Total cost of the well is estimated at $834,000; Aspen has a 31% operated interest in the well.

Drilling rigs are expected to be in short supply in California in the summer drilling season of 2008 because many operators are seeking production due to natural gas prices that have recently exceeded $10 per MMBTU.  For this reason Aspen plans to promptly move the rig from the Johnson Unit #13 well to two additional locations in Yolo and Glenn Counties, CA.  In addition to the Johnson well, Aspen has a goal of drilling up to 7 more gas tests in the 2008 drilling season, but this goal may be changed based on results of the drilling operations and available funds.

Interpretation of the seismic data obtained in a 3-D seismic program in Colusa County, CA in late March 2008 is proceeding with the objective of defining possible targets for additional gas well drilling.

In 2007 Aspen acquired a 12.5% working interest in the Poplar producing oil field in Roosevelt County, Montana.  After 110% payout, Aspen’s interest will revert to 10%.  The gross production from this field for the month of March 2008 was 9,323 barrels for an average daily production of 300 barrels.  This field also produces a substantial amount of water that is disposed of by injection into a subsurface formation.

For more information, contact R. V. Bailey, CEO, in Aspen’s Denver office at 303-639-9860.  Aspen invites interested parties to visit Aspen’s web site at www.aspenexploration.com and be sure to register in the contact box for updated news releases and other information.

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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 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.