ASPEN EXPLORATION CORPORATION
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
Aspen Exploration Tests 2,642 MCFPD Natural
Gas Well
Grimes Gas
Field
Sutter
County, California
FOR IMMEDIATE
RELEASE:
DENVER, COLORADO, July 10, 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 Nelson
#1-10 well, located in the Grimes Gas Field, Sutter County, California,
was directionally drilled to a depth of 8,320 feet and encountered
approximately 100 feet of potential net 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 2,642 MCFPD. The flowing tubing pressure was 1,820 psig
and the flowing casing pressure was 1,870 psig. The shut in tubing and shut in casing pressures
were 2,700 psig. Several potential gas
zones still exist behind pipe. Aspen has a 30.0% operated
working interest in this well.
A drilling rig will be moving to the Morris #12-4 well, located in the West
Grimes Gas Field, Colusa County,
CA in approximately 1 week. An additional drilling rig will be moving to
the Bidart Bros. 63X-28, a 7,800 foot
Stevens oil test, located in Kern
County, CA, in late
July.
In the Sacramento Valley, Aspen has
drilled 34 successful gas wells out of 36 attempts during the last 3 ½ years (94%
success rate) and drilled 42 successful gas wells out of 48 attempts during the
last 5 ½ years, a success rate of 88%. Aspen currently
operates 60 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.