|ASPG - news...|
Aspen Initiates New Drilling Program
April 17, 2001 09:04:00 AM ET
OKLAHOMA CITY, April 17 /PRNewswire/ -- Aspen Group Resources Corporation, (OTC Bulletin Board: ASPG; Toronto: ASR), today announced the Company has initiated a new drilling program which will focus on increasing the Company's working interests in specific areas in Oklahoma through the Increased Density Drilling and Forced Pooling Regulations provided by the State of Oklahoma. Aspen has proposed the first of five (5) wells in this program and expects drilling operations to begin in May, depending on rig availability. A portion of the proceeds from the Company's recently announced private placement will be used to fund these activities.
"Aspen has experienced a significant amount of growth over the past 18 months through passive participation in increased density drilling projects," stated Jack Wheeler, Chairman and CEO of Aspen. "The increased cash flow, and the funds provided by the private placement, will enable us to take a more active role in well proposals and gain more control of the projects. We anticipate increasing our interests in these projects from an average current working interest of 5% to up to 25%."
Aspen will act as operator on the initial well, which will be drilled in the Anadarko Basin in Western Oklahoma. The Company has targeted this area because of its maturity, and history as a prolific natural gas basin. Although the most recent well in the Anadarko Basin Aspen participated in is currently producing in excess of 18 million cubic feet per day, the Company anticipates potential daily production from the initial well to be 2-5 million cubic feet per day.
Aspen Group Resources Corporation is an independent Oil and Natural Gas Producer engaged in the Acquisition, Exploitation, Production and Development of oil and natural gas properties. Aspen has production and land holdings in eleven states in the US, with core operations focused primarily in Oklahoma, Kansas and Texas. Aspen's shares trade on The Toronto Stock Exchange under the symbol ASR and on the Nasdaq OTC under the symbol ASPG.
Additional information on Aspen Group Resources Corporation is available from:
Director Corporate Communications
877-775-8734 Ext. 26
Director Investor Relations
Or visit the Company website @ www.asgrc.com.
Portions of this News Release may include certain "forward-looking statements" made pursuant in the "Safe Harbour" Provision of the Private Securities Litigation Reform Act of 1995. These statements are based on Management's current expectations 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.
© 2001 PRNewswire