ASPN 4.15 - breaking out - news yesterday on more successful drilling and an interesting comment from IHub
Aspen Exploration Kicks Off Spring Drilling Program With New Gas Well
5/30/2006
Announces Additional Drilling Activity
DENVER, CO, May 30, 2006 (MARKET WIRE via COMTEX News Network) --
Aspen Exploration Corporation (OTCBB: ASPN), with offices in Bakersfield, California, and Denver, Colorado, announced today a new gas well in the Sacramento Valley gas province of northern California.
The Zimmerman #22-2 well, located in the Rice Creek Field, Tehama County, California, was drilled to a depth of 5,600 feet and encountered approximately 75 feet of net gas pay in several intervals in the Forbes formation. Production casing was run based on favorable mud log and electric log responses. Aspen has a 23.33% operated working interest in this well. This was the sixth successful gas well out of seven attempts by Aspen in this field. All of the wells Aspen drilled in this area were drilled based on a 3-D seismic survey acquired by Aspen several years ago. Aspen plans to drill three more wells in this field this year.
Aspen also announced the commencement of operations at the Orca-Fee 32X-23 well, a 14,500 foot high potential Stevens Sand oil test located in Kern County, California. The average recoverable oil reserves in this vicinity are approximately 800,000 barrels of light oil per well. If the Orca-Fee well is successful, it could lead to multiple additional drilling locations.
Aspen plans to have at least one drilling rig running for the next several months to drill its various prospects located in the West Grimes, Malton Black Butte, Buckeye, and Rice Creek Gas Fields in the Sacramento Valley of northern California.
Aspen drilled ten successful gas wells out of ten attempts in 2004 for a 100% success rate, and nine gas wells out of ten attempts in 2005. During the last 5 1/2 years, Aspen has participated in the drilling of 37 operated wells, 32 of which were completed as gas wells, and 5 dry holes which were plugged and abandoned, a success rate of 86%. Aspen currently operates 53 gas wells and has non-operated interests in 20 additional wells in the Sacramento Valley of northern California, and has an exciting drilling program planned for 2006.
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.
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Posted by: Lone Clone
In reply to: None Date: 5/30/2006 7:50:44 PM
Post # of 430
Knowledgeable post on new well from Yahoo
Wow did I get info on CWEI board from PetroEng who used to post a lot on TMR board. He knows CA geology inside out apparently. This is one thing Yahoo boards can really be helpful on.
Re: OT-ASPN hits again, 75'netpay, how b
by: Petroeng 05/30/06 07:04 pm
Msg: 188083 of 188091
Cashflow - hope things are well.
The Forbes discovery could easily make 1 MMCFPD, depending on the sand quality and areal extent. Forbes sand is not a homogeneous sand, so much of the net pay being perforated is marginal, but that is a nice well.
The Stevens well is interesting. The Stevens is a turbidite sand shale sequence - naturally you would like to find the high energy well sorted Stevens sand at Elk Hills. Tremendous amount of reserve potential, but most Stevens production is between 6-10,000'. Deeper Stevens Aspen is targeting is probably in the middle of the San Joaquin valley near Bakersfield. It would be nice to hit something there, but deeper wells in California have a tendency to be relatively tight and have poor production characteristics. There are a lot of fields like the Yowlumne that produce from shallow formations, like the Etchegoin, that have structures that are hoped extend to the Stevens, but most of these have been drilled. Stevens production is looked upon with great desire, usually a lighter oil, and prolific. Be really curious what they are claiming are the offsets they base the 800,000 STB recoverable on.
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