The well, located in the Sacramento Valley gas province of northern California, was deepened 42 feet and is now producing 3,000 MCFPD from a 70-foot open-hole section in the Forbes formation. This was a substantial increase from the prior rate of 500 MCFPD. A potentially prolific 100' thick zone still remains behind-pipe in this well. This well has already produced approximately 200,000 MCF during the first 8 months of production. Aspen has a 21% operated working interest in this well.
Aspen's previously announced 11-well drilling program should commence in April.
In the Sacramento Valley, Aspen has drilled 29 successful gas wells out of 30 attempts during the last 3 years (97% success rate) and drilled 37 successful gas wells out of 42 attempts during the last 5 years, a success rate of 88%. Aspen currently operates 55 gas wells and has non-operated interests in 20 additional wells in the Sacramento Valley of northern California and has non-operated interests in approximately 40 oil wells in Montana.
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