Aspen Exploration Announces Record Earnings/Industry Ranking.

Business Editors

DENVER--(BUSINESS WIRE)--Nov. 13, 2000

Aspen Exploration Corporation (OTCBB:ASPN), headquartered in Denver, with an office in Bakersfield, CA, has announced record earnings for the first quarter ended September 30 of the current fiscal year.

On revenues of $627,847 and net income of $328,670 diluted earnings per share were $0.06 versus $0.01 for the first quarter of the previous fiscal year. Earnings for the fiscal year ended June 30, 2000, were $0.09 per share. Future near term earnings appear favorable because of significantly higher prices we are receiving for natural gas in the California market.

Aspen stock has recently been trading in the general range of $0.60 to $0.80 per share on the OTC Bulletin Board.

Aspen was recently honored by rankings shown in the financial and operating results for 1999 of publicly owned companies in the October 16, 2000, issue of the Oil and Gas Journal, a leading industry publication. Each year the publication lists the "OGJ 200" and categorizes 200 oil and gas companies on the basis of performance.

Included in the list are major companies such as Shell, Chevron and Texaco. In the category of "Fastest Growing Companies" based on growth in stockholder equity, Aspen Exploration Corporation led the list as number one. OGJ stated, "The company showed growth in stockholder equity of 91.9% last year and net income was up 197.2% over 1998 results."

In the OGJ rankings of top companies in return on total assets (%), Aspen ranked number four out of the 200 companies included in the study. In the return on total revenue (%) Aspen ranked number nine. In the return on stockholders' equity (%) Aspen ranked number seven. The Oil and Gas Journal will publish the results for the year 2000 in about October of 2001.

Aspen continues active oil and gas exploration and development work in California. Aspen's stock is quoted on the OTC Bulletin Board under the symbol ASPN, and the web site is www.aspnx.com. For more information on Aspen's oil and gas activities, contact Bob Cohan in Aspen's Bakersfield office at 661/831-4669.

Those persons who have been receiving Aspen's news releases by fax or mail are advised that Aspen will discontinue that time-consuming practice effective November 13, 2000. All news releases will be sent to regulatory agencies, to the normal wire services for release to the media, and releases will be posted to the Aspen web site cited above. Those wishing to be kept abreast of developments are advised to check the Aspen web site.

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 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.