SOURCE: Aspen Exploration Corporation

March 12, 2007 11:31 ET

Aspen Exploration Successfully Deepens Prolific Gas Well and Increases Flow Rate to 3,000 MCFPD Sacramento Valley, California

DENVER, CO -- (MARKET WIRE) -- March 12, 2007 --Aspen Exploration Corporation (OTCBB: ASPN), with offices in Bakersfield, California, and Denver, Colorado, announced today it has deepened an existing gas well and increased production from this well to 3,000 MCFPD of natural gas.

The well, located in the Sacramento Valley gas province of northern California, was deepened 42 feet and is now producing 3,000 MCFPD from a 70 foot open-hole section in the Forbes formation. This was a substantial increase from the prior rate of 500 MCFPD. A potentially prolific 100' thick zone still remains behind-pipe in this well. This well has already produced approximately 200,000 MCF during the first 8 months of production. Aspen has a 21% operated working interest in this well.

Aspen's previously announced 11 well drilling program should commence in April.

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


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.

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