Aspen Exploration Reports Strong Second Quarter 2005 Results
Tuesday February 15, 10:45 am ET
Revenues Increase 175% Resulting in EPS of $0.07
DENVER, CO--(MARKET WIRE)--Feb 15, 2005 -- Aspen Exploration Corporation (OTC BB:ASPN.OB - News), an energy company with offices in Bakersfield, California, and Denver, Colorado, announced today results for its second fiscal quarter and six months ended December 31, 2004. For the second quarter the Company reported revenues of $1,190,333, an increase of 175% as compared to the year-earlier period, and net after tax profit of $462,000 compared to $93,000 a year earlier. Aspen reported earnings of $0.07 per diluted share, compared with earnings of $0.01 per diluted share for the prior year three month period.
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For the six months ended December 31, 2004, the Company reported revenues of $1,974,632, an increase of 140% as compared to the year-earlier period, and net after tax profit of $684,000 compared to $143,200 a year earlier. Aspen reported earnings of $0.10 per diluted share compared with earnings of $0.02 per diluted share for the prior year six month period.
The Company reported higher revenues as a result of an increase in production volumes from recent gas discoveries and higher prevailing prices for natural gas. Gas production for the six months ended December 31, 2004 was 1,670 MCF per day, an increase of 102% versus the same period in fiscal 2004. Net daily gas production is currently approximately 2,000 MCF per day. Gross Aspen operated production is currently in excess of 10,000 MCF per day. Net income before interest, depletion, depreciation and taxes was $885,500, or $0.13 per share, compared to $402,000, or $0.07 per share for the prior six month period.
Based upon the increasing production levels and continued strong gas prices, which currently exceed $6.00 per MCF, Aspen expects continued strong earnings for the balance of the year.
Aspen's stock is quoted on the OTC Bulletin Board under the symbol ASPN. For more information concerning oil and gas operations 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.
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