Aspen Encounters Sixteenth Successful Well in Northern California Prospect

Aspen Exploration has drilled a new gas well located in the Sacramento Valley gas province of northern California. The WGU #15-14 well, located in the West Grimes Gas Field, Colusa County, California, was directionally drilled to a depth of 7,770 feet and encountered approximately 80 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 sixteenth successful gas well out of sixteen attempts by Aspen in this field. Aspen plans to drill one additional well in this field this year on its 10,000 plus acre leasehold. Aspen has a 34% operated working interest in this well.

Aspen is currently drilling the Bidart Bros. #63X-28, a 7,800 foot Stevens oil test, located in Kern County, CA.

In the Sacramento Valley, Aspen has drilled 36 successful gas wells out of 38 attempts during the last 3 1/2 years (95% success rate) and drilled 44 successful gas wells out of 50 attempts during the last 5 1/2 years, a success rate of 88%. Aspen currently operates 62 gas wells and has non-operated interests in 21 additional wells in the Sacramento Valley of northern California and has non-operated interests in approximately 33 oil wells in Montana.