Aspen Exploration Successfully Recompletes Gas Well

Aspen Exploration successfully recompleted and flow tested an existing gas well in the Sacramento Valley gas province of northern California.

Aspen recompleted the Pope Bypass #1-5 well located in the Winters gas field, Yolo County, California, for a rate of 650 MCFPD with a flowing tubing pressure of 1,850 psig and a flowing casing pressure of 1,865 psig. The well is capable of higher flow rates, but Aspen has restricted production in anticipation of higher gas prices this winter. This well was drilled in May 2003 and encountered approximately 70 feet of gas pay in the Winters formation. It has produced approximately 815,000 MCF of gas to date and we believe there are several behind-pipe zones remaining in the well. Aspen has a 25.4% operated working interest in this well.

The completion rig is currently moving to Tehama and Colusa Counties to commence the initial completion work on five wells, which Aspen drilled during the past few months. Aspen also announced it will be participating in the drilling of two additional wells (one operated and one non-operated) in the Sacramento Valley in the near future.

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 6 years, Aspen has participated in the drilling of 45 operated wells, 38 of which were completed as gas wells, and 7 dry holes, a success rate of 84%. Aspen currently operates 55 gas wells and has non-operated interests in 20 additional wells in the Sacramento Valley of northern California.