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Aspen Exploration Announces 15 Well Drilling Program
Wednesday March 1, 11:52 am ET


DENVER, CO--(MARKET WIRE)--Mar 1, 2006 -- Aspen Exploration Corporation (OTC BB:ASPN.OB - News), an energy company with offices in Bakersfield, California, and Denver, Colorado, announced today details on its 2006 drilling program. The Company plans to drill approximately 15 wells this year in the Sacramento Valley gas province of northern California and 1 oil well in Kern County, 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 years, Aspen has participated in the drilling of 35 operated wells, 31 of which were completed as gas wells, and 4 dry holes which were plugged and abandoned, a success rate of 89%.
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We anticipate that five of these new wells will be in the West Grimes Gas Field, Colusa County, California. The wells in this field produce from multiple Forbes intervals ranging in depth from 6,000 feet to 8,500 feet and have produced over 80 BCF of gas to date since it was discovered in 1960. Numerous wells in this immediate area have produced at very prolific flow rates (4,000 MCFPD), have yielded excellent per well reserves (3 to 4 BCF per well), and have long productive well lives. Several of the 10 producing wells that Aspen acquired in this field three years ago have been producing for 40 years. Aspen believes that several of these wells may have additional gas potential in behind-pipe zones, which have not yet been perforated. Aspen drilled 8 gas wells out of 8 attempts in this field during the past two years. These wells were drilled based on a 10.5 square mile 3-D seismic survey over Aspen's 5,000 plus leased acres in this field. Several additional excellent drilling prospects have been identified. Aspen has already participated in two non-operated successful gas wells drilled in this field in 2006. Aspen has a 21% operated working interest in this field.

We plan that two of the wells to be drilled will be located in the Malton Black Butte Field, Tehama County, California. Aspen currently operates 8 wells in this field. The depths of the productive formations range from 1,800 feet to 6,000 feet. Several of Aspen's wells have been producing for over 30 years and have produced excellent gas reserves at these shallow depths. Aspen's new wells will be drilled to 5,000 feet in an effort to discover new reserves from the Forbes and Kione formations. This field has produced 140 BCF of gas to date. Aspen has a 21% to 31% operated working interest in this field. Aspen has already participated in two successful wells drilled in this field in 2006. One of these wells operated by Aspen is currently selling gas and the other non-operated well tested gas at nearly 1,000 MCFPD and is awaiting a pipeline hook-up.

Aspen's other 7 wells are expected to be located in the Rice Creek (4), Denverton Creek (2), and various (1) other gas fields. Aspen also intends to drill a deep, high potential oil well in Kern County which, if successful, could lead to multiple additional drilling locations. Although the majority of these wells will be conventionally drilled, a few of them will be drilled horizontally. The actual timing and drilling of these wells will be contingent on permits and drilling rig availability.

In other news, in an 8-K filed on February, 22, 2006, Aspen announced a change in auditors. To clarify the reason for the change, Aspen had recently moved its accounting functions from Denver, CO to Bakersfield, CA. Aspen felt it was prudent to have its independent audit firm in close proximity to Bakersfield. The new audit firm is larger than Aspen's prior firm and has offices in Bakersfield and Denver, in additional to other locations. Aspen's prior audit firm will still prepare Aspen's income taxes.