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
FOR IMMEDIATE
RELEASE:
DENVER, COLORADO, August 4, 2006. Aspen Exploration Corporation (OTCBB: ASPN), with offices in Bakersfield,
California, and Denver, Colorado, announced today a new gas well in the
Sacramento Valley gas province of northern California.
The Alston
#23-2 well, located in the Rice Creek Gas Field, Tehama County, California,
was drilled to a depth of 5,700 feet and encountered approximately 50 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 ninth successful
gas well out of ten attempts by Aspen in this field. Aspen has a 38.75% operated working interest in this well.
Aspen also recently drilled and plugged
and abandoned a deep well in Kern County, California after encountering
excessive borehole problems. The target
objective was never reached.
Aspen entered into a gas sales contract
for approximately 20% of its operated production, at a fixed gross PG&E
Citygate price of $10.15 per MMBTU, for the five month period from November
2006 through March 2007.
Aspen drilled nine successful gas wells
out of eleven attempts thus far in 2006, and nine gas wells out of ten attempts
in 2005. During the last 6 years, Aspen
has participated in the drilling of 45 operated wells, 38
of which were completed as gas wells, and 7
dry holes, a success rate of 84%. Aspen currently operates 55 gas wells and has non-operated interests in 20
additional wells in the Sacramento Valley of northern California.
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.
* * * M O R E *
* *
* * * 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 appro
priate 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.