Aspen Exploration Announces Record Quarterly Earnings.

Business Editors

DENVER--(BUSINESS WIRE)--Feb. 12, 2001

Aspen Exploration Corporation (OTCBB: ASPN), headquartered in Denver with an office in Bakersfield, California, has announced record earnings for the second quarter ended December 31 of the current fiscal year.

On revenues of $1,091,711 and net after tax income of $731,999, diluted earnings per share were $0.13 versus $0.03 for the first quarter of the previous fiscal year. For the six months ended December 31, 2000, Aspen's diluted earnings per share were $0.18 versus $0.04 for the same period the previous year. Future near term earnings appear favorable because of significantly higher prices the company is receiving for natural gas in the California market.

Due to the continued high prices received for gas in the month of December 2000 ($13.95/MMBTU), Aspen's net operating income for that month was $529,020, a new monthly record for the company. The net price for February 2001 for natural gas delivered in the market area served by Aspen's production is $12.20/MMBTU. Aspen continues active oil and gas exploration and development work in California, primarily in the Sacramento basin.

Aspen stock has recently been trading in the general range of $0.80 to $1.00 per share on the OTC Bulletin Board and is quoted under the symbol ASPN. 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. Mr. Cohan has been appointed to the position of President of the West Coast Division of Aspen Exploration Corporation.

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 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.