Aspen Accelerates Drilling Program With Completion of Private Placement

Apr 04, 2001, 01:00 ET from Aspen Group Resources Corporation

    OKLAHOMA CITY, April 4 /PRNewswire/ -- Aspen Group Resources Corporation,
 (OTC Bulletin Board:   ASPG; Toronto: ASR), today announced that it has
 completed a private placement of 1,230,000 Special Warrants at US$1.50 each
 for gross proceeds of US$1,845,000.  Each Special Warrant is exchangeable for
 one Common Share and one-half Common Share Purchase Warrant with each whole
 Common Share Purchase Warrant exercisable for one common share at a price of
 US$1.80 for twenty-four months.  The Special Warrants were issued pursuant to
 an Agency Agreement, and Aspen will be filing a prospectus to qualify the
 Common Shares and Common Shares Purchase Warrants issuable upon the exercise
 of the Special Warrants.  Net proceeds from the offering will be used for
 accelerating the Company's natural gas drilling activities, in addition to its
 current 60 well program.
     Aspen Group Resources Corporation is an independent Oil and Natural Gas
 Producer engaged in the Acquisition, Exploitation, Production and Development
 of oil and natural gas properties.  Aspen has production and land holdings in
 eleven states in the US, with core operations focused primarily in Oklahoma,
 Kansas and Texas.  Aspen's shares trade on The Toronto Stock Exchange under
 the symbol ASR and on the Nasdaq OTC under the symbol ASPG.
 
     Additional information on Aspen Group Resources Corporation is available
 from:
      Kevin O'Connor
      Director Corporate Communications
      877-775-8734 Ext. 26
      koconnor@asgrc.com
 
      -or-
 
      Terri Smith
      Director Investor Relations
      866-572-3479
      terri@asgrc.com
 
     Or visit the Company website @ www.asgrc.com.
 
     The information in this news release includes certain forward-looking
 statements as defined in the "Safe Harbour" provision of the Private
 Securities Litigation Reform Act of 1995.  These statements are based upon
 assumptions that are subject to significant risks and uncertainties.  Although
 the Company believes that the expectations reflected in forward-looking
 statements are reasonable, it can give no assurance that the expectations of
 any of its forward-looking statements will prove to be correct.
 
 

SOURCE Aspen Group Resources Corporation
    OKLAHOMA CITY, April 4 /PRNewswire/ -- Aspen Group Resources Corporation,
 (OTC Bulletin Board:   ASPG; Toronto: ASR), today announced that it has
 completed a private placement of 1,230,000 Special Warrants at US$1.50 each
 for gross proceeds of US$1,845,000.  Each Special Warrant is exchangeable for
 one Common Share and one-half Common Share Purchase Warrant with each whole
 Common Share Purchase Warrant exercisable for one common share at a price of
 US$1.80 for twenty-four months.  The Special Warrants were issued pursuant to
 an Agency Agreement, and Aspen will be filing a prospectus to qualify the
 Common Shares and Common Shares Purchase Warrants issuable upon the exercise
 of the Special Warrants.  Net proceeds from the offering will be used for
 accelerating the Company's natural gas drilling activities, in addition to its
 current 60 well program.
     Aspen Group Resources Corporation is an independent Oil and Natural Gas
 Producer engaged in the Acquisition, Exploitation, Production and Development
 of oil and natural gas properties.  Aspen has production and land holdings in
 eleven states in the US, with core operations focused primarily in Oklahoma,
 Kansas and Texas.  Aspen's shares trade on The Toronto Stock Exchange under
 the symbol ASR and on the Nasdaq OTC under the symbol ASPG.
 
     Additional information on Aspen Group Resources Corporation is available
 from:
      Kevin O'Connor
      Director Corporate Communications
      877-775-8734 Ext. 26
      koconnor@asgrc.com
 
      -or-
 
      Terri Smith
      Director Investor Relations
      866-572-3479
      terri@asgrc.com
 
     Or visit the Company website @ www.asgrc.com.
 
     The information in this news release includes certain forward-looking
 statements as defined in the "Safe Harbour" provision of the Private
 Securities Litigation Reform Act of 1995.  These statements are based upon
 assumptions that are subject to significant risks and uncertainties.  Although
 the Company believes that the expectations reflected in forward-looking
 statements are reasonable, it can give no assurance that the expectations of
 any of its forward-looking statements will prove to be correct.
 
 SOURCE  Aspen Group Resources Corporation