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 15,
2006. Aspen Exploration Corporation
(OTCBB: ASPN), with offices in
Bakersfield, California, and Denver, Colorado, announced today a successful
flow test on a recently drilled gas well in the Sacramento Valley gas province
of northern California.
The Ridge
#1-15 well, located in the Rice Creek Gas Field, Tehama County, California,
was drilled to a depth of 5,755 feet and encountered over 100 feet of potential gross gas pay in several
intervals in the Forbes formation. One
of these Forbes intervals was perforated and tested gas on a 3/16 inch choke at
a stabilized rate of 1,750 MCFPD with a flowing tubing pressure of
2,150 psig and a flowing casing pressure of 2,150 psig. Aspen has a 23.33% operated working interest
in this well.
The completion rig is now moving to
commence the initial completion work on four additional 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.