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,
August 23, 2007. Aspen Exploration
Corporation (OTCBB: ASPN.OB), with offices in Bakersfield, California, and
Denver, Colorado, announced today a successful flow test on a natural gas well
located in the Sacramento Valley gas province of northern California.
The WGU
#15-14 well, located in the West Grimes Gas Field, Colusa County, California,
was directionally drilled to a depth of 7,770 feet and encountered
approximately 80 feet of potential gross 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 1,130 MCFPD. The shut in tubing and shut in casing
pressures were 3,200 psig.
This was the sixteenth successful gas
well out of sixteen attempts by Aspen in this field. Aspen plans to drill one additional well in this field this year
on its 10,000 plus acre leasehold.
Aspen has a 34% operated working interest in this well.
In early September, a completion rig will
be moving to the Morris #12-4 well,
a recently drilled well located in the West Grimes Gas Field.
The Bidart
Bros. #63X-28, a 7,800 foot Stevens oil test, located in Kern County, CA,
was recently drilled and plugged and abandoned.
In the
Sacramento Valley, Aspen has drilled 36 successful gas wells out of 38 attempts
during the last 3 ½ years (95% success rate) and drilled 44 successful gas
wells out of 50 attempts during the last 5 ½ years, a success rate of 88%. Aspen
currently operates 62 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.