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, July
30, 2007. Aspen Exploration Corporation
(OTCBB: ASPN.OB), with offices in Bakersfield, California, and Denver,
Colorado, announced today it has drilled a new gas well located in the
Sacramento Valley gas province of northern California.
The Morris
#12-4 well, located in the West Grimes Gas Field, Colusa County, California,
was drilled to a depth of 8,007 feet and encountered approximately 115 feet of
potential gross gas pay in several intervals in the Forbes formation. Production casing was run based on favorable
mud log and electric log responses. This
was the fifteenth successful gas well out of fifteen attempts by Aspen in this
field. Aspen plans to drill two
additional wells in this field this year on its 10,000 plus acre leasehold. Aspen
has a 21% operated working interest in this well.
A drilling rig will be moving to the WGU #15-14 well, located in the West
Grimes Gas Field, Colusa County, CA in approximately 3 days. 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 early August.
In the Sacramento Valley, Aspen has
drilled 35 successful gas wells out of 37 attempts during the last 3 ½ years (95%
success rate) and drilled 43 successful gas wells out of 49 attempts during the
last 5 ½ years, a success rate of 88%. Aspen currently operates 61 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.