Message #21 From:
NewsBot Date: February 14, 2005 10:40:43 AM
ASPN Aspen Exploration Successfully Drills West Grimes Gas Field Well
Aspen Exploration Successfully Drills West Grimes Gas Field WellThursday November 18, 11:15 am ET
Company Drills Tenth Consecutive Successful Gas Well This Year
DENVER, CO--(MARKET WIRE)--Nov 18, 2004 -- Aspen Exploration Corporation (OTC BB:ASPN.OB - News), with offices in Bakersfield, California, and Denver, Colorado, announced today an additional gas discovery in the Sacramento Valley gas province of northern California.
The WGU #15-9, located in the West Grimes Gas Field, Colusa County, California, was directionally drilled to a depth of 8,235 feet and encountered potential gas pay in various intervals in the Forbes formation. One of these intervals was perforated and tested at a stabilized rate of 1,145 MCFPD on a 10/64 inch choke with a flowing tubing pressure of 2,000 psig. The shut in tubing pressure was 3,740 psig.
Aspen has drilled ten successful gas wells out of ten attempts in 2004 for a 100% success rate. "We believe that our strategy of focusing on low-risk exploration activities has contributed to our success," said Robert A. Cohan, Aspen Exploration Corporation's Chief Executive Officer. "Aspen's increased cash flow coupled with the present inventory of prime drilling acreage provides a sound basis for Aspen's continued growth as a profitable and successful energy producer."
The first 4 wells drilled in the West Grimes Gas Field were successful and are currently producing. One of these wells tested at a prolific stabilized rate of 4,845 MCFPD of gas with a flowing tubing pressure of 3,350 psig. This well was recently put on line at 3,000 MCFPD with a flowing tubing pressure of 3,400 psig. These wells were 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.
During the last 4 years, Aspen participated in the drilling of 24 operated wells, 21 of which were completed as gas wells, and 3 dry holes which were plugged and abandoned, a success rate of 87.5%. Aspen currently operates 49 gas wells and has non-operated interests in 15 additional wells in the Sacramento Valley of northern California. Current spot gas prices are in excess of $6.00 per MMBtu. Aspen has also entered into fixed contracts for a portion (approximately 33%) of its gas, at fixed prices ranging from $6.90 to $8.75 per MMBtu for the five month period from November 2004 through March 2005.
Future news releases will keep shareholders informed of Aspen's continuing progress and drilling activity. 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
