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
HEMIS CORPORATION ADVISES ASPEN
ON GOLD PROJECT
FOR IMMEDIATE
RELEASE:
DENVER,
COLORADO, June 13, 2007. Aspen
Exploration Corporation (OTCBB: ASPN.OB), with offices in Bakersfield,
California, and Denver, Colorado, has released information that it has obtained from Hemis Corp.
concerning the Anchor Gold Project in Alaska.
On August 9, 2006, Aspen and Hemis entered into an Agreement whereby
Aspen would provide Hemis with certain exploration information gathered in and
near Cook Inlet, Alaska, along with Aspen’s pending Offshore Prospecting Permit applications. An area of mutual interest was defined;
Aspen was paid $50,000 and is to be paid $50,000 on each anniversary until
production commences. Aspen retains a
5% gross royalty on production.
In its news release issued on June 8, 2007, Hemis
Corporation (OTCBB: HMSO, Frankfurt: XZA) stated that the Anchor Gold project
is in the Cook Inlet of Alaska and is one of Hemis' premium exploration
properties that could have great potential for Hemis. Hemis also announced that it began a preliminary oceanographic
survey on the Anchor Gold project.
Hemis stated that on board instrumentation included a high-precision
cesium magnetometer, a fathometer, side-scan sonar, a bottom sampler and a
StrataBox. Hemis said that it was not
able to use either the StrataBox or the bottom sampler because of high waves
during the period it was conducting the survey. The StrataBox is an instrument capable of imaging through
sediments up to 40 meters thick. Hemis
advised that the survey boat used a GPS control system. Hemis also announced that the survey was
intended to both confirm the results of Aspen Exploration's previous work and
to provide baseline information for a drilling program planned for later in the
2007 exploration season.
According to Hemis’ press
release, the oceanographic survey indicated that the water depth in the area of
interest was less than 10 meters in many of the areas of interest. Hemis said that this was an ideal water
depth from the standpoint of future exploration. Hemis also said that the magnetometer survey confirmed the
position and strength of airborne magnetic surveys taken twenty years ago by
Aspen Exploration. The Hemis press
release quoted Dr. Douglas Oliver, Hemis’ chief geologist, as stating that
"Magnetite and gold often occur together in placer deposits because of
their density. Verifying the off-shore
magnetic anomalies is a big step forward in advancing this project."
Hemis stated that, due to high
waves at the time, it was not yet possible to use the StrataBox or the bottom
sampler. Hemis said that it will
conduct the oceanographic survey in July, and that survey may be expanded to
take into account new data currently being acquired. Hemis also announced that Earthfield Technology had finished
processing new aeromagnetic data purchased from Fugro Airborne Systems. Hemis stated that this data superseded the
original survey taken by Aspen Exploration.
Hemis stated that hoped that the new survey will have both better
geographic controls and will resolve smaller scale features. Hemis said that it was continuing
negotiations with contractors for a late summer drilling program.
The statements contained herein
derived from sources other than Aspen Exploration Corporation are from sources
that Aspen believes are reliable, although Aspen cannot confirm any of the
facts derived from sources other than Aspen.
Hemis stated that the statements contained in its press release which
are not historical are forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from those
expressed in the forward-looking statements, including, but not limited to,
certain delays beyond the company's control with respect to commencement of
drilling operations, concentration in mineral deposits, delays in testing and
evaluation of ore samples, and other risks detailed from time to time in Hemis’
filings with the Securities and Exchange Commission. For further information about the facts derived from the Hemis
press release or the forward-looking information contained therein, please
contact Norman Meier, president, at Hemis Corporation, directly. Mr. Meier can be reached at 41 43 355 0228
or through Hemis’ website at www.hemiscorporation.com.
Aspen is
involved in drilling for natural gas in the Sacramento Valley region of
northern California, and in the production of oil in Roosevelt County,
Montana. For more information
concerning Aspen’s gold projects contact R. V. Bailey, Vice President, in
Aspen’s Denver office at (303) 639-9860.
For more information concerning Aspen’s oil and gas activities, 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.
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 the Company’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 an
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.