Aspen Finds Its Sixth Gas Well This Year

Aspen Exploration Corp.

Aspen Exploration Corp. announced that it has discovered a new gas well in the Sacramento Valley gas province of Northern California.

The Patterson #27-1 well, located in the Rice Creek Gas Field in Tehama County, was drilled to a depth of 5,250 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 eighth successful gas well out of nine attempts by Aspen in this field. Aspen plans to drill one more well in this field this year and has a 23.33% operated working interest in this field.

Aspen also recently drilled and plugged and abandoned a well in the Kirk Gas Field in Colusa County, Calif.

Aspen drilled six successful gas wells out of seven attempts to date in 2006, along with nine gas wells out of 10 attempts in 2005. During the last 5 1/2 years, Aspen has participated in the drilling of 42 operated wells, 36 of which were completed as gas wells, and six dry holes that 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.