Aspen Announces Test Rates on Recent Gas Discoveries

Aspen Exploration has announced production test rates from two recently drilled gas wells. Aspen has drilled seven successful gas wells out of seven attempts thus far this year and anticipates drilling 3 additional wells in the Sacramento Valley gas province of northern California this year.

The Morris #12-2, located in the West Grimes Field, Colusa County, California, was drilled to a depth of 8,400 feet and encountered approximately 73 feet of net gas pay (100 feet gross) in the Forbes Formation. This zone was perforated and tested at a prolific stabilized rate of 4,845 MCFPD of gas with a flowing tubing pressure of 3,350 psig and a flowing casing pressure of 3,400 psig. The shut in tubing pressure was 3,475 psig. Aspen has a 21% operated working interest in this field. We anticipate that drilling will commence on the fourth well in this project, the WGU #15-9, in October 2004. See prior news releases for additional details about Aspen's activities in this field.

The Griffin #1-1, located in the Winters Gas Field, Yolo County, California, was drilled to a depth of 5,000 feet, and encountered 15 net feet of extremely permeable and porous gas pay in the McCune Sand. This zone was perforated and tested at a stabilized rate of 1,385 MCFPD on a 12/64 inch choke. There was very little pressure drawdown during the flow test. The shut in pressure is approximately 2,000 psig. This was the third successful well drilled on a recently acquired farmout package consisting of 6 quality drilling prospects which are leased and defined by 3-D seismic data and well control. We anticipate that drilling will commence on the fourth well in this project, the Meckfessel #1-24, in approximately 2 weeks. Aspen has a 28.75% operated working interest in these wells.

During the last 3 1/2 years, Aspen participated in the drilling of 21 operated wells, 18 of which were completed as gas wells and 3 dry holes which were plugged and abandoned, a success rate of 86%. Aspen currently operates 46 gas wells and has non-operated interests in 16 additional wells in the Sacramento Valley of northern California.

Aspen's increased cash flow coupled with the present inventory of prime drilling acreage provide a sound basis for Aspen's continued growth as a profitable and successful energy producer. Future news releases will keep shareholders informed of Aspen's continuing progress and drilling activity. Because of gas discoveries and acquisitions made during the previous twelve months and favorable gas prices currently in excess of $5.00 per MMBTU, Aspen expects positive earnings for the current fiscal year.
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