Aspen Group Resources Corporation
TSX : ASR

Aspen Group Resources Corporation

November 14, 2006 11:46 ET

Aspen Group Resources Corporation Announces $1,490,080 Private Placement

Proceeds to be used for Manitoba drilling program

CALGARY, ALBERTA--(CCNMatthews - Nov. 14, 2006) - Aspen Group Resources Corporation, (TSX:ASR)("Aspen" or the "Company"), today announced that it will offer a private placement on a non brokered basis of up to 9,313,000 units at a price of $0.16 per unit for gross proceeds of up to $1,490,080. Each unit will consist of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder to acquire one common share at an exercise price of $0.22 for a period of 18 months from closing. The securities issued will carry a four-month hold period under Canadian securities laws, beginning the date the financing closes. Proceeds from the private placement will be used to continue Aspen's oil and gas well program on its properties in Manitoba and for general working capital.

Aspen currently has 74,505,354 shares outstanding. All monetary amounts presented in the release are in Canadian dollars. Closing of the private placement is subject to receipt of all necessary regulatory approvals.

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 North America. Aspen's shares trade on the Toronto Stock Exchange under the symbol "ASR".

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 harbor 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 20-F 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.

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