Aspen Exploration Corporation (Aspen) is engaged in acquiring, exploring and developing oil and gas, and other mineral properties. The Company is engaged primarily in the exploration and development of oil and gas properties in California. Aspen Exploration has an interest in two inactive subsidiaries: a 25% interest in Aspen Power Systems, LLC and Aspen Gold Mining Co. Aspen is the operator of 46 gas wells and has a non-operated interest in 16 additional gas wells. The Company's principal products, during the fiscal year ended June 30, 2004 (fiscal 2004), were crude oil and natural gas. During fiscal 2004, the Company participated in the drilling of seven gross (1.38 net) wells, of which five gross (1.05 net) were completed as gas wells and two were dry holes. In addition to the drilling activity, three operated gas wells and one non-operated gas well were acquired from an independent oil and gas company. These wells are located in Glenn, Sutter and Yolo counties, California.