Aspen Group Reports First Quarter Results.Energy Editors/Business Editors OKLAHOMA Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). CITY--(BUSINESS WIRE)--Aug. 20, 2003 Aspen aspen, in botany aspen: see willow. Aspen, city, United States Aspen (ăs`pən), city (1990 pop. 5,049), alt. 7,850 ft (2,390 m), seat of Pitkin co., S central Colo. Group Resources Corporation, (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : ASR (Automatic Speech Recognition) Using voice recognition to replace keypad entry for telephone voice menus. Typically used to speak the digits 0 through 9 insted of keying them, ASR systems may be able to recognize a limited vocabulary. See voice recognition and AVSR. , OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ASPGF) ("Aspen" or the "Company"), announced its financial results for the first quarter of fiscal 2003 ended March 31, 2003. As announced on May 14, 2003, Aspen received an extension from the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. to file its first quarter financial statements due to a complete network storage malfunction mal·func·tion v. 1. To fail to function. 2. To function improperly. n. 1. Failure to function. 2. Faulty or abnormal functioning. that affected the Company's accounting system in Oklahoma City Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm . Aspen reports its results in US dollars. For the three-month period ended March 31, 2003, Aspen reported revenues of $2,681,986 compared to $2,326,158 recorded in the same period last year. For the period, Aspen recorded net income of $6,140, or $0.00 per share, versus a net loss of $594,605 or $0.02 per share. Comparative results from operations were positively impacted by higher sustained natural gas prices during the first part of the year and by company-wide cost reductions implemented by Aspen's new management. Comparative summary results for three-month period ended March 31, 2003 are shown in the following tables. Additional information is contained in the Company's financial statements, which are available for review in the SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review database.
Condensed Consolidated Audited Summary Balance Sheet as at
(In US Dollars)
Mar 31, Dec 31,
2003 2002
Assets
Current assets $3,861,670 $5,758,071
Oil and gas properties (net of depletion) 44,174,995 44,967,314
Property, equipment and other assets (net
of depreciation) 1,088,523 1,810,939
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Total Assets $49,125,188 $52,536,324
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Liabilities and Stockholders' Equity
Accounts payable and accrued interest
and expenses $6,198,864 $7,119,338
Notes payable and current maturities of
long-term debt 12,862,669 16,197,027
Long-term debt, net of current maturities 814,631 1,075,777
Provision for Site Restoration 271,241 264,522
Deferred Income Taxes 177,793 81,053
Stockholders' Equity 28,799,990 27,798,607
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Total Liabilities and Stockholders' Equity $49,125,188 $52,536,324
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Condensed Consolidated Summary Statements of Operations
(In US Dollars)
Three Months ended Mar 31
2003 2002
Revenue $2,681,986 $2,326,158
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Expenses
Production, operating 1,065,372 1,305,654
General, administrative 469,645 648,936
Depreciation, depletion 773,929 853,769
Interest, financing costs 224,521 201,480
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Total expenses $2,533,467 $3,009,839
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Net income (loss) before taxes $148,519 $(683,681)
Income taxes benefit (expense) (96,740) 89,076
(Loss) on sale of assets (45,639) -
----------- -----------
Net income (loss) after tax $6,140 $(594,605)
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Net income (loss) per share $0.00 $(0.02)
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Weighted avg. shares 45,911,370 36,053,539
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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 the Western Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Basin in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . Aspen's shares trade on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol ASR and on the OTCBB under the symbol ASPGF. |
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