<SUBMISSION>
<ACCESSION-NUMBER>0001175710-05-000253
<TYPE>6-K
<PUBLIC-DOCUMENT-COUNT>9
<PERIOD>20051212
<FILING-DATE>20051212
<DATE-OF-FILING-DATE-CHANGE>20051212
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ASPEN GROUP RESOURCES CORP
<CIK>0001023947
<ASSIGNED-SIC>1382
<IRS-NUMBER>980164357
<STATE-OF-INCORPORATION>A6
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>6-K
<ACT>34
<FILE-NUMBER>001-13509
<FILM-NUMBER>051259133
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE NORTH HUDSON
<STREET2>SUITE 1000
<CITY>OKLAHOMA CITY
<STATE>OK
<ZIP>73102
<PHONE>4052788800
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE NORTH HUDSON
<STREET2>SUITE 1000
<CITY>OKLAHOMA CITY
<STATE>OK
<ZIP>73102
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>COTTON VALLEY RESOURCES CORP
<DATE-CHANGED>19960930
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>aspen6k.htm
<DESCRIPTION>ASPEN GROUP RESOURCES 6K
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>
<META NAME="author" CONTENT="Daniel Miller">
<META NAME="date" CONTENT="08/12/2005">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<A NAME="DocsID"></A><P style="line-height:14pt; margin-top:5pt; margin-bottom:5pt; font-size:12pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></FONT></P>
<P style="line-height:16pt; margin-top:5.85pt; margin-bottom:5.85pt; font-size:14pt" align=center><B>FORM 6-K</B></P>
<P style="line-height:13pt; margin-top:4.6pt; margin-bottom:4.6pt; font-size:11pt" align=center><B>Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934</B></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; font-size:12pt" align=center>For the month of December 2005</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; font-size:12pt" align=center>Commission File Number: &nbsp;0-28814</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Aspen Group Resources Corporation</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>One North Hudson, Suite 1000</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>Oklahoma City, Oklahoma 73102</P>
<P style="margin-top:0pt; margin-bottom:12pt" align=center><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; font-size:12pt" align=center>Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; font-size:12pt" align=center>Form 20-F<U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp; </U>Form 40-F ______</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; font-size:12pt" align=center>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; font-size:12pt" align=center>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; font-size:12pt" align=center>Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; font-size:12pt" align=center>Yes _____ No <U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________</P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>TABLE OF CONTENTS</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">The following documents are filed as part of this Form 6-K:</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=66></TD><TD width=306></TD></TR>
<TR><TD valign=top width=88><P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>Exhibit</U></P>
</TD><TD valign=top width=408><P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><U>Description</U></P>
</TD></TR>
<TR><TD valign=top width=88><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt" align=center>99.1</P>
</TD><TD valign=top width=408><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt">Second Quarter Report for Period Ending June 30, 2005</P>
</TD></TR>
<TR><TD valign=top width=88><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt" align=center>99.2</P>
</TD><TD valign=top width=408><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt">Management&#146;s Discussion &amp; Analysis</P>
</TD></TR>
<TR><TD valign=top width=88><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt" align=center>99.3</P>
</TD><TD valign=top width=408><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt">Certificates</P>
</TD></TR>
<TR><TD valign=top width=88><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt" align=center>99.4</P>
</TD><TD valign=top width=408><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt">Third Quarter Report for Period Ending September 30, 2005</P>
</TD></TR>
<TR><TD valign=top width=88><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt" align=center>99.5</P>
</TD><TD valign=top width=408><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt">Management&#146;s Discussion &amp; Analysis</P>
</TD></TR>
<TR><TD valign=top width=88><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt" align=center>99.6</P>
</TD><TD valign=top width=408><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt">Certificates</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt" align=center><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; font-size:12pt; page-break-before:always" align=center><B>SIGNATURES</B></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; text-indent:72pt; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:12pt; font-size:12pt">Date: December 12, 2005</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:24pt; padding-left:216pt; font-size:12pt"><B>Aspen Group Resources Corporation</B></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; font-size:12pt">By: &nbsp;</P>
<P style="line-height:14pt; margin:0pt; padding-left:216pt; text-indent:36pt; font-size:12pt"><U>/s/ Robert Calentine</U></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; font-size:12pt">Name:</P>
<P style="line-height:14pt; margin:0pt; padding-left:216pt; text-indent:36pt; font-size:12pt">Robert Calentine</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:216pt; font-size:12pt">Title</P>
<P style="line-height:14pt; margin:0pt; padding-left:216pt; text-indent:36pt; font-size:12pt">Chief Executive Officer</P>
<P style="margin:0pt"><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f2q2005aspengroupfinstatemen.htm
<DESCRIPTION>SECOND QUARTER FINANCIAL STATEMENTS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>ASPEN GROUP RESOURCES CORPORATION</TITLE>
<META NAME="author" CONTENT="Prospect/Cubacan/Endeavor">
<META NAME="date" CONTENT="08/12/2005">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>ASPEN GROUP RESOURCES CORPORATION</B></FONT></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>AND SUBSIDIARIES</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>JUNE 30, 2005</B></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>ASPEN GROUP RESOURCES CORPORATION</B></P>
<P style="margin:0pt"><B>AND SUBSIDIARIES</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>INDEX</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; text-indent:416.35pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page No.</B></P>
<P style="margin:0pt"><B>FINANCIAL INFORMATION</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Condensed Consolidated Financial Statements</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Condensed Consolidated Balance Sheet as of</P>
<P style="margin-top:0pt; margin-bottom:-12pt">June 30, 2005 and 2004 (unaudited)</P>
<P style="margin:0pt; text-indent:463pt">3</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Condensed Consolidated Statements of Operations for the</P>
<P style="margin-top:0pt; margin-bottom:-12pt">six months ended June 30, 2005 and 2004 (unaudited)</P>
<P style="margin:0pt; text-indent:463pt">4</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Condensed Consolidated Statements of Cash Flows for the</P>
<P style="margin-top:0pt; margin-bottom:-12pt">six months ended June 30, 2005 and 2004 (unaudited)</P>
