ASPN 4.50 x 4.60 on the way to 5's?
Aspen Exploration Successfully Tests Gas Well in Rice Creek Field, Tehama County, California
Monday June 5, 11:21 am ET
ca.us.biz.yahoo.com
DENVER, CO--(MARKET WIRE)--Jun 5, 2006 -- Aspen Exploration Corporation (OTC BB:ASPN.OB - News), with offices in Bakersfield, California, and Denver, Colorado, announced today a successful flow test on a recently drilled gas well in the Sacramento Valley gas province of northern California.
The Zimmerman #22-2 well, located in the Rice Creek Gas Field, Tehama County, California, was drilled to a depth of 5,600 feet and encountered approximately 75 feet of potential net gas pay in several intervals in the Forbes formation. One of these Forbes intervals was perforated and tested gas on a 3/16 inch choke at a stabilized rate of 1,434 MCFPD with a flowing tubing pressure of 1,760 psig and a flowing casing pressure of 1,800 psig. This represents only a 9% pressure drawdown from the shut in pressure of 1,940 psig, and is indicative that this well is capable of flowing at higher gas rates. Aspen has a 23.33% operated working interest in this well.
"We are excited that preliminary indications for the Rice Creek Field suggest that it has significant potential," said Robert A. Cohan, Aspen Exploration's President and CEO. "We believe our current drilling program will continue to increase our production levels and enhance our operating results."
Aspen currently has 2 wells drilling, one in the West Grimes Gas Field, Colusa County, California and one in Kern County, California. A third rig will be added in the near future to drill Aspen's shallower wells located in the Rice Creek and Malton Black Butte Fields in Tehama County, 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.
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: aspenexploration.com
Contact:
Contact:
Bob Cohan
Company: Aspen Exploration Corporation
Phone: 661-831-4669
Fax: 661-831-4661
Email: robertacohan@gmail.com
URL: aspenexploration.com |
