Aspen Exploration Successfully Tests Gas Well in Rice Creek Field

Aspen Exploration Corporation successfully flow tested a recently drilled gas well in the Sacramento Valley gas province of northern California.

The Zimmerman #22-2 well, located in the Rice Creek Gas Field, Tehama County, California, was drilled to a depth of 5,600 feet and encountered approximately 75 feet of potential net gas pay in several intervals in the Forbes formation. One of these Forbes intervals was perforated and tested gas on a 3/16 inch choke at a stabilized rate of 1,434 MCFPD with a flowing tubing pressure of 1,760 psig and a flowing casing pressure of 1,800 psig. This represents only a 9% pressure drawdown from the shut in pressure of 1,940 psig, and is indicative that this well is capable of flowing at higher gas rates. Aspen has a 23.33% operated working interest in this well.

"We are excited that preliminary indications for the Rice Creek Field suggest that it has significant potential," said Robert A. Cohan, Aspen Exploration's President and CEO. "We believe our current drilling program will continue to increase our production levels and enhance our operating results."

Aspen currently has 2 wells drilling, one in the West Grimes Gas Field, Colusa County, California and one in Kern County, California. A third rig will be added in the near future to drill Aspen's shallower wells located in the Rice Creek and Malton Black Butte Fields in Tehama County, 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.