Aspen Group Resources Corporation
TSX : ASR

Aspen Group Resources Corporation

September 15, 2005 08:00 ET

Aspen Updates Manitoba Drilling

CALGARY, ALBERTA--(CCNMatthews - Sept. 15, 2005) - Aspen Group Resources Corporation (TSX:ASR) (Aspen), today provided an update on its drilling operations in the Daley Field in Manitoba. Aspen owns a 50 percent working interest in each well through its Joint Venture Agreement (the "Joint Venture") with Westchester Resources Inc. (TSX VENTURE:WSR). Aspen is the operator on each well.

02/16-10 Horizontal Well

Drilling of the horizontal portion of the third well, the 02/16-10 well, has been completed. The well is located on the same lease as the 16-10 well which was completed and swab tested at an initial rate of 332 barrels of oil per day (bbl/pd). After reviewing well data and conferring with consulting engineers and geologists, the Joint Venture elected to drill a second horizontal leg off the vertical portion of the 02/16-10 well bore. Drilling of the second leg has been completed and the well has been swab tested over a four period at a rate of 180 bbl/pd. Testing of the first horizontal leg of the 02/16-10 well is scheduled to begin later this week.

10-30 Horizontal Well

The well has been shut-in and testing temporarily suspended while test data is being reviewed. Testing of the 10-30 well will resume once testing of the two legs of the 02/16-10 well is completed.

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. These statements are based on managements' current expectations and are subject to uncertainty and changes in circumstances. Forward-looking statements may include, but are not limited to, statements concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, statements relating to the continued advancement of the Aspen's projects and other statements which are not historical facts. In addition, there can be no assurance that the flow rate estimated herein can be maintained with the testing conducted. When used in this document, and in other published information of Aspen's, the words such as "could," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are indicative of a forward-looking statement. Although Aspen believes that their expectations reflected in the forward-looking statements are reasonable, the potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Forward-looking statements contained in this document are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Certain factors that can affect Aspen's ability to achieve projected results are described in Aspen's Annual Report and Form 20-F, and other reports filed by both companies with the applicable Canadian securities regulatory authorities and by Aspen with the US Securities and Exchange Commission. Factors that can affect the ability of Aspen to achieve projected results 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, the ability of Aspen to implement its business strategy, the potential that projects will experience technical and mechanical problems, geological conditions in the reservoir which may negatively impact levels of oil and gas production and changes in product prices and other risks not anticipated by Aspen or disclosed in published material of Aspen. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

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