Aspen Exploration Drills Sixth Consecutive Successful Gas Well This Year

Aspen Exploration reports its sixth consecutive gas discovery in the Sacramento Valley gas province of northern California.

The Farnsworth #3-35 well, located in the Grimes Gas Field, Colusa County, California, was drilled to a depth of 7,500 feet and encountered approximately 80 feet of potential gross gas pay in several intervals in the Forbes formation. Production casing was run based on favorable mud log and electric log responses. Aspen has a 21.00% operated working interest in this well.

Aspen also announced that the first four gas wells it completed this year are currently connected to the pipeline and are selling gas at the combined gross rate of approximately 4,500 MCFPD. These wells are capable of flowing at higher gas rates, but Aspen chooses to produce these wells in a conservative manner in an effort to extend the longevity of the production. The fifth well will be perforated and tested in the near future.

Additionally, Aspen recompleted the Pope Bypass #1-5 well located in the Winters gas field for a rate of 500 MCFPD. This well was drilled in May 2003 and encountered approximately 70 feet of gas pay in the Winters formation. It has produced nearly 800,000 MCF to date and we believe there are several behind-pipe zones remaining in the well. Aspen has a 25.4% operated working interest in this well.

We will now move a rig on location drill the Kalfsbeek #1-13 well, Aspen's eighth well this year, located in the Buckeye Gas Field, Colusa County, California. Following the Kalfsbeek #1-13 well, Aspen currently has scheduled 2 additional wells to drill this year in the Sacramento Valley and is also evaluating the drilling and/or completion of additional wells in the upcoming "winter" season.