Aspen Exploration Reports Strong Annual 2006 Results

Aspen Exploration Corporation (OTC BB:ASPN.OB) announced results for its fiscal year ended June 30, 2006. For the fiscal year, the Company reported revenues of $5,979,000, an increase of 45%, as compared to the year-earlier period revenues of $4,127,000, and net after tax profit of $2,970,000, or $0.40 per diluted share compared to $1,487,000 a year earlier, or $0.22 per diluted share.

The Company reported higher revenues as a result of an increase in production volumes from recent gas discoveries and higher prevailing prices for natural gas. Gas production for the fiscal year ended June 30, 2006 averaged 1,843 MCF per day, an increase of 8% versus the same period in fiscal 2005. Net income before interest, depletion, depreciation and taxes increased 55% to $5,570,000, or $0.75 per diluted share, compared to $3,585,000, or $0.53 per diluted share, for the prior twelve month period. The Company had pre-tax income of $4,007,000, or $0.54 per diluted share, compared to pre-tax income of $2,206,000, or $0.33 per diluted share, for the prior twelve month period.

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