SOURCE: Aspen Exploration Corporation

April 16, 2007 12:02 ET

Aspen Exploration Successfully Deepens Existing Gas Well Denverton Creek Field Sacramento Valley, California

DENVER, CO -- (MARKET WIRE) -- April 16, 2007 -- Aspen Exploration Corporation (OTCBB: ASPN), with offices in Bakersfield, California, and Denver, Colorado, announced today it has deepened an existing gas well and discovered potentially productive additional horizons from this well.

The Emigh #34-1 well, located in the Denverton Creek Field, Solano County, California, was deepened from a depth of 10,200 feet to 10,761 feet, and encountered potential gas pay in the Third Starkey and Petersen formations. A production liner was run based on favorable mud log and electric log responses. Aspen has drilled 13 gas wells out of 16 attempts in this field. Aspen has a 45% operated working interest in this well.

The Emigh #34-1 well has special significance to Aspen. This well was originally discovered by Aspen in 1996 and was Aspen's first major gas discovery in California. This gas discovery occurred approximately one year after opening up a California office in 1995 (Aspen has had a Denver office since 1980). Since this discovery, this well has produced in excess of 2 BCF (billion cubic feet), led to additional discoveries in this field which have produced an additional 8 BCF, extended the Denverton Creek Field 2 miles to the northeast, and discovered new producing horizons. There are currently 10 producing horizons in this field. Aspen has ventured into numerous other areas in the Sacramento Valley and has had excellent success.

The Emigh #34-1 commences Aspen's previously announced 11 well drilling program. The next well drilled will be the WGU #14-10 located in the West Grimes Field, Colusa County, CA.

In the Sacramento Valley, Aspen has drilled 29 successful gas wells out of 30 attempts during the last 3 years (97% success rate) and drilled 37 successful gas wells out of 42 attempts during the last 5 years, a success rate of 88%. Aspen currently operates 55 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 40 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 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

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