Aspen Exploration Drills 9th Successful Gas Well This Year

Aspen Exploration has ninth consecutive gas discovery in the Sacramento Valley gas province of northern California.

The Street #1-3 well located in the Dry Slough Gas Field, Yolo County, California, was directionally drilled to a depth of 6,450 feet (5,563 feet TVD) and encountered approximately 45 feet of potential gas pay in several intervals in the Starkey and Winters formations. Production casing was run based on favorable mud log and electric log responses. Aspen has a 21.875% operated working interest in this well.

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 nine gas wells out of ten attempted thus far in 2005. During the last 5 years, Aspen has participated in the drilling of 34 operated wells, 30 of which were completed as gas wells, and 4 dry holes which were plugged and abandoned, a success rate of 88%. Aspen currently operates 52 gas wells and has non-operated interests in 15 additional wells in the Sacramento Valley of northern California.