SOURCE: Aspen Exploration Corporation

Aspen Exploration Corporation

November 18, 2009 14:13 ET

Aspen Exploration Corporation Announces Dividend

DENVER, CO--(Marketwire - November 18, 2009) - Aspen Exploration Corporation (OTCBB: ASPN) viewed what appeared to be unusual market activity yesterday and today in light of its previous announcement of November 3, 2009. That announcement advised the public that a cash dividend of $0.73 per share will be payable to stockholders of record on November 16, 2009, with the dividend being paid on or about December 2, 2009. Notwithstanding the Board's declaration of a record date, Aspen has been advised by the Financial Industry Regulatory Authority (FINRA) of the application of Nasdaq Rule 11140(b)(2) which states: "In respect to cash dividends or distributions, stock dividends and/or splits, and the distribution of warrants, which are 25% or greater of the value of the subject security, the ex-dividend date shall be the first business day following the payable date." Persons needing further information or interpretation should consult with their broker-dealer or legal advisors.

For more information, contact R. V. Bailey, CEO, in Aspen's Denver office at 303-639-9860.

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 as contemplated herein. Certain statements contained in this release 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. Aspen's operations are subject to a number of risks, many of which are described in Aspen's annual report on Form 10-K, and it is important that each person reviewing this release 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@qwestoffice.net
Web Site:  www.aspenexploration.com

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