Aspen Exploration Moves Ahead With Drilling, Production

Aspen Exploration Corporation, with offices in Bakersfield, California and Denver, Colorado, announced that drilling commenced on the Johnson Unit #13 well located in the Malton-Black Butte Field in Tehama County, California. This well is scheduled to test the Forbes Formation at a total depth of about 4,800 feet. Total cost of the well is estimated at $834,000; Aspen has a 31% operated interest in the well.

Drilling rigs are expected to be in short supply in California in the summer drilling season of 2008 because many operators are seeking production due to natural gas prices that have recently exceeded $10 per MMBTU. For this reason Aspen plans to promptly move the rig from the Johnson Unit #13 well to two additional locations in Yolo and Glenn Counties, CA. In addition to the Johnson well, Aspen has a goal of drilling up to 7 more gas tests in the 2008 drilling season, but this goal may be changed based on results of the drilling operations and available funds.

Interpretation of the seismic data obtained in a 3-D seismic program in Colusa County, CA in late March 2008 is proceeding with the objective of defining possible targets for additional gas well drilling.

In 2007 Aspen acquired a 12.5% working interest in the Poplar producing oil field in Roosevelt County, Montana. After 110% payout, Aspen's interest will revert to 10%. The gross production from this field for the month of March 2008 was 9,323 barrels for an average daily production of 300 barrels. This field also produces a substantial amount of water that is disposed of by injection into a subsurface formation.