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, September 12,
2006. Aspen Exploration Corporation
(OTCBB: ASPN), with offices in
Bakersfield, California, and Denver, Colorado, announced today a successful
recompletion and flow test on an existing gas well in the Sacramento Valley gas
province of northern California.
Aspen recompleted the Pope Bypass #1-5 well located in the
Winters gas field, Yolo County, California, for a rate of 650 MCFPD with a
flowing tubing pressure of 1,850 psig and a flowing casing pressure of 1,865
psig. The well is capable of higher
flow rates, but Aspen has restricted production in anticipation of higher gas
prices this winter. This well was
drilled in May 2003 and encountered approximately 70 feet of gas pay in the
Winters formation. It has produced
approximately 815,000 MCF of gas to date and we believe there are several behind-pipe
zones remaining in the well. Aspen has
a 25.4% operated working interest in this well.
The completion rig is currently moving to
Tehama and Colusa Counties to commence the initial completion work on five
wells, which Aspen drilled during the past few months. Aspen also announced it will be
participating in the drilling of two additional wells (one operated and one
non-operated) in the Sacramento Valley in the near future.
Aspen drilled ten successful gas wells
out of ten attempts in 2004 for a 100% success rate, 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.
* * * 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.