Aspen Gas Production/Earnings Soar.

DENVER--(BUSINESS WIRE)--Feb. 12, 1999--Aspen Exploration Corporation (OTC BB: ASPN), headquartered in Denver, has announced earnings of $0.05 per share for the last quarter of 1998 and $0.07 per share for the last 6 months of 1998, with 4.9 million shares issued and outstanding.

The company continues to enjoy success from the production and sale of natural gas and condensate from three deep gas wells in the Denverton Field, Solano County, California. Aspen is the operator of the field with working interests ranging from 24% to 28%. In addition, Aspen has just completed and placed on production a fourth deep well in the field, drilled to a depth of 11,100 feet, which has boosted gas production and sales by about 2,000 MMBTU per day as well as 15 barrels of condensate per day. The four wells are currently producing a total of about 8,500 MMBTU per day and 45 barrels of condensate per day, with a number of untapped zones behind pipe in all of the wells. The average price received by Aspen for the high BTU natural gas (1067 BTU) from this field in 1998 was $2.40 per MCF.

A 3-D seismic program has been carried out over the field and vicinity which is expected to provide data for definition of additional drilling locations within Aspen's leasehold. Aspen is also investigating the possibility of generating electrical power from gas-fired turbines at the field for sale to the California electric power grid.

Aspen continues light oil (33 Degrees) production from two fields near Bakersfield, CA, but the company has elected to reduce production from 300 barrels of oil per day to 175 BOPD due to the low price of oil.

For more information contact Bob Cohan in Aspen's Bakersfield office at [phone].

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.