Message #13 From:
NewsBot Date: February 14, 2005 10:19:21 AM
ASPN Aspen Announces Test Rates on Recent Gas Discoveries
Aspen Announces Test Rates on Recent Gas Discoveries
Wednesday September 15, 12:00 pm ET
DENVER, CO--(MARKET WIRE)--Sep 15, 2004 -- Aspen Exploration Corporation (OTC BB:ASPN.OB - News), with offices in Bakersfield, California, and Denver, Colorado, has announced production test rates from two recently drilled gas 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 net gas pay (100 feet gross) in the Forbes Formation. This zone was perforated and tested at a prolific stabilized rate of 4,845 MCFPD of gas with a flowing tubing pressure of 3,350 psig and a flowing casing pressure of 3,400 psig. The shut in tubing pressure was 3,475 psig. Aspen has a 21% operated working interest in this field. We anticipate that drilling will commence on the fourth well in this project, the WGU #15-9, in October 2004. See prior news releases for additional details about Aspen's activities in this field.
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 gas pay in the McCune Sand. This zone was perforated and tested at a stabilized rate of 1,385 MCFPD on a 12/64 inch choke. There was very little pressure drawdown during the flow test. The shut in pressure is approximately 2,000 psig. 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. We anticipate that drilling will commence on the fourth well in this project, the Meckfessel #1-24, in approximately 2 weeks. 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 46 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
