ASPEN EXPLORATION CORPORATION
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
Aspen Hits New Gas Pool
Butte Sink
Gas Field
Colusa
County, California
FOR IMMEDIATE RELEASE:
DENVER, COLORADO, November 6, 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 Delta
Farms #10 well, located in the Butte Sink Gas Field, Colusa County, California,
was directionally drilled to a depth of 5,600 feet and encountered over 100
feet of potential gross gas pay in several intervals in the Forbes and Kione formations.
Production casing was run based on
favorable mud log and electric log responses.
If the Forbes intervals prove to be productive in this well, it will be
a new pool discovery for this field which has produced over 7.5 BCF, primarily
from the shallower Kione formation. Aspen has additional
potential locations based on 3-D seismic data and well control on its 1,000
acre leasehold in this field. Aspen owns a 38% operated
working interest before payout and a 44.3% working interest after payout in
this well.
In the Sacramento Valley,
Aspen has
drilled 38 successful gas wells out of 41 attempts during the last 4 years (93%
success rate) and drilled 46 successful gas wells out of 53 attempts during the
last 6 years, a success rate of 87%. Aspen currently
operates 64 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 27 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.