SOURCE: Aspen Exploration Corporation

June 13, 2007 11:37 ET

Hemis Corporation Advises Aspen on Gold Project

DENVER, CO--(Marketwire - June 13, 2007) - Aspen Exploration Corporation (OTCBB: ASPN), with offices in Bakersfield, California, and Denver, Colorado, has released information that it has obtained from Hemis Corp. concerning the Anchor Gold Project in Alaska. On August 9, 2006, Aspen and Hemis entered into an Agreement whereby Aspen would provide Hemis with certain exploration information gathered in and near Cook Inlet, Alaska, along with Aspen's pending Offshore Prospecting Permit applications. An area of mutual interest was defined; Aspen was paid $50,000 and is to be paid $50,000 on each anniversary until production commences. Aspen retains a 5% gross royalty on production.

In its news release issued on June 8, 2007, Hemis Corporation (OTCBB: HMSO) (FRANKFURT: XZA) stated that the Anchor Gold project is in the Cook Inlet of Alaska and is one of Hemis' premium exploration properties that could have great potential for Hemis. Hemis also announced that it began a preliminary oceanographic survey on the Anchor Gold project. Hemis stated that on board instrumentation included a high-precision cesium magnetometer, a fathometer, side-scan sonar, a bottom sampler and a StrataBox. Hemis said that it was not able to use either the StrataBox or the bottom sampler because of high waves during the period it was conducting the survey. The StrataBox is an instrument capable of imaging through sediments up to 40 meters thick. Hemis advised that the survey boat used a GPS control system. Hemis also announced that the survey was intended to both confirm the results of Aspen Exploration's previous work and to provide baseline information for a drilling program planned for later in the 2007 exploration season.

According to Hemis' press release, the oceanographic survey indicated that the water depth in the area of interest was less than 10 meters in many of the areas of interest. Hemis said that this was an ideal water depth from the standpoint of future exploration. Hemis also said that the magnetometer survey confirmed the position and strength of airborne magnetic surveys taken twenty years ago by Aspen Exploration. The Hemis press release quoted Dr. Douglas Oliver, Hemis' chief geologist, as stating that "Magnetite and gold often occur together in placer deposits because of their density. Verifying the off-shore magnetic anomalies is a big step forward in advancing this project."

Hemis stated that, due to high waves at the time, it was not yet possible to use the StrataBox or the bottom sampler. Hemis said that it will conduct the oceanographic survey in July, and that survey may be expanded to take into account new data currently being acquired. Hemis also announced that Earthfield Technology had finished processing new aeromagnetic data purchased from Fugro Airborne Systems. Hemis stated that this data superseded the original survey taken by Aspen Exploration. Hemis stated that hoped that the new survey will have both better geographic controls and will resolve smaller scale features. Hemis said that it was continuing negotiations with contractors for a late summer drilling program.

The statements contained herein derived from sources other than Aspen Exploration Corporation are from sources that Aspen believes are reliable, although Aspen cannot confirm any of the facts derived from sources other than Aspen. Hemis stated that the statements contained in its press release which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to commencement of drilling operations, concentration in mineral deposits, delays in testing and evaluation of ore samples, and other risks detailed from time to time in Hemis' filings with the Securities and Exchange Commission. For further information about the facts derived from the Hemis press release or the forward-looking information contained therein, please contact Norman Meier, president, at Hemis Corporation, directly. Mr. Meier can be reached at 41 43 355 0228 or through Hemis' website at

Aspen is involved in drilling for natural gas in the Sacramento Valley region of northern California, and in the production of oil in Roosevelt County, Montana. For more information concerning Aspen's gold projects contact R. V. Bailey, Vice President, in Aspen's Denver office at (303) 639-9860. For more information concerning Aspen's oil and gas activities, 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 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.

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