Aspen Exploration Announces Test Results.

DENVER--(BUSINESS WIRE)--June 16, 1998--Aspen Exploration Corporation, headquartered in Denver, has announced test results from its recent gas discovery, the Emigh 35-1, located in the Denverton Creek field, Solano County, California.

Aspen perforated 89 net feet of pay in the Starkey formation from a gross interval at 10,256' - 10,373'. The well was tested on a 16/64" and 20/64" choke and flowed at gas rates of 5,000 to 7,000 MCFPD. The flowing tubing pressures ranged from 3,300# to 3,900#, with a shut in tubing pressure of 4,160#. The gas appears to be high quality (1070 BTU) with a considerable amount of condensate. Based on the analysis of mud logs, electric logs, and analogy to logs from Aspen's other productive wells in this field, it appears that the Emigh 35-1 may have more than 200 feet of net pay contained in the Bunker, Starkey, McCormick and Martinez formations. Gas sales are expected to commence by July 1, 1998.

This is Aspen's third significant discovery in three attemptsin the Denverton Creek gas field. Aspen has a 23.55% working interest in the 3 producing wells and any future wells (nine additional locations have been identified at this time) which may be drilled on Aspen's 1600 net acre leasehold.

The Emigh 34-1 well was Aspen's first well drilled in the field and encountered over 100 feet of net pay. This well went on production in November, 1996 at a rate of 3,000 MMBTU per day from one 6 foot perforated interval. Cumulative production to date is nearly 1 BCF (billion cubic feet) of gas and the current production rate is 750 MMBTU per day. Several excellent pay zones still exist behind pipe.

Aspen's second attempt, the Emigh 2-1, was drilled to a total depth of 10,600' and encountered over 120 feet of net pay in the Bunker, Starkey, and H&T formations. Production commenced in November, 1997 at a rate of 5,300 MMBTU per day and 32 barrels of condensate per day. After nearly seven months of production, the well has produced in excess of 1 BCF of gas and is currently producing 4,400 MMBTU per day and 23 barrels of condensate per day. Several pay zones still exist behind pipe. This well won the award as the "Best of the Pacific" in the new well category for 1997, as cited by Hart's Oil and Gas World, an industry publication.

Stock of Aspen Exploration is quoted on the OTC Bulletin Board under the symbol ASPN. For more information contact the Bakersfield office at 805-588-9311, Robert Cohan, or the company office in Denver at 303-639-9860, R. V. Bailey.

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 is dependent upon a number of factors, and there can be no assurance that Aspen will achieve the results as contemplated herein. Forward-looking statements contained herein may be identified because they use the terms "may," "expects to," and other terms denoting future possibilities. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks including, but not limited to: the possibility that the described operations, reserves, or exploration or production activities will not be completed or continued on economic terms, if at all. The exploration, development and mining of oil and gas, and mineral properties is an enterprise attendant with high risk, including the risk of fluctuating prices for the oil, gas, and other minerals being sought, the risks of not encountering adequate resources despite expending large sums of money, and the risk that test results may not be accurate, notwithstanding appropriate precautions. Aspen's ability to participate in these projects may be dependent on the availability to Aspen of adequate financing from third parties which may not be available on commercially-reasonable terms, if at all. Many of these risks are described 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.

    CONTACT:  Aspen Exploration Corp., Denver
               R. V. Bailey, 303-639-9860
                     or
               Bakersfield Office
               Robert Cohan, 805-588-9311