Aspen Exploration Successfully Tests Gas Well in Rice Creek Field

Aspen Exploration successfully flow tested a recently drilled 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, California, was drilled to a depth of 5,755 feet and encountered over 100 feet of potential gross gas pay in several intervals in the Forbes formation. One of these Forbes intervals was perforated and tested gas on a 3/16 inch choke at a stabilized rate of 1,750 MCFPD with a flowing tubing pressure of 2,150 psig and a flowing casing pressure of 2,150 psig. Aspen has a 23.33% operated working interest in this well.

The completion rig is now moving to commence the initial completion work on four additional 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.