Aspen Exploration Corp. (ASPN.OB)

Aspen Exploration Corporation engages in the exploration, development, and production of oil and gas properties in California and Montana. Its properties include working interests in 16 wells located in the West Grimes Field, Colusa County, California; a 30% working interest in The Nelson #1-10 well located in Grimes Gas Field, Solano County, California; a 41.60% working interest in the Heidrick #11-2 well located in the Kirk Buckeye Gas Field; and working interests in certain wells located in the Malton Black Butte Field. The company also owns an interest in 33 producing gross oil wells in certain oil producing assets encompassing 22,600 acres in the East Poplar Unit and the Northwest Poplar Field in Roosevelt County, Montana located in the Williston Basin. As of June 30, 2007, Aspen had total proved reserves of 130 thousand Bbls of oil and 2,701 thousand cubic feet of gas. The company was founded in 1979 and is based in Denver, Colorado with an additional office in Bakersfield, California.

For the three months ended 30 September 2006, Aspen Exploration Corporation's revenues decreased 10% to $1.1M. Net income decreased 41% to $271K. Revenues reflect a decrease in sales from oil & gas production and lower management fees received. Net income reflects an increase in oil & gas production expenses, higher depreciation, depletion & amortization expenses and the presence of interest expense.