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 Gas Field
FOR IMMEDIATE
RELEASE:
DENVER, COLORADO,
June 25, 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
#15-13 well, located in the West
Grimes Gas Field, Colusa County, California, was directionally drilled to a
depth of 8,300 feet and encountered approximately 50 feet of potential 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 1,764
MCFPD. The shut in tubing pressure
was 4,020 psig and the shut in casing pressure was 4,030 psig. This was the fourteenth successful gas well
out of fourteen attempts by Aspen in this field. Aspen plans to drill three additional wells in this field this
year on its 10,000 plus acre leasehold. Aspen has a 21.0% operated working
interest in this field.
Aspen recently drilled a dry hole, the
Reason Farms #18-1, located in the Grimes Gas Field, Sutter County, California
and is currently drilling the Nelson
#1-10 well, also located in this prolific gas field.
In the Sacramento Valley, Aspen has
drilled 33 successful gas wells out of 35 attempts during the last 3 ½ years
(94% success rate) and drilled 41 successful gas wells out of 47 attempts
during the last 5 ½ years, a success rate of 87%. Aspen currently operates 59 gas wells and has non-operated interests in 21
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.