SOURCE: Aspen Exploration Corporation

October 03, 2007 10:57 ET

Aspen Ranked 12th Fastest Growing U.S. Based Public Oil and Gas Company

DENVER, CO--(Marketwire - October 3, 2007) - Aspen Exploration Corporation (OTCBB: ASPN), with offices in Bakersfield, California and Denver, Colorado, announced today that in the September 17, 2007 issue of the Oil & Gas Journal (OGJ), Aspen was ranked 12th Fastest Growing company for 2006 based on percentage growth in stockholders' equity. Aspen was one of only six companies (out of 144 companies on the list) that were on the fast-growers list for at least the second consecutive year. The OGJ annually ranks U.S. based, publicly-traded oil and gas producers in its "OGJ200" article. Although primarily ranked in terms of assets, companies are additionally ranked on eleven other benchmarks including the fastest growing category. Aspen was ranked 8th based on return on total revenue and 115th in terms of assets (up from 120th last year).

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 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: www.aspenexploration.com

Contact Information