SOURCE: Aspen Exploration Corporation

May 29, 2007 11:10 ET

Aspen Exploration Successfully Tests Prolific Natural Gas Well

West Grimes Field, Colusa County, California

DENVER, CO--(Marketwire - May 29, 2007) - Aspen Exploration Corporation (OTCBB: ASPN), with offices in Bakersfield, California, and Denver, Colorado, announced today a successful flow test on a prolific gas well located in the Sacramento Valley gas province of northern California.

The WGU #14-10 well, located in the West Grimes Field, Colusa County, California, was directionally drilled to a depth of 8,460 feet and encountered approximately 55 feet of potential net gas pay in several intervals in the Forbes formation. One of these intervals was perforated and tested gas on a 12/64 inch choke at a stabilized flow rate of 2,678 MCFPD with a flowing tubing pressure of 3,300 psig and a flowing casing pressure of 3,480 psig. The shut in tubing and casing pressures were 3,810 psig. Gas sales should commence in the near future.

The completion rig will be moving to the Heidrick #11-2 well, located in the Kirk Gas Field, Colusa County, California.

This was the thirteenth successful gas well out of thirteen attempts by Aspen in this field. Aspen is currently drilling the WGU #15-13 well and plans to drill three additional wells in this field this year on its 10,000 plus acre leasehold. Aspen has a 21% operated working interest in this field.

The Emigh #34-1 well, located in the Denverton Creek Field, Solano County, California, was recently perforated in the Petersen formation. This zone appears to have extremely low permeability and the well will be monitored and evaluated to determine if an acid job could enable this zone to produce at commercial flow rates.

In the Sacramento Valley, Aspen has drilled 32 successful gas wells out of 33 attempts during the last 3 1/2 years (97% success rate) and drilled 40 successful gas wells out of 45 attempts during the last 5 1/2 years, a success rate of 89%. Aspen currently operates 57 gas wells and has non-operated interests in 20 additional wells in the Sacramento Valley of northern California and has non-operated interests in approximately 33 oil wells in Montana.

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.OB. 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


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.

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