Aspen Delays Filing Financial Statements.

Business Editors

OKLAHOMA CITY--(BUSINESS WIRE)--May 20, 2004

Aspen Group Resources Corporation, (PINK SHEETS:ASPGF) (TSX:ASR) ("Aspen" or the "Company"), today announced that its has delayed filing its audited financial statements for the fiscal year ended December 31, 2003 and its unaudited financial statements for the first quarter ended March 31, 2004. Aspen has made an application to the Canadian Securities Regulators as provided under Canadian Securities Act Staff Notice 57-301 and the Ontario Securities Commission (the "OSC") Policy 57-603. The Company has been notified by the OSC that the application has been received and that effective May 20, 2004, a management cease trade order will be invoked barring the Company's management and directors from trading Aspen shares until the financial statements are filed. The cease trade order applies to the Company's officers and directors only. Should Aspen fail to file their audited year-end financial statements and their first quarter unaudited financial statement by June 4, 2004, the OSC may impose a cease trade order on all trading of the Company's shares until such financial statements are filed. Aspen expects to file the its audited financial statements for the fiscal year ended December 31, 2003 and its unaudited financial statements for the first quarter ended March 31, 2004 in advance of the June 4 deadline.

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 the Mid Continent Region in the US and Western Canada. 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. Forward-looking statements contained in this document are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from management's expectations and projections expressed in this document. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's Annual Report on Form 20-F and other reports filed with the Securities and Exchange Commission. Such factors 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, and the ability of the company to implement its business strategy.