Aspen has commissioned an independent engineering firm to evaluate an initial development program that would see Aspen drill wells targeting productive zones primarily in the Lodgepole formation. The results of that report support Aspen's efforts to begin the development drilling. Aspen is currently reviewing data from its existing production wells in the Daly field and the third party engineering data to finalize its drilling program and capital budget for Manitoba.
Robert Calentine, CEO of Aspen states, "We are enthusiastic about the development of our prospects in the Daly field. Our successful drilling program in 2005 has allowed us to study the characteristics of the wells in this field. We have had an opportunity to evaluate the engineering requirements that will allow us to be more efficient in our development of the initial prospects. In addition, we believe that there are additional wells that can be drilled in other zones in the Lodgepole and Bakken formations."
Aspen is pleased to announce that Mr. Kim Snyder has been hired as Operations Manager. Mr. Snyder will work with Ron Mercer, Aspen's Vice-President of Operations and directly oversee the drilling program in Manitoba. Before joining Aspen, Mr. Snyder was an operational and reserve-engineering consultant with a Calgary based oil and gas engineering firm. Prior to that, Mr. Snyder was with Delphi Energy Corp. where he served in various positions as an operator, contract manger, as well as being responsible for reserve and government reporting. Prior to Delphi Energy, Mr. Snyder was a consultant for numerous oil and gas companies where he assisted in new business development, contract negotiation, and production optimization. From 1981-1995 Mr. Snyder held positions in the marketing, operations, and reservoir engineering departments at Numac Energy Inc.
"Kim's background and experience will be a real asset to Aspen as we move forward with the Manitoba drilling program," stated Ron Mercer. "We appreciate the work he has done on our existing production in Manitoba and look forward to his involvement in the broader program. Kim will work directly with our drilling contractor, Ensign Drilling, who have been extremely helpful in working with us to secure a rig."
Aspen also announced that its offices in Oklahoma City have been closed and all the Company's operations will be conducted out of the Calgary offices.
Aspen owns a 50 percent working interest in the Manitoba leases through its Joint Venture Agreement with Westchester Resources Inc. Aspen is the operator.
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