SOURCE: Aspen Exploration Corporation

February 15, 2006 17:07 ET

Aspen Exploration Directors to Sell Shares Under SEC Rule 10b5-1

BAKERSFIELD, CA and DENVER, CO -- (MARKET WIRE) -- February 15, 2006 -- Aspen Exploration Corporation (OTC BB: ASPN) announced today that Robert A. Cohan, president, CEO, and a Director and R. V. Bailey, chairman of the Board of Directors, have established a pre-arranged trading plan to sell shares of the company over a designated period in accordance with rule 10b5-1 of the Securities and Exchange Commission. Under the plan, during a six month period commencing on February 22, 2006, Mr. Cohan plans to sell 67,000 shares of Aspen stock in open market transactions. Mr. Bailey plans to sell 63,000 shares of Aspen stock in open market transactions during a three month period commencing February 22, 2006. The transactions are part of the two director's ongoing program of tax planning and asset diversification. Rule 10b5-1 permits insiders to implement a written plan to sell stock when they are not in possession of material non-public information and continue to sell shares on a regular basis even if they receive such information subsequently.

The Directors have expressed confidence in the future of Aspen Exploration and its ongoing exploration and development program for natural gas in California.

Aspen Exploration Corporation carries out active exploration and development of natural gas in the Sacramento Valley gas province of Northern California, and has announced several new gas discoveries in 2005 and 2006.

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

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