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 ANNOUNCES TWO SUCCESSFUL GAS WELLS
FOR IMMEDIATE RELEASE:
DENVER, COLORADO, June 23, 2008. Aspen
Exploration Corporation (OTCBB: ASPN.OB), with offices in
Bakersfield, California and Denver, Colorado, announced
that Aspen
has completed the drilling of two
wells from its 2008 drilling program. The SJDD #11-1 well, located
in the Cache Creek Gas Field, Yolo County, California, was drilled
to a depth of 4,111 feet and encountered approximately 24 feet of
potential gross gas pay in two intervals in the Starkey formation.
One of these intervals was perforated and tested gas on a 10/64”
choke at a stabilized flow rate of 750 MCFPD and 1380 psig flowing
casing pressure. The shut in tubing pressure was 1440 psig and shut
in casing pressure was 1500 psig. Aspen has a 30% operated working
interest in this well. Gas sales commenced May 20, 2008.
The
Johnson Unit #13 well, located in the Malton
Black Butte Field, Tehama
County, California, was drilled to a depth of 4,896 feet and
encountered approximately 125 feet of potential gross gas pay in
several intervals in the Forbes formation. This well is currently
shut in awaiting completion.
Aspen has a 31% operated working interest in this well.
Drilling commenced on the Eastby
#1-1 well located in the Malton Black Butte Field in Glenn County,
California. This well is scheduled to test the Forbes Formation at
a total depth of approximately 5,010 feet. Total cost of the well
is estimated at $1,000,000; Aspen has a 30.00% operated working
interest in this well.
Aspen has entered into an agreement
to participate as a non-operated partner in a new exploration
program in the Malton-Black Butte Gas Field in Glenn and Tehama
Counties, California. This area is east of Aspen’s Malton Black
Butte project. Several prospects have been identified in this area
that will target Eocene, Kione, and Forbes objectives at depths
ranging from 1700 to 5800 feet. The first three wells in this
project have been completed as gas wells. The fourth well commenced
drilling this week, and additional wells are planned in this project
for the Fall of 2008. Aspen has a non-operated 7% working interest
in the project.
Seismic processing has been
completed on Aspen’s Strain Ventures 3D-seismic program in Colusa
County, California. This 12-square mile survey is adjacent to
Aspen’s prolific West Grimes Gas Field. Interpretation of this data
by Aspen’s consultants is in progress and preliminary results have
revealed several potential targets. Aspen plans to drill at least
two prospects in the West Grimes-Strain Ventures area in the Fall of
2008, contingent upon rig availability and approval of necessary
permits. Aspen has a 32% operated working interest in this project.
Aspen
currently operates 66 producing gas wells in California and also has
an interest in 25 non-operated gas wells.
* * * M O R E * * *
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%. Average
gross daily production for the months of April and May, 2008, was
287 barrels oil per day. This field also produces a
substantial amount of water that is disposed of by injection into a
subsurface formation. Aspen believes that ongoing remedial work
will increase production over time.
Geologists familiar with the Poplar Field believe the Bakken and
Nisku Formations, deeper horizons than those currently being
produced, have potential in this field.
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.
* * *
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.