DENVER, CO -- (MARKET WIRE) -- 09/19/07 -- Aspen Exploration Corporation (OTCBB: ASPN),
with offices in Bakersfield, California, and Denver, Colorado, announced
today a successful flow test on an existing natural gas well located in the
Sacramento Valley gas province of northern California.
The Stoddard-Johnston #1-1 well, located in the West Grimes Gas Field,
Colusa County, California, was originally drilled in 2006 and has produced
gas from a lower Forbes interval which recently watered out. An upper
Forbes zone was perforated and tested gas on a 1/4 inch choke at a
stabilized flow rate of 900 MCFPD. Aspen believes that additional potential
gas zones remain behind pipe in this well. Aspen has a 21% operated
working interest in this well.
In the Sacramento Valley, Aspen has drilled 36 successful gas wells out of
39 attempts during the last 3 1/2 years (92% success rate) and drilled 44
successful gas wells out of 51 attempts during the last 5 1/2 years, a
success rate of 86%. 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.
Future news releases will keep shareholders informed of Aspen's continuing
progress and drilling activity. Aspen's stock is quoted on the OTC
Bulletin Board under the symbol ASPN.OB. For more information concerning
Aspen, contact Bob Cohan, President and CEO, in Aspen's Bakersfield office
at (661) 831-4669. Aspen's web page can be found at
www.aspenexploration.com.
DISCLAIMER
This news release contains information that is "forward-looking" in that it
describes events and conditions, which Aspen Exploration Corporation
("Aspen") reasonably expects to occur in the future. Expectations for the
future performance of the business of Aspen are dependent upon a number of
factors, and there can be no assurance that Aspen will achieve the results
as contemplated herein and there can be no assurance that Aspen will be
able to conduct its operations or production from its properties will
continue as contemplated herein. Certain statements contained in this
report using the terms "may," "expects to," and other terms denoting future
possibilities, are forward-looking statements. The accuracy of these
statements cannot be guaranteed as they are subject to a variety of risks,
which are beyond Aspen's ability to predict, or control and which may cause
actual results to differ materially from the projections or estimates
contained herein. These risks include, but are not limited to: the
possibility that the described operations (including any proposed
exploration or development drilling) will not be completed on economic
terms, if at all, or the estimates of reserves may not be accurate. The
exploration for, and development and production of, oil and gas are
enterprises attendant with high risk, including the risk of fluctuating
prices for oil and natural gas, imports of petroleum products from other
countries, the risks of not encountering adequate resources despite
expending large sums of money, and the risk that test results and reserve
estimates may not be accurate, notwithstanding appropriate precautions.
Many of these risks are described herein and in Aspen's annual report on
Form 10-KSB, and it is important that each person reviewing this report
understand the significant risks attendant to the operations of Aspen.
Aspen disclaims any obligation to update any forward-looking statement made
herein.
ASPEN EXPLORATION CORPORATION
2050 S. Oneida St., Ste. 208
Denver, CO 80224-2426
Telephone: (303) 639-9860
Fax: (303) 639-9863
Email: aecorp2@qwest.net
Web Site: www.aspenexploration.com
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