SOURCE: Aspen Exploration Corporation

November 08, 2006 15:04 ET

Aspen Exploration Announces Dividend

DENVER, CO -- (MARKET WIRE) -- November 8, 2006 -- Aspen Exploration Corporation (OTCBB: ASPN) president Robert A. Cohan announced today that the Aspen board of directors has voted to declare a cash dividend of $0.05 per share payable on or about December 6, 2006 to shareholders of record November 20, 2006. This announcement follows the October 12, 2006 news release by Aspen that the company had revenues of $5,979,000 and net after tax profit of $2,970,000, or $0.40 per diluted share, for the fiscal year ended June 30, 2006. Net income before interest, depletion, depreciation and taxes increased 55% to $5,570,000, or $0.75 per diluted share. Pre-tax income was $4,007,000, or $0.54 per diluted share.

Mr. Cohan also stated that the board of directors concluded that the possibility of future dividends would be reviewed on an annual basis, with corporate earnings the key and determining factor in any such future reviews.

For the past 10 years Aspen has primarily been carrying out exploration and development for natural gas in the Sacramento Valley area of California. During the past 6 years Aspen has participated in the drilling of 46 wells operated by Aspen, 39 of which were completed as gas wells, a success rate of 85%. Aspen currently operates 56 gas wells and has non-operated interests in 20 additional wells. The September 4, 2006 issue of the Oil & Gas Journal named Aspen among the Top 20 Fastest Growing companies for 2005 based on percentage growth in stockholder equity.

Aspen recently entered into two gas contracts for approximately 40% of its operated production. A five-month contract (20%) beginning November 2006 is for $10.15 per MMBTU, and a four-month contract (20%) beginning December 2006 is for $7.30 per MMBTU.

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


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.

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