Aspen Exploration to Begin 10 Well Drilling Program

Aspen Exploration plans to drill approximately 10 wells this year in the Sacramento Valley gas province of northern California. Aspen typically drills its wells during the "dry" season that is from April through November. This eliminates the necessity of "wet weather" locations that can increase drilling costs considerably. Aspen completed 10 gas wells out of 10 attempts during the 2004 drilling season, and has completed 21 gas wells out of 24 attempts (87.5% success rate) during the last 4 drilling seasons.

Five of these wells planned for 2005 will be in the West Grimes gas field. The wells in this field produce from multiple Forbes intervals ranging in depth from 6,000 feet to 8,500 feet and have produced over 80 BCF of gas to date since it was discovered in 1960. Numerous wells in this immediate area have produced at very prolific flow rates (4,000 MCFPD), have yielded excellent per well reserves (3 to 4 BCF per well), and have long productive well lives. Several of the 10 producing wells that Aspen acquired in this field two years ago (see prior news releases) have been producing for 40 years. Aspen believes that several of these wells may have additional gas potential in behind-pipe zones, which have not yet been perforated. Aspen drilled 4 gas wells out of 4 attempts in this field last year. These wells were drilled based on a recently acquired 10.5 square mile 3-D seismic program located over Aspen's 5,000 plus leased acres in this field. Ten additional excellent drilling prospects have been identified. Aspen has a 21% operated working interest in this field.

Two of the wells to be drilled will be located in the Malton Black Butte Field, Tehama County, California. Aspen currently operates 6 wells in this field. The depths of the productive formations range from 1,800 feet to 6,000 feet. Several of Aspen's wells have been producing for over 30 years and have produced excellent gas reserves for these shallow depths. Aspen's planned wells in this field will be drilled to 5,000 feet in an effort to discover approximately 1.5 BCF (billion cubic feet) per well from the Forbes and Kione formations. This field has produced 140 BCF of gas to date. Aspen has a 21% operated working interest in this field.

Aspen's other 3 wells planned for 2005 will be located in the Winters (1) and Kirk Buckeye (2) gas fields. The actual timing and drilling of these wells will be contingent on permits and drilling rig availability.