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Monday, 06/19/2006 12:20:14 PM

Monday, June 19, 2006 12:20:14 PM

Post# of 1820
ASPN 4.02 x 4.13 Aspen Exploration Discovers Third Consecutive Gas Well
Sacramento Valley Province, Northern California
Jun 19, 2006 11:45:00 AM

DENVER, CO -- (MARKET WIRE) -- 06/19/06 -- Aspen Exploration Corporation (OTCBB: ASPN), with offices in Bakersfield, California, and Denver, Colorado, announced today a new gas well in the Sacramento Valley gas province of northern California.

The WGU #14-8 well, located in the West Grimes Gas Field, Colusa County, California, was drilled to an undisclosed depth and encountered approximately 100 feet of potential gas pay in several Forbes intervals. Production casing was run based on favorable mud log and electric log responses. This was the tenth successful gas well out of ten attempts by Aspen in this field. All of the wells Aspen drilled in this area were drilled based on a 3-D seismic survey acquired by Aspen several years ago. Aspen plans to drill several more wells in this field this year. Aspen has a 21% operated working interest in this well.

The Morris #1-13 well, also located in the West Grimes Gas Field, Colusa County, California, was drilled to an undisclosed depth and encountered approximately 80 feet of potential net gas pay in the Forbes formation. Production casing was run based on favorable mud log and excellent electric log responses. After the casing was run to protect the upper potential gas horizon, Aspen moved in a completion rig and drilled deeper with an underbalanced drilling system and encountered additional gas pay in another Forbes horizon. This deeper Forbes zone tested gas at a prolific stabilized flow rate of 3,300 MCFPD. Aspen will produce the lower zone first and then perforate the upper zone in the future.

Aspen currently has 3 drilling rigs operating on its various prospects located in the in the Sacramento Valley of northern California and the San Joaquin Valley in central California.

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 5 1/2 years, Aspen has participated in the drilling of 39 operated wells, 34 of which were completed as gas wells, and 5 dry holes which were plugged and abandoned, a success rate of 87%. Aspen currently operates 55 gas wells and has non-operated interests in 20 additional wells in the Sacramento Valley of northern California, and has an exciting drilling program planned for 2006.

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

Contact:
Bob Cohan
Company: Aspen Exploration Corporation
Phone: 661-831-4669
Fax: 661-831-4661
Email: robertacohan@gmail.com
URL: http://www.aspenexploration.com



And so we are told this is the golden age
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