Aspen Group Releases Company Update.

Business Editors

OKLAHOMA CITY--(BUSINESS WIRE)--May 31, 2002

Aspen Group Resources Corporation, (TSX: ASR, OTCBB: ASPGF) ("Aspen"), today reported the recent sale of twenty-three (23) properties for approximately One Million Three Hundred Thousand ($1,300,000) Dollars to Crown Energy Drilling & Production Fund 2001-1 Limited Partnership. Aspen's had average working interest of 3.6 percent and an average net revenue interest of 2.72% percent in the properties. The net production rate on the group of properties was 100 BOEPD. The sales proceeds were used to reduce debt.

Aspen also announced the recent acquisition of 45 producing wells in 11 different counties averaging a 44 percent working interest in the Anadarko Basin of Western Oklahoma from Malmaison de Portefeuil Limited for Seven Hundred Fifty Thousand Dollars and Two Million Eight Hundred Twenty Five Thousand Shares of stock. Aspen has numerous interests in the Anadarko Basin and the acquisition compliments these holdings and these well interests are accretive to Aspen's cash flow and earnings. The property interests acquired also include leasehold interests in a number of development drilling locations and behind pipe recompletion opportunities, as well as certain non-core real estate assets in Texas which are in the process of being sold. Funds derived from the non-core asset sale shall be used to fund development drilling.

Other operational issues include the participation in six new wells in the first quarter with five being successfully completed. The company's interest in the new completions was an average of one (1%) percent, not substantially adding to the company's net production. The development of Aspen's acreage position continues with sixteen (16) new well proposals being considered. In Canada, Aspen Endeavour continues its development program in two major areas. Several of the wells have been drilled but waiting on the sales connections.

In addition, the Company will hold its Annual General Shareholders Meeting for 10:30 am on May 31, 2002 at its offices located at 3300 Bank One Center, 100 North Broadway, Oklahoma City, Oklahoma.

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 and on the OTCBB under the symbol ASPGF.