SOURCE: Aspen Exploration Corporation

April 28, 2005 11:20 ET

Aspen Exploration in Uranium Stock Deal

DENVER, CO -- (MARKET WIRE) -- April 28, 2005 -- Aspen Exploration Corporation (OTC BB: ASPN), an energy company with offices in Bakersfield, California, and Denver, Colorado, has announced the successful completion of a transaction involving stock in a uranium company as well as cash. In the late 1990s Aspen, through an agreement with ISL Resources Corp. (ISL), became the owner of 2,000,000 shares of ISL stock in a trade involving proprietary data plus certain properties located in Wyoming. Due to the fall in uranium prices at the time, ISL became dormant. With the recent increase in the price of uranium, R. V. Bailey, Aspen's board chairman, found an opportunity to exchange the ISL shares, on a one-for-one basis, for shares in a start-up uranium company, Ur-Energy Inc., headquartered in Canada. This share exchange was accomplished and Aspen became the owner of 2,000,000 shares of Ur-Energy Inc.

As the transaction evolved, Ur-Energy Inc. determined that it would be advantageous to reacquire the 2,000,000 shares of its common stock from Aspen for a smaller number of Ur-Energy Inc. shares plus a cash payment.

Aspen is pleased to announce that it has relinquished the original block of 2,000,000 shares of Ur-Energy Inc. and has received a cash payment of US $560,000 plus 500,000 newly-issued Ur-Energy Inc. shares, which will be held for investment purposes.

Aspen's stock is quoted on the OTC Bulletin Board under the symbol ASPN. For more information contact Aspen's Denver office at (303) 639-9860. 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 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.

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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