Aspen Exploration Successfully Tests Eighth Gas Well in 2005

Aspen Exploration Corporation has its eighth consecutive successful flow test on a recently drilled gas well 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 potential gas pay in several intervals in the Starkey formation. Production casing was run based on favorable mud log and electric log responses. One of the Starkey intervals was perforated and tested gas on a 10/64th inch choke at a flow rate of 841 MCFPD with a flowing tubing pressure of 1,460 psig and a flowing casing pressure of 1,470 psig. The shut in tubing and casing pressures were 1,580 psig. Aspen has a 21.875% operated working interest in this well.

Aspen is also finalizing plans for the drilling of additional wells in the upcoming "winter" season. These plans will include the drilling of a shallow well in the Malton Black Butte Field in Tehama County, the deepening of an existing well and the drilling of a horizontal underbalanced lateral in an existing well in the Denverton Creek Field in Solano County. The drilling of a horizontal underbalanced well in the West Grimes Field in Colusa County is also planned.