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
West
Grimes Field
FOR IMMEDIATE
RELEASE:
DENVER, COLORADO,
May 29, 2007. Aspen Exploration
Corporation (OTCBB: ASPN.OB), with offices in Bakersfield, California, and
Denver, Colorado, announced today a successful flow test on a prolific gas well
located in the Sacramento Valley gas province of northern California.
The WGU
#14-10 well, located in the West
Grimes Field, Colusa County, California, was directionally
drilled to a depth of 8,460 feet and encountered approximately 55 feet of
potential net gas pay in several intervals in the Forbes formation. One of these intervals was perforated and
tested gas on a 12/64 inch choke at a stabilized flow rate of 2,678 MCFPD with a flowing tubing
pressure of 3,300 psig and a flowing casing pressure of 3,480 psig. The shut in tubing and casing pressures were
3,810 psig. Gas sales should commence in
the near future.
The completion rig will be moving to the Heidrick #11-2 well, located in the
Kirk Gas Field, Colusa County, California.
This was the thirteenth successful gas
well out of thirteen attempts by Aspen in this field. Aspen is currently drilling the WGU #15-13 well and
plans to drill three additional wells in this field this year on its 10,000
plus acre leasehold. Aspen has a 21%
operated working interest in this field.
The Emigh
#34-1 well, located in the Denverton Creek Field, Solano County,
California, was recently perforated in the Petersen formation. This zone appears to have extremely low
permeability and the well will be monitored and evaluated to determine if an
acid job could enable this zone to produce at commercial flow rates.
* * * M O R E * * *
In the Sacramento Valley, Aspen has
drilled 32 successful gas wells out of 33 attempts during the last 3 ½ years
(97% success rate) and drilled 40 successful gas wells out of 45 attempts
during the last 5 ½ years, a success rate of 89%. Aspen currently operates 57 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 33 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.
* * * 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.