Aspen Announces Interest in 6 Gas Wells in Oklahomaadmin
Aspen Group Resources Corporation announced that it holds a working interest in 6 gas wells in Oklahoma that have been drilled by Conoco-Phillips. It was recently discovered that Aspen had retained a small interest in the leases from a previous sale, and upon further investigation Aspen received confirmation of its interest. These 6 gas wells were drilled in 2007 and 2008, and Aspen has been advised that its share of the drilling cost is US$1,027,427. These wells have produced revenue to Aspen of US$369,828 to the end of September, 2008. Aspen is currently netting the revenue against the capital expense from the drilling costs attributable to Aspen. These wells appear to be very productive and were drilled to a depth of approximately 17,000 feet. Aspen’s management believes these wells will be an important addition to its going forward plan and will help Aspen to reenter the US market.
Aspen also announced that its September 30, 2008 interim financial statements and MD&A have been completed and filed on SEDAR, and may be accessed by visiting the SEDAR website at www.sedar.com.
Aspen had to shut down operations on its facility in the Daly, Manitoba oil field for approximately 50 days to undertake repairs to the pump and to the disposal facility, through replacing the pipes, resulting in an estimated loss of approximately 2,350 barrels of oil production.
Aspen announced that it completed a sale of its security interest in debt held in relation to the Entice project to the operator, EnCana Corporation. The sale was completed on November 12, 2008 with an effective date of October 8, 2008, for net proceeds to Aspen of $120,000.
Aspen currently has 84,074,787 common shares outstanding.
Aspen Group Resources Corporation is an independent energy company engaged in the acquisition, exploration, development and operations of oil and gas properties with a geographic focus in North America. Aspen’s shares trade on the Toronto Stock Exchange under the symbol “ASR”.