Aspen Exploration Kicks Off Spring Drilling Program With New Gas Well

Aspen Exploration has started a new gas well in the Sacramento Valley gas province of northern California.

The Zimmerman #22-2 well, located in the Rice Creek Field, Tehama County, California, was drilled to a depth of 5,600 feet and encountered approximately 75 feet of net 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 23.33% operated working interest in this well. This was the sixth successful gas well out of seven attempts by Aspen in this field. All of the wells Aspen drilled in this area were drilled based on a 3-D seismic survey acquired by Aspen several years ago. Aspen plans to drill three more wells in this field this year.

Aspen also announced the commencement of operations at the Orca-Fee 32X-23 well, a 14,500 foot high potential Stevens Sand oil test located in Kern County, California. The average recoverable oil reserves in this vicinity are approximately 800,000 barrels of light oil per well. If the Orca-Fee well is successful, it could lead to multiple additional drilling locations.

Aspen plans to have at least one drilling rig running for the next several months to drill its various prospects located in the West Grimes, Malton Black Butte, Buckeye, and Rice Creek Gas Fields in the Sacramento Valley of northern California.

Aspen drilled ten successful gas wells out of ten attempts in 2004 for a 100% success rate, and nine gas wells out of ten attempts in 2005. During the last 5 1/2 years, Aspen has participated in the drilling of 37 operated wells, 32 of which were completed as gas wells, and 5 dry holes which were plugged and abandoned, a success rate of 86%. Aspen currently operates 53 gas wells and has non-operated interests in 20 additional wells in the Sacramento Valley of northern California, and has an exciting drilling program planned for 2006.