Message #25 From:
NewsBot Date: May 3, 2005 02:27:52 PM
ASPN Aspen Exploration Announces 10 Well Drilling Program
Aspen Exploration Announces 10 Well Drilling Program
DENVER, CO - MARKET WIRE - 03/21/05
Aspen Exploration Corporation (OTC BB: ASPN), an energy company with offices in Bakersfield, California, and Denver, Colorado, announced today details on its 2005 drilling program. The Company plans to drill approximately 10 wells this year in the Sacramento Valley gas province of northern California. Aspen typically drills its wells during the "dry" season that is from April through November. This eliminates the necessity of "wet weather" locations that can increase drilling costs considerably. Aspen completed 10 gas wells out of 10 attempts during the 2004 drilling season, and has completed 21 gas wells out of 24 attempts (87.5% success rate) during the last 4 drilling seasons.
Five of these wells planned for 2005 will be in the West Grimes gas field. 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 80 BCF of gas to date since it was discovered in 1960. 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 two years ago (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 drilled 4 gas wells out of 4 attempts in this field last year. 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. Aspen has a 21% operated working interest in this field.
Two of the wells to be drilled will be located in the Malton Black Butte Field, Tehama County, California. Aspen currently operates 6 wells in this field. The depths of the productive formations range from 1,800 feet to 6,000 feet. Several of Aspen's wells have been producing for over 30 years and have produced excellent gas reserves for these shallow depths. Aspen's planned wells in this field will be drilled to 5,000 feet in an effort to discover approximately 1.5 BCF (billion cubic feet) per well from the Forbes and Kione formations. This field has produced 140 BCF of gas to date. Aspen has a 21% operated working interest in this field.
Aspen's other 3 wells planned for 2005 will be located in the Winters (1) and Kirk Buckeye (2) gas fields. The actual timing and drilling of these wells will be contingent on permits and drilling rig availability.
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.
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: www.aspenexploration.com
