Message #15 From:
NewsBot Date: February 14, 2005 10:21:09 AM
ASPN Aspen Exploration Reports Fiscal Year 2004 Earnings
Aspen Exploration Reports Fiscal Year 2004 Earnings
Wednesday September 29, 11:23 am ET
DENVER, CO--(MARKET WIRE)--Sep 29, 2004 -- Aspen Exploration Corporation (OTC BB:ASPN.OB - News), with offices in Bakersfield, California, and Denver, Colorado, has announced increased revenues related to oil and gas operations in California for the fiscal year ended June 30, 2004. On revenues of $1,824,000 and a net after tax profit of $201,000, Aspen reported earnings per share of $0.03 based on 6.1 million shares outstanding. This compares with income of $0.01 per diluted share for the previous fiscal year. Gross revenues increased 38% for FY 2004 as a result of an increase in production volumes from recent gas discoveries and higher prevailing prices for natural gas. Net income before interest, depletion, depreciation and taxes was $953,200, or $0.14 per share, compared to $531,700, or $0.09 per share for the prior fiscal year. Net cash provided by operations was $1,537,000 compared to $901,000 in fiscal 2003, a $636,000, or 71% increase. Considering the recent gas discoveries and favorable gas prices, which currently exceed $5.00 per MCF, Aspen expects continued 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 oil and gas operations 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.
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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 the Company'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 an 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
