Aspen Exploration Logs Prolific Gas Well in West Grimes Gas Field

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

The Morris #1-13 well, located in the West Grimes Gas Field, Colusa County, California, was drilled to an undisclosed depth and encountered approximately 80 feet of potential net gas pay in the Forbes formation. Production casing was run based on favorable mud log and excellent electric log responses. After the casing is run, Aspen will move in a completion rig and drill this well deeper with an underbalanced drilling system in an attempt to encounter additional gas pay in deeper horizons. This was the ninth successful gas well out of nine 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 at least three more wells in this field this year. Aspen has a 21% operated working interest in this well.

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 38 operated wells, 33 of which were completed as gas wells, and 5 dry holes which were plugged and abandoned, a success rate of 87%. Aspen currently operates 54 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.