Aspen Makes Another Find in Sacramento Valley

Aspen Exploration Corp.

Aspen Exploration Corp., which has offices in Bakersfield, Calif., and Denver, has found a new gas well in the Sacramento Valley gas province of northern California.

The Ridge #1-15 well, located in the Rice Creek Gas Field, Tehama County, Calif., was drilled to a depth of 5,755 feet and encountered more than 100 feet of potential gross gas pay in several intervals in the Forbes formation. Production casing was run based on favorable mud log and electric log responses. This was the seventh successful gas well out of eight attempts by Aspen in this field. Aspen plans to drill two more wells in this field this year and has a 23.33% operated working interest in this field.

Aspen also tested one of the Forbes intervals in the recently drilled WGU #14-8 well located in the West Grimes Field, Colusa County, Calif., at a stabilized flow rate of approximately 400 MCFPD.

Gas sales are anticipated to commence this week from five recently drilled gas wells. Three of these wells are operated by Aspen (Zimmerman #22-2, Morris #1-13, and Street #1-3), and two are non-operated wells located in the Grimes gas field.

Aspen currently has three drilling rigs operating on its various prospects located in the in the Sacramento Valley of northern California and the San Joaquin Valley in central California.

Aspen drilled 10 successful gas wells out of 10 attempts in 2004 for a 100% success rate, and nine gas wells out of 10 attempts in 2005. During the last 5 1/2 years, Aspen has participated in the drilling of 40 operated wells, 35 of which were completed as gas wells, and five dry holes that were plugged and abandoned--a success rate of 88%. Aspen currently operates 56 gas wells and has non-operated interests in 20 additional wells in the Sacramento Valley of northern California.