Aspen Exploration Drills Eighth Successful Gas Well This Year

Aspen Exploration has drilled its eighth consecutive gas discovery in the Sacramento Valley gas province of northern California.

The WGU #15-10 well located in the West Grimes Gas Field, Colusa County, California, was directionally drilled to a depth of 8,520 feet (7,975 feet TVD) and encountered approximately 100 feet of potential 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% operated working interest in this well.

Aspen is currently drilling the Street #1-3, Aspen's tenth well this year, located in the Winters Gas Field, Yolo County, California. Aspen also has plans to drill additional wells in the upcoming "winter" season.

Aspen drilled ten successful gas wells out of ten attempts in 2004 for a 100% success rate, and eight gas wells out of nine attempted thus far in 2005. During the last 5 years, Aspen has participated in the drilling of 33 operated wells, 29 of which were completed as gas wells, and 4 dry holes which were plugged and abandoned, a success rate of 88%. Aspen currently operates 51 gas wells and has non-operated interests in 15 additional wells in the Sacramento Valley of northern California.