SOURCE: Aspen Exploration Corporation

November 07, 2005 11:41 ET

Aspen Exploration Successfully Tests Another Gas Well in 2005; Gas Sales on Stream From 6 New Wells; Announces Plans for Winter Drilling Program

DENVER, CO -- (MARKET WIRE) -- November 7, 2005 -- Aspen Exploration Corporation (OTC BB: ASPN), with offices in Bakersfield, California, and Denver, Colorado, announced today its seventh consecutive successful flow test on a recently drilled gas well in the Sacramento Valley gas province of northern California.

The Kalfsbeek #1-13 well located in the Buckeye Gas Field, Colusa County, California, was drilled to a depth of 8,800 feet and encountered gas pay in several intervals in the Forbes formation. Production casing was run based on favorable mud log and electric log responses. Several of these Forbes intervals were perforated and tested gas on a 1/4 inch choke at a flow rate of 2,909 MCFPD with a flowing tubing pressure of 2,005 psig and a flowing casing pressure of 2,080 psig. The shut in tubing and casing pressures were 3,250 psig. Aspen has a 30.625% operated working interest in this well.

Aspen also announced that the first six gas wells it completed this year are currently connected to the pipeline and are selling gas at the combined gross rate of approximately 6,600 MCFPD. These wells are capable of flowing at higher gas rates, but Aspen chooses to produce these wells in a conservative manner in an effort to extend the longevity of the production.

Aspen is also finalizing plans for the drilling of additional wells in the upcoming "winter" season. These plans will include the drilling of a shallow well in the Malton Black Butte Field in Tehama County, the deepening of an existing well and the drilling of a horizontal underbalanced lateral in an existing well in the Denverton Creek Field in Solano County. The drilling of a horizontal underbalanced well in the West Grimes Field in Colusa County is also planned.

Aspen drilled ten successful gas wells out of ten attempts in 2004 for a 100% success rate, and nine gas wells out of ten attempted thus far in 2005. During the last 5 years, Aspen has participated in the drilling of 34 operated wells, 30 of which were completed as gas wells, and 4 dry holes which were plugged and abandoned, a success rate of 88%. Aspen currently operates 52 gas wells and has non-operated interests in 15 additional wells in the Sacramento Valley of northern California.

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. 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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