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
Denverton
Creek Field
FOR IMMEDIATE
RELEASE:
DENVER, COLORADO, April 16, 2007. Aspen Exploration Corporation (OTCBB: ASPN), with offices in Bakersfield,
California, and Denver, Colorado, announced today it has deepened an existing
gas well and discovered potentially productive additional horizons from this
well.
The Emigh
#34-1 well, located in the Denverton Creek Field, Solano County, California,
was deepened from a depth of 10,200 feet to 10,761 feet, and encountered
potential gas pay in the Third Starkey and Petersen formations. A production liner was run based on
favorable mud log and electric log responses.
Aspen has drilled 13 gas wells out of 16 attempts in this field. Aspen has a 45% operated working interest in
this well.
The Emigh
#34-1 well has special significance to Aspen. This well was originally discovered by Aspen in 1996 and was
Aspen’s first major gas discovery in California. This gas discovery occurred approximately one year after opening
up a California office in 1995 (Aspen has had a Denver office since 1980). Since this discovery, this well has produced
in excess of 2 BCF (billion cubic feet), led to additional discoveries in this
field which have produced an additional 8 BCF, extended the Denverton Creek
Field 2 miles to the northeast, and discovered new producing horizons. There are currently 10 producing horizons in
this field. Aspen has ventured into
numerous other areas in the Sacramento Valley and has had excellent success.
The Emigh
#34-1 commences Aspen’s previously announced 11 well drilling program. The next well drilled will be the WGU #14-10
located in the West Grimes Field, Colusa County, CA.
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.
* * * M O R E *
* *
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.
* * * 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.