Aspen Group Reports Third Quarter Results.

Business Editors

OKLAHOMA CITY--(BUSINESS WIRE)--Dec. 3, 2003

Aspen Group Resources Corporation, (TSX: ASR) ("Aspen" or the "Company"), announced its financial results for the third quarter and nine months of fiscal 2003 ended September 30, 2003. Aspen reports its results in U.S. dollars.

For the nine-month period ended September 30, 2003, Aspen reported revenues of $7.0 million compared to $6.3million recorded in the same period last year. For the period, Aspen recorded a net loss of $22 thousand, or $0.00 per share, versus a net loss of $8.3 million or $(0.22) per share. Cash flow from operations for the nine-month period was $2.3 million compared to negative $800 thousand for the same period in 2002.

In the third quarter ended September 30, 2003, Aspen reported revenues of $2.6 million compared to $1.5 million recorded in the same period last year. For the period, Aspen recorded a gain of $181 thousand, or $0.003 per share, versus a net loss of $6.8 million or $(0.17) per share in the same period in 2002. Cash flow from operations for the three-month period was $1 million compared to negative $1 million in the same period last year.

Results from operations were positively impacted in 2003 by company-wide reductions in G&A and operating costs for a savings of $2.2 million for nine months.

Average prices received for the nine months ended September 30, 2003 were $21.26 per bbl. for oil and $4.76 per mcf for natural gas. Net production in the nine-month period averaged 860 boe/d (barrel of oil equivalent/day, 6:1 conversion) compared to net production of 1330 boe/d for the nine-month period ended September 30, 2002. The year over year average production decrease is primarily due to the Company's sale of non-core properties. The proceeds of the sales have been applied to reduce the bank debt.

Comparative summary results for three and nine-month periods ended September 30, 2003 are shown in US Dollars in the following tables. Additional information is contained in the Company's financial statements, which are available for review in the SEDAR database.

Condensed Consolidated Summary Balance Sheet as at

(In US Dollars)

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                                     Sept. 30, 2003    Dec. 31, 2003
                                         (Unaudited)        (Audited)
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Assets
 Current assets                        $  4,383,337     $  5,758,071
 Oil and gas properties
  (net of depletion)                     44,239,791       44,967,314
 Property, equipment and other
  assets (net of depreciation)            1,051,247        1,810,939
                                   ---------------------------------
Total Assets                           $ 49,674,375     $ 52,536,324
                                   ---------------------------------

Liabilities and
 Stockholders' Equity
 Accounts payable and accrued
  interest and expenses                $  6,973,291     $  7,119,338
 Notes payable and current
  maturities of long-term debt           12,212,008       16,197,027
 Long-term debt, net of current
  maturities                              1,258,213        1,075,777
 Provision for Site Restoration             285,846          264,522
 Deferred Income Taxes                      172,113           81,053
 Stockholders' Equity                    28,772,904       27,798,607
                                   ---------------------------------
Total Liabilities and
 Stockholders' Equity                  $ 49,674,375     $ 52,536,324
                                   ---------------------------------



Condensed Consolidated Summary Statements of Operations

(Unaudited In US Dollars)

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                          Nine Months ended       Three Months ended
                                   Sept. 30                 Sept. 30
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                          2003         2002        2003         2002
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Revenue            $ 7,042,855  $ 6,261,822  $2,614,334  $ 1,542,297
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Expenses
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Production,
 operating           2,878,897    3,866,243     995,211    1,283,714
General,
 administrative      1,300,625    2,526,695     384,411    1,034,997
Depreciation,
 depletion           2,170,569    6,958,060     829,672    5,292,727
Interest,
 financing costs       585,007      682,569     168,167      239,826
Prov. for invest.
 write down                         657,985                  436,903
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Total expenses     $ 6,350,091  $13,350,998  $2,209,294  $ 7,611,438
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Net income (loss)
 before taxes      $   107,757  $(8,429,730) $  236,873  $(6,745,870)
Net income (loss)
 after tax         $   (22,166) $(8,316,863) $  181,976  $(6,810,506)
Net income (loss)
 per share         $     (0.00) $     (0.22) $    0.003  $     (0.17)

Weighted avg.
 shares             49,575,839   37,121,263  51,378,037   39,375,889
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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 Western Canada. Aspen's shares trade on The Toronto Stock Exchange under the symbol ASR.