Westchester Resources Inc.

Westchester Resources Inc.

March 24, 2005 12:19 ET

Westchester And Aspen Report Froelich 1-27 Well Test Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: WESTCHESTER RESOURCES INC.

TSX VENTURE SYMBOL: WSR

MARCH 24, 2005 - 12:19 ET

Westchester And Aspen Report Froelich 1-27 Well Test
Results

TORONTO, ONTARIO--(CCNMatthews - March 24, 2005) - Westchester Resources
Inc. (TSX VENTURE:WSR) today announced that it has been informed by its
operator, Aspen Group Resources Corporation (TSX:ASR) that drilling and
testing operations on the Froelich 1-27 well in Stark County, North
Dakota have been completed with the following results. The well was
drilled to a target depth of 9,645 feet where it encountered the target
formation. The well was cased and completed for testing. The initial
tests of the upper portion of the formation indicated no commercial
quantities of oil and gas. Under advisement of consulting geologists,
the well was drilled using a service rig to a depth of 9,817 feet.
Within that depth, three intervals were tested and no commercial
quantities of oil and gas were encountered. In addition, a fourth
interval located behind casing at approximately 9,300 feet was tested
and no commercial quantities of oil and gas were encountered. The
Froelich 1-27 well will be capped and abandoned. Drilling and completion
and abandonment costs totaled approximately US$1.6 million.

The Froelich 1-27 well was the first in a multi-well exploration program
Aspen and Westchester, through their joint venture arrangement (the
"Joint Venture") entered into with Oil for America, Inc. ("OFA") in
North Dakota. Although not commercially successful, the well does
provide valuable geological information on the target structures and
will aid the Joint Venture in selecting the next drilling location. The
Joint Venture is currently in the process of securing a drilling rig for
a second well, which is expected to be initiated by the end of the
second quarter of 2005, depending on rig availability.

Westchester Resources Inc. shares trade on the TSX Venture Exchange
under the symbol "WSR".

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 Joint Venture's projects and other statements which
are not historical facts. When used in this document, and in other
published information of Westchester and Aspen, the words such as
"could," "estimate," "expect," "intend," "may," "potential," "should,"
and similar expressions are indicative of a forward-looking statement.
Although Westchester and Aspen believe 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 Westchester's and 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 and Westchester 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 and Westchester 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 the
Joint Venture or disclosed in published material of Westchester or
Aspen. Since forward-looking statements address future events and
conditions, by their very nature, they involve inherent risks and
uncertainties.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Aspen Group Resources Corporation
    Kevin O'Connor
    (877) 775-8734
    koconnor@aspengroupresources.com
    www.aspengroupresources.com
    or
    Westchester Resources Inc.
    Pat DiCapo
    (877) 775-8734
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this news release.