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
Kirk Gas
Field
FOR IMMEDIATE
RELEASE:
DENVER, COLORADO,
May 31, 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 Heidrick
#11-2 well, located in the Kirk
Gas Field, Colusa County, California, was drilled to a depth of 8,300 feet and
encountered approximately 145 feet of potential gross gas pay in several
intervals in the Forbes formation. One
of these intervals was perforated and tested gas on a 1/4 inch choke at a
stabilized flow rate of 5,047 MCFPD
with a flowing tubing pressure of 3,490 psig and a flowing casing pressure of
3,760 psig. The shut in tubing pressure
was 3,700 psig and the shut in casing pressure was 3,850 psig. The well only experienced a 6% pressure
drawdown while flowing at the prolific rate of 5,047 MCFPD, which is indicative
that this zone is capable of flowing at a higher gas rate. Gas sales should commence in the near
future. Aspen has a 41.60% operated
working interest in this well before payout and a 46.55% operated working
interest after payout.
This was the fifth successful gas well
out of six attempts by Aspen in this field.
Aspen is currently drilling the WGU #15-13 well located in the West
Grimes Field, Colusa County, California.
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 58 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.
* * * 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.