Aspen Completes 02/16-10 Well.

CALGARY, Alberta -- Production expected to begin in October

Aspen Group Resources Corporation (TSX:ASR) today announced that swab testing of the first horizontal leg of the 02/16-10 well in the Daley Field in Manitoba has been completed. The well was swab tested from the lateral junction of the first and second leg over a four-hour period at a rate of 295 barrels of oil per day (bbl/pd). With the successful completion of both the 16-10 (swab tested at 332 bbl/pd rate, announced August 16, 2005) and 02/16-10 wells, construction of the gathering facilities will commence in order to put both wells into production. First sale of oil is expected by mid-October of this year. Actual production rates from both wells will be confirmed once production is initiated. The service rig will be moved to the 10-30 well where testing is expected to resume later this week. Aspen owns a 50 percent working interest in each well through its Joint Venture Agreement (the "Joint Venture") with Westchester Resources Inc. (TSX VENTURE:WSR) and is the operator on each well.

The Joint Venture also owns a total of 7 leases totaling approximately 2200 acres in the Daley Field. Consulting geologists estimate that the leases contain approximately 25 additional drill targets. The Joint Venture is working with third party engineers to prepare a drilling plan in order to further develop the acreage.

Aspen Group Resources Corporation is an independent oil and natural gas producer engaged in the acquisition, exploration, production and development of oil and natural gas properties in North America. Aspen's shares trade on The Toronto Stock Exchange under the symbol "ASR".

Portions of this document include "forward-looking statements", which may be understood as any statement other than a statement of historical fact. These statements are based on managements' current expectations and are subject to uncertainty and changes in circumstances. Forward-looking statements may include, but are not limited to, statements concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, statements relating to the continued advancement of the Aspen's projects and other statements which are not historical facts. In addition, there can be no assurance that the flow rate estimated herein can be maintained with the testing conducted. When used in this document, and in other published information of Aspen's, the words such as "could," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are indicative of a forward-looking statement. Although Aspen believes that their expectations reflected in the forward-looking statements are reasonable, the potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Forward-looking statements contained in this document are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Certain factors that can affect Aspen's ability to achieve projected results are described in Aspen's Annual Report and Form 20-F, and other reports filed by both companies with the applicable Canadian securities regulatory authorities and by Aspen with the US Securities and Exchange Commission. Factors that can affect the ability of Aspen to achieve projected results include, among others, production variances from expectations, uncertainties about estimates of reserves, volatility of oil and gas prices, the need to develop and replace reserves, the substantial capital expenditures required to fund operations, environmental risks, drilling and operating risks, risks related to exploratory and developmental drilling, competition, government regulation, the ability of Aspen to implement its business strategy, the potential that projects will experience technical and mechanical problems, geological conditions in the reservoir which may negatively impact levels of oil and gas production and changes in product prices and other risks not anticipated by Aspen or disclosed in published material of Aspen. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

Aspen Group Resources Corporation (TSX:ASR)