Aspen Deepens Sacramento Valley Gas Well

Aspen Exploration Corp. has deepened an existing gas well and discovered potentially productive additional horizons from the well.

The Emigh #34-1 well, located in the Denverton Creek Field, Solano County, California, was deepened from a depth of 10,200 feet to 10,761 feet, and encountered potential gas pay in the Third Starkey and Petersen formations. A production liner was run based on favorable mud log and electric log responses. Aspen has drilled 13 gas wells out of 16 attempts in this field. Aspen has a 45% operated working interest in this well.

The Emigh #34-1 well has special significance to Aspen. This well was originally discovered by Aspen in 1996 and was Aspen's first major gas discovery in California. This gas discovery occurred approximately one year after opening up a California office in 1995 (Aspen has had a Denver office since 1980). Since this discovery, this well has produced in excess of 2 BCF (billion cubic feet), led to additional discoveries in this field which have produced an additional 8 BCF, extended the Denverton Creek Field 2 miles to the northeast, and discovered new producing horizons. There are currently 10 producing horizons in this field. Aspen has ventured into numerous other areas in the Sacramento Valley and has had excellent success.

The Emigh #34-1 commences Aspen's previously announced 11 well drilling program. The next well drilled will be the WGU #14-10 located in the West Grimes Field, Colusa County, CA.

In the Sacramento Valley, Aspen has drilled 29 successful gas wells out of 30 attempts during the last 3 years (97% success rate) and drilled 37 successful gas wells out of 42 attempts during the last 5 years, a success rate of 88%. Aspen currently operates 55 gas wells and has non-operated interests in 20 additional wells in the Sacramento Valley of northern California and has non-operated interests in approximately 40 oil wells in Montana.