Aspen Exploration Projects Higher Earnings.

Business Editors

DENVER--(BUSINESS WIRE)--April 9, 2001

Aspen Exploration Corporation (OTCBB:ASPN), headquartered in Denver, with an office in Bakersfield, California, has announced projected earnings for the quarter ended March 31, 2001.

Aspen projects revenues of $1,156,000 and net after-tax income of $837,000, which is expected to result in diluted earnings per share of approximately $0.15 for the quarter. Earnings for the previous quarter were $0.13 per share. Results for the nine months ended March 31, 2001, are estimated to be approximately $0.34 per diluted share, based on $2,875,000 in projected revenues and net after-tax income of $1,900,000.

Future near-term earnings appear favorable because of higher prices the company is receiving for natural gas in the California market. With the rainy season now over, Aspen has commenced further development and exploration drilling. Approximately 5 new wells are planned for 2001.

In an additional development, Aspen Power Systems, LLC (APS), which is 25% owned by Aspen Exploration, has announced the signing of an agreement with a major independent power producer. Under the agreement, APS will be paid certain success fees if the power producer goes forward with development of electric power generating facilities within a defined location in Solano County, California. APS retained the right to go forward within the same area with the development of smaller electric generation facilities. This possibility is currently being investigated by APS, including the availability of natural gas fuel, power lines, water, emissions credits, power markets, funding and other factors. Currently a property is held under option in the event a decision is made to go forward.

Aspen stock has recently been trading in the general range of $1.25 to $1.30 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. For information concerning APS, contact R. V. Bailey in Denver at 303/639-9860.

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.