Message #12 From:
Stock News Bot Date: February 14, 2005 10:18:44 AM
ASPN Aspen Announces Two More Gas Discoveries
Aspen Announces Two More Gas Discoveries
Thursday September 2, 1:57 pm ET
DENVER, CO--(MARKET WIRE)--Sep 2, 2004 -- Aspen Exploration Corporation (OTC BB:ASPN.OB - News), with offices in Bakersfield, California, and Denver, Colorado, has announced positive results from two recently drilled wells. Aspen has drilled seven successful gas wells out of seven attempts thus far this year and anticipates drilling 3 additional wells in the Sacramento Valley gas province of northern California this year.
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The Morris #12-2, located in the West Grimes Field, Colusa County, California, was drilled to a depth of 8,400 feet and encountered approximately 73 feet of potential net gas pay (100 feet gross) in the Forbes Formation. Production casing was run based on very promising mud log and electric log responses. This is the third well drilled in this field this year. This well was drilled based on a recently acquired 10.5 square mile 3-D seismic program located over Aspen's 5,000 plus leased acres in this field. Ten additional excellent drilling prospects have been identified. 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 79 BCF of gas to date. 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 last year (see prior news releases) 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 has a 21% operated working interest in this field. Drilling will commence on the fourth well in this project, WGU #15-9, in October 2004.
The Griffin #1-1, located in the Winters Gas Field, Yolo County, California, was drilled to a depth of 5,000 feet, and encountered 15 net feet of extremely permeable and porous potential gas pay in the McCune Sand. Production casing was run based on very promising mud log and electric log responses. This was the third successful well drilled on a recently acquired farmout package consisting of 6 quality drilling prospects which are leased and defined by 3-D seismic data and well control. These prospects are being drilled during the 2004 - 2005 drilling seasons (4 wells in 2004 and 2 wells in 2005). Aspen has a 28.75% operated working interest in these wells.
During the last 3 1/2 years, Aspen participated in the drilling of 21 operated wells, 18 of which were completed as gas wells and 3 dry holes which were plugged and abandoned, a success rate of 86%. Aspen currently operates 45 gas wells and has non-operated interests in 16 additional wells in the Sacramento Valley of northern California.
Aspen's increased cash flow coupled with the present inventory of prime drilling acreage provide a sound basis for Aspen's continued growth as a profitable and successful energy producer. Future news releases will keep shareholders informed of Aspen's continuing progress and drilling activity. Because of gas discoveries and acquisitions made during the previous twelve months and favorable gas prices currently in excess of $5.00 per MMBTU, Aspen expects positive earnings for the current fiscal year.
Aspen's stock is quoted on the OTC Bulletin Board under the symbol ASPN. For more information concerning Aspen, 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.
DISCLAIMER
This news release contains information that is "forward-looking" in that it describes events and conditions which Aspen Exploration Corporation ("Aspen") reasonably expects to occur in the future. Expectations for the future performance of the business of Aspen are dependent upon a number of factors, and there can be no assurance that Aspen will achieve the results as contemplated herein and there can be no assurance that Aspen will be able to conduct its operations or production from its properties will continue as contemplated herein. Certain statements contained in this report using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks which are beyond Aspen's ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. These risks include, but are not limited to: the possibility that the described operations (including any proposed exploration or development drilling) will not be completed on economic terms, if at all, or the estimates of reserves may not be accurate. The exploration for, and development and production of, oil and gas are enterprises attendant with high risk, including the risk of fluctuating prices for oil and natural gas, imports of petroleum products from other countries, the risks of not encountering adequate resources despite expending large sums of money, and the risk that test results and reserve estimates may not be accurate, notwithstanding appropriate precautions. Many of these risks are described herein and in Aspen's annual report on Form 10-KSB, and it is important that each person reviewing this report understand the significant risks attendant to the operations of Aspen. Aspen disclaims any obligation to update any forward-looking statement made herein.
ASPEN EXPLORATION CORPORATION
2050 S. Oneida St., Ste. 208
Denver, CO 80224-2426
Telephone: (303) 639-9860
Fax: (303) 639-9863
Email: aecorp2@qwest.net
Web Site: http://www.aspenexploration.com
Contact:
Contact:
Bob Cohan
Company: Aspen Exploration Corporation
Phone: 661-831-4669
Fax: 661-831-4661
Email: robertacohan@igalaxy.net
URL: http://www.aspenexploration.com
