Research Pit

[Jagman]

Aspen Oil: Plans & Progress

http://www.aspenexploration.com/plansprog.htm

Aspen currently has working interests in approximately 62 producing wells (47 wells are operated by Aspen) and has a very active drilling program planned for 2005. All of the selected drill sites for 2005 have been identified through the use of 3-D seismic techniques in conjunction with well data, which have demonstrated great improvement in the percentages of successful oil and gas discoveries. For a more in-depth look at Aspen’s current activities be certain to view the Corporate Slide Show. New and additional drilling locations for gas wells are constantly sought, based on solid geology in conjunction with 3-D seismic information. The Sacramento Valley of California, where current activities are focused, includes extensive oil and gas pipeline and production refining facilities, thereby allowing quick hook-up and production of gas when a discovery is made. The Aspen staff and consultants have also found representatives of the State of California to be very cooperative and it is not difficult to obtain permits for new exploratory wells or to expand existing production.