<P style="margin:0pt; text-indent:463pt">5</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>NOTES TO CONDENSED CONSOLIDATE FINANCIAL STATEMENTS (unaudited)</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Nature of Business and Basis of Preparation and Presentation</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt">Nature of Business</P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin-top:0pt; margin-bottom:-12pt">Financial Statement Presentation</P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin-top:0pt; margin-bottom:-12pt" align=justify>Restricted Cash</P>
<P style="margin:0pt; text-indent:463pt" align=justify>6</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Discontinued Operations</B></P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Earnings Per Share</B></P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Common Stock Issued</B></P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Operations</B></P>
<P style="margin:0pt; text-indent:463pt">7</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Related Party Transactions</B></P>
<P style="margin:0pt; text-indent:463pt">7</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Other Information</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt">Safe Harbor Statement</P>
<P style="margin:0pt; text-indent:463pt">7</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<A NAME="node3"></A><A NAME="node4"></A><P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B>CONDENSED CONSOLIDATED BALANCE SHEET</B></P>
<P style="margin:0pt" align=center><B>June 30, 2005 &nbsp;&nbsp;(Unaudited</B>)</P>
<P style="margin:0pt" align=center>(<B>Expressed in US Dollars)</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=297.9></TD><TD width=11.8></TD><TD width=78.2></TD><TD width=13.1></TD><TD width=85.9></TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>June 30, 2005</B></P>
<P style="margin:0pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>December 31, 2004</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>(audited)</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B><U>ASSETS</U></B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B>Current Assets</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Cash</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>1,762,878</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>4,996,185</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Cash - Restricted</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>1,000,000</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt; text-indent:-36pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Accounts receivable net of allowances</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Trade</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>1,900,551</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>1,409,092</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Other</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>11,290</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>11,631</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Net assets of discontinued operations</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>1,281,037</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Materials and supplies inventory</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>348,725</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>69,577</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>115,602</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>111,113</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=right><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>5,139,046</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>7,878,635</P>
</TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B>Proved Oil &amp; Gas Properties (full cost method)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;net of accumulated depletion of $14,237,729 and $13,738,929</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>6,297,052</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>5,085,989</P>
</TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B>Property and Equipment</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;net of accumulated depreciation of $2,372,353 and $2,288,387</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>653,666</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>754,279</P>
</TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B>Other Assets</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Notes receivable</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>43,082</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>49,285</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Deposits and other assets</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>49,880</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>8,880</P>
</TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Total Assets</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>12,182,726</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>13,777,068</P>
</TD></TR>
<TR><TD valign=bottom width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt" align=justify><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B>Current Liabilities</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Accounts payable</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-right:-18pt"><B>$</B></P>
</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>1,845,930</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt; padding-right:-18pt">$</P>
</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>2,106,081</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Net liabilities of discontinued operations</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>387,947</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>1,059,073</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Accrued expenses</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>7,485</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Net payable &#150; banks</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>453,879</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>747,720</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Current maturities of long-term debt</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>106,241</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>119,994</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-right:-18pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>2,793,997</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>4,040,353</P>
</TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B>Long-Term Debt, less Current Maturities</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-right:-18pt"><B>$</B></P>
</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>162,744</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt; padding-right:-18pt">$</P>
</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>215,868</P>
</TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B>Asset Retirement Obligation</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>577,568</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>563,236</P>
</TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B>Deferred income taxes</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B>Stockholders&#146; Equity</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">Preferred stock, no par value, authorized-unlimited, issued &#150; none</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Common stock, no par value, authorized-unlimited,</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued 75,762,807 shares in 2005 and 71,203,307 in 2004</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>64,070,881</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>62,656,769</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Less treasury stock &#150; at cost</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(260,198)</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt; padding-right:-2.9pt" align=right>(260,198) &nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Foreigh currency translation adjustment</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>(886,459)</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>(886,459)</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Accumulated deficit</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(54,275,807)</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt; padding-right:-2.9pt" align=right>(52,552,501)</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&#146; equity</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-right:-18pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>8,648,417</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt; padding-right:-18pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>8,957,611</P>
</TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&nbsp;Total Liabilities and Stockholders&#146; Equity</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-right:-18pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>12,182,726</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt; padding-right:-18pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>13,777,068</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-right:-18pt; font-size:11pt"><I><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;signed Robert Calentine&#148;</U></I></P>
<P style="line-height:13pt; margin:0pt; padding-right:-18pt; text-indent:261pt; font-size:11pt"><I><U>&#147;signed Allan Thorne&#148;</U></I></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-size:11pt">Robert L. Calentine, Director and CEO</P>
<P style="line-height:13pt; margin:0pt; text-indent:252pt; font-size:11pt">Allan C. Thorne, CFO</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt">See accompanying notes to these condensed consolidated financial statements</P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt"><B>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>(Unaudited</B>)</P>
<P style="margin:0pt" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0pt"><BR></P>
<A NAME="node7"></A><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=203.4></TD><TD width=15.05></TD><TD width=65.95></TD><TD width=15.05></TD><TD width=61.45></TD><TD width=17.85></TD><TD width=58.65></TD><TD width=19.2></TD><TD width=61.8></TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=bottom width=108 colspan=2><P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>Period from </B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>April 1, 2005</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>to</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>June 30, 2005</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=102 colspan=2><P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>Period from </P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>April 1, 2004 </P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>to</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>June 30, 2004</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>Restated</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>(Unaudited)</P>
</TD><TD valign=bottom width=102 colspan=2><P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>Period from </B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>January 1, 2005</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>to</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>June 30, 2005</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=108 colspan=2><P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>Period from </P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>January 1, 2004 </P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>to</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>June 30, 2004</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>Restated</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>(Unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="line-height:14pt; margin:0pt; font-size:12pt"><B>REVENUE:</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Oil and gas sales (net of royalties)</P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>600,292</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD valign=top width=81.933><P style="margin:0pt" align=right>674,301</P>
</TD><TD valign=bottom width=23.8><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=bottom width=78.2><P style="margin:0pt" align=right><B>1,182,506</B></P>
</TD><TD valign=bottom width=25.6><P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=82.4><P style="margin:0pt" align=right>1,309,222</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Product and service revenues</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>203,648</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933><P style="margin:0pt" align=right>256,121</P>
</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2><P style="margin:0pt" align=right><B>328,106</B></P>
</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4><P style="margin:0pt" align=right>522,192</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Other income</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>9,613</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=81.933><P style="margin:0pt" align=right>-</P>
</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=78.2><P style="margin:0pt" align=right><B>26,860</B></P>
</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=82.4><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Total revenue</P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>813,553</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=81.933><P style="margin:0pt" align=right>930,422</P>
</TD><TD valign=bottom width=23.8><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=78.2><P style="margin:0pt" align=right><B>1,537,472</B></P>
</TD><TD valign=bottom width=25.6><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=82.4><P style="margin:0pt" align=right>1,831,414</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="line-height:14pt; margin:0pt; font-size:12pt"><B>EXPENSES: </B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Oil and gas production</P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>296,306</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD valign=top width=81.933><P style="margin:0pt" align=right>383,277</P>
</TD><TD valign=bottom width=23.8><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=bottom width=78.2><P style="margin:0pt" align=right><B>516,550</B></P>
</TD><TD valign=bottom width=25.6><P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=82.4><P style="margin:0pt" align=right>536,256</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Operating expenses</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>154,068</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933><P style="margin:0pt" align=right>202,529</P>
</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2><P style="margin:0pt" align=right><B>282,308</B></P>
</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4><P style="margin:0pt" align=right>358,649</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">General and administrative</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>832,862</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933><P style="margin:0pt" align=right>822,933</P>
</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2><P style="margin:0pt" align=right><B>1,425,079</B></P>
</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4><P style="margin:0pt" align=right>1,359,603</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Depreