Aspen Contracts Drilling Rig For Manitoba Development Program.

CALGARY, Alberta -- Aspen Group Resources Corporation (TSX:ASR) ("Aspen") today announced that it has contracted a drilling rig to be deployed on its leases in the Daly Field in Manitoba. Aspen expects to initiate drilling operations in Manitoba during the first week of April 2006. Aspen, through a 50/50 Joint Venture owns leases totaling approximately 2,760 acres in the Daley Field. Consulting geologists estimate that the leases contain approximately 25 drilling locations, which could support multiple wells on each location.

Aspen has commissioned an independent engineering firm to evaluate an initial development program that would see Aspen drill wells targeting productive zones primarily in the Lodgepole formation. The results of that report support Aspen's efforts to begin the development drilling. Aspen is currently reviewing data from its existing production wells in the Daly field and the third party engineering data to finalize its drilling program and capital budget for Manitoba.

Robert Calentine, CEO of Aspen states, "We are enthusiastic about the development of our prospects in the Daly field. Our successful drilling program in 2005 has allowed us to study the characteristics of the wells in this field. We have had an opportunity to evaluate the engineering requirements that will allow us to be more efficient in our development of the initial prospects. In addition, we believe that there are additional wells that can be drilled in other zones in the Lodgepole and Bakken formations."

Aspen is pleased to announce that Mr. Kim Snyder has been hired as Operations Manager. Mr. Snyder will work with Ron Mercer, Aspen's Vice-President of Operations and directly oversee the drilling program in Manitoba. Before joining Aspen, Mr. Snyder was an operational and reserve-engineering consultant with a Calgary based oil and gas engineering firm. Prior to that, Mr. Snyder was with Delphi Energy Corp. (TSX:DEE) where he served in various positions as an operator, contract manger, as well as being responsible for reserve and government reporting. Prior to Delphi Energy, Mr. Snyder was a consultant for numerous oil and gas companies where he assisted in new business development, contract negotiation, and production optimization. From 1981-1995 Mr. Snyder held positions in the marketing, operations, and reservoir engineering departments at Numac Energy Inc.

"Kim's background and experience will be a real asset to Aspen as we move forward with the Manitoba drilling program," stated Ron Mercer. "We appreciate the work he has done on our existing production in Manitoba and look forward to his involvement in the broader program. Kim will work directly with our drilling contractor, Ensign Drilling, who have been extremely helpful in working with us to secure a rig."

Aspen also announced that its offices in Oklahoma City have been closed and all the Company's operations will be conducted out of the Calgary offices.

Aspen owns a 50 percent working interest in the Manitoba leases through its Joint Venture Agreement (the "Joint Venture") with Westchester Resources Inc. (TSXV:WSR). Aspen is the operator.

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)