Aspen Group Reports First Quarter Results.Business Editors OKLAHOMA CITY--(BUSINESS WIRE)--May 16, 2002 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, (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :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), today announced financial results for the first quarter of fiscal 2002 ended March 31, 2002. The Company changed its fiscal yearend from June 30 to December 31 effective December 31, 2001 with the filing of a Transition 10-KSB. This marks the first quarter of reporting under the new fiscal year and the first report that includes operations from Endeavour Resources Inc., the Company's wholly owned Canadian subsidiary. Aspen reports its results in US dollars. For the three month period ended March 31, 2002, Aspen reported combined revenues of $2,326,158 down slightly from the $2,468,596 recorded in the same period last year. For the period, Aspen recorded a net loss of $595,605 or $0.02 per share versus net income of $702,201, or $0.04 per share. Comparative results from operations were negatively impacted by weaker natural gas prices during the quarter versus the near record high prices in the first quarter of 2001. "Although gas prices remained low throughout most of the first quarter, we are seeing a strengthening in prices and expect that as they stabilize stabilize See peg. , our bottom line will improve." stated Jack Wheeler Jack Wheeler (born July 13 1919 in Littleton-upon-Severn) was a professional footballer who played as a goalkeeper for Cheltenham Town, Birmingham City, Huddersfield Town, Notts County and Kettering Town. , Aspen's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We have made good progress in the integration of Aspen and Endeavour's operations, and will begin to realize the benefits of the transaction in the near-term." Summary results for the three month period ended March 31, 2002 are shown in US Dollars in the following tables. Details are available for review on the EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. or SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review databases.
Condensed Consolidated Audited Summary Balance Sheet as at
(In US Dollars) Mar 31, 2002 Dec 31, 2001
Assets
Current assets $ 4,291,516 $ 3,236,669
Oil and gas properties (net
of depletion) 59,847,190 49,638,972
Property, equipment and other
assets (net of depreciation) 3,900,070 3,191,390
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Total Assets $ 68,038,776 $ 56,067,031
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Liabilities and Stockholders' Equity
Accounts payable and accrued
interest and expenses $ 5,708,854 $ 3,117,613
Notes payable and current
maturities of long-term debt 3,411,409 5,820,077
Long-term debt, net of current
maturities 14,187,888 12,848,399
Provision for Site Restoration 232,653 -
Deferred Income Taxes 1,023,541 -
Stockholders' Equity 43,474,431 34,280,942
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Total Liabilities and
Stockholders' Equity $ 68,038,776 $ 56,067,031
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Condensed Consolidated Summary Statements of Operations
(In US Dollars)
Three Months ended Mar 31
2002 2001
Revenue $ 2,326,158 $ 2,468,596
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Expenses
Production, operating 1,305,654 620,638
General, administrative 648,936 457,213
Depreciation, depletion 853,769 426,685
Interest, financing costs 201,480 261,859
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Total expenses $ 3,009,839 $ 1,766,395
Net income (loss) before taxes $ (683,681) $ 702,201
Income taxes benefit 89,076 -
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Net income (loss) after tax $ (594,605) $ 702,201
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Net income (loss) per share $ (0.02) $ 0.04
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Weighted avg. shares 36,053,539 19,053,844
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Mr. Allan Kent, Aspen's Executive Vice President will host a conference call on Friday, May 17, 2002 at 11:30 am EST EST electroshock therapy. EST abbr. electroshock therapy to answer shareholder questions regarding the reported results. Interested parties can email questions to Kevin O'Connor Kevin O'Connor may be:
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
Western Canada, commonly referred to as the West . 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. Additional information on Aspen Group Resources Corporation is available from: Kevin O'Connor Director of Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. 877-775-8734 koconnor@asgrc.com Or visit the Company's website at www.asgrc.com |
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