Aspen Group Reports Results For Six Months Ended December 31, 2001.

Business Editors

OKLAHOMA CITY--(BUSINESS WIRE)--April 1, 2002

Aspen Group Resources Corporation, (TSE:ASR, OTC BB: ASPGF) (Aspen), today announced financial results and filed a Transition 10-KSB for the six month period ended December 31, 2001. The Transition 10-KSB was filed due to Aspen's change of fiscal yearend from June 30 to December 31.

For the six-month period ended December 31, 2001, Aspen reported revenues of approximately $4.2 million, cash flow from operating activities of $1.2 million ($0.06 per share) and a net loss of $869 thousand ($0.04 per share). Results from operations were negatively impacted by a 74% decline in gas prices over the past year.

"Aspen was negatively effected in the six month period by our exposure to a low sustained gas price, costs associated with our drilling programs and expenses from the integration of acquisitions made during the year," stated Jack Wheeler, Aspen Group Resources' Chairman and CEO. "In order to reduce our commodity risk, we are analyzing hedging opportunities and plan to hedge approximately 75% of our operated gas production. We are addressing our costs through a reduction of our operational costs and the utilization of fewer third party contractors for our field operations. Finally, we are reviewing our holdings and have begun to liquidate some of the non-core assets from recent acquisitions."

The Transition 10KSB does not contain any operational results from Endeavour Resources Inc., Aspen's wholly owned Canadian subsidiary, which Aspen merged with effective January 1, 2002.

"In 2002, we will begin to realize the benefits of the Endeavour acquisition and expect our revenue, cash flow and earnings performance for the combined companies to improve significantly as commodity prices improve," concluded Mr. Wheeler.

Summary results for Fiscal 2001 are shown in United States Dollars in the following tables. Details are available in the Company's Form 10-KSB Transition Report to the United States Securities and Exchange Commission, which was filed today.

Condensed Consolidated Audited Summary Balance Sheet as at
----------------------------------------------------------
(In United States Dollars)          Dec.31, 2001  June 30, 2001
Assets
Current assets                       $ 3,236,669    $ 3,902,450
Oil and gas properties
 (net of depletion)                   49,638,972     47,646,027
Property, equipment and other
 assets (net of depreciation)          3,191,390      3,304,442
                                  -----------------------------
Total Assets                        $ 56,067,031   $ 54,852,919


Liabilities and Stockholders' Equity
Accounts payable and accrued
 interest and expenses               $ 3,117,613    $ 2,510,181
Notes payable and current
 maturities of long term debt          5,820,077      2,321,243
Long term debt, net of current
 maturities                           12,848,399     15,164,533
Minority Interest                              -            222
Stockholders' Equity                  34,280,942     34,856,740
                                  -----------------------------
Total Liabilities and
 Stockholders' Equity               $ 56,067,031   $ 54,852,919


Condensed Consolidated Summary Statements of Operations
-------------------------------------------------------
(In United States Dollars)             Six Months ended Dec. 31
                                            2001           2000
Revenue                              $ 4,253,081    $ 5,223,055
Expenses
Production, operating                  2,215,222      1,344,015
General, administrative                1,142,015        911,872
Depreciation, depletion                1,304,520        975,304
Interest, financing costs                482,446        556,670
                                  -----------------------------
Total expenses                       $ 5,144,203    $ 3,787,861
Net income before minority interest  $ (891,122)    $ 1,435,194
Minority interest                          (222)
Other income                              21,702
                                  -----------------------------
Net income after tax(1)              $ (869,198)    $ 1,435,194
Net income per share (basic)             $ (.04)          $ .08
Net income per share (fully diluted)     $ (.04)          $ .07
Weighted avg. shares (basic)          19,582,323     18,517,703
Weighted avg. shares (fully diluted)  22,989,269     19,818,715

(1) No income tax due to application of prior losses

Mr. Wheeler will host a conference call at 11:30am EST to answer shareholder questions regarding the reported results. Interested parties can email questions to Kevin O'Connor at [e-mail]. or dial toll free 1-888-774-1632 ten minutes prior to the start of the call. A replay of the call will be available at by calling 1-800-558-5253 access code 20497831 after 2:30pm EST until April 9, 2002.

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.

Additional information on Aspen Group Resources Corporation is
available from:
Kevin O'Connor
Director of Corporate Communications 877-775-8734
[e-mail]

Or visit the Company's website at www.asgrc.com

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 harbour 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 10-KSB 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.