New sucessful well, and Crossed the 50 day MA with double the average volume


Aspen Exploration Corporation (OTC BB:ASPN.OB - News), with offices in Bakersfield, California, and Denver, Colorado, announced today a successful flow test on a recently drilled gas well in the Sacramento Valley gas province of northern California.

The Zimmerman #22-2 well, located in the Rice Creek Gas Field, Tehama County, California, was drilled to a depth of 5,600 feet and encountered approximately 75 feet of potential net gas pay in several intervals in the Forbes formation. One of these Forbes intervals was perforated and tested gas on a 3/16 inch choke at a stabilized rate of 1,434 MCFPD with a flowing tubing pressure of 1,760 psig and a flowing casing pressure of 1,800 psig. This represents only a 9% pressure drawdown from the shut in pressure of 1,940 psig, and is indicative that this well is capable of flowing at higher gas rates. Aspen has a 23.33% operated working interest in this well.

"We are excited that preliminary indications for the Rice Creek Field suggest that it has significant potential," said Robert A. Cohan, Aspen Exploration's President and CEO. "We believe our current drilling program will continue to increase our production levels and enhance our operating results."