Aspen Exploration Discovers Seventh Gas Well in 2006

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

The Stoddard-Johnston #1-1 well, located in the West Grimes Gas Field, Colusa County, Calif., was drilled to a depth of 8,700 feet and encountered 60 feet of potential 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 11th successful gas well out of 11 attempts by Aspen on its 5,000-plus-acre lease position in this field. Aspen has a 21%-operated working interest in this field.

Aspen drilled seven successful gas wells out of eight attempts thus far in 2006 and nine gas wells out of 10 attempts in 2005. During the last 5 1/2 years, Aspen has participated in the drilling of 43 operated wells, 37 of which were completed as gas wells, and six dry holes--a success rate of 86%. Aspen currently operates 54 gas wells and has non-operated interests in 20 additional wells in the Sacramento Valley.