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 EXPLORATION ANNOUNCES DIVIDEND
For immediate release:
Denver, Colorado, November 8, 2006.
Aspen Exploration Corporation (OTCBB: ASPN) president Robert A. Cohan
announced today that the Aspen board of directors has voted to declare a cash
dividend of $0.05 per share payable on or about December 6, 2006 to
shareholders of record November 20, 2006.
This announcement follows the October 12, 2006 news release by Aspen that the company
had revenues of $5,979,000 and net after tax profit of $2,970,000, or $0.40 per
diluted share, for the fiscal year ended June 30, 2006. Net income before interest, depletion,
depreciation and taxes increased 55% to $5,570,000, or $0.75 per diluted share. Pre-tax income was $4,007,000, or $0.54 per
diluted share.
Mr. Cohan also stated that the board
of directors concluded that the possibility of future dividends would be
reviewed on an annual basis, with corporate earnings the key and determining
factor in any such future reviews.
For the past 10 years Aspen has primarily been carrying out exploration and
development for natural gas in the Sacramento
Valley area of California.
During the past 6 years Aspen has
participated in the drilling of 46 wells operated by Aspen, 39 of which were completed as gas
wells, a success rate of 85%. Aspen currently operates
56 gas wells and has non-operated interests in 20 additional wells. The September 4, 2006 issue of the Oil &
Gas Journal named Aspen
among the Top 20 Fastest Growing companies for 2005 based on percentage growth
in stockholder equity.
Aspen recently entered into two gas contracts
for approximately 40% of its operated production. A five-month contract (20%) beginning
November 2006 is for $10.15 per MMBTU, and a four-month contract (20%)
beginning December 2006 is for $7.30 per MMBTU.
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* * M O R E * * *
Aspen’s stock is
quoted on the OTC Bulletin Board under the symbol ASPN. For more information concerning oil and gas
operations 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.
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* * E N D * * *
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 the Company’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 an 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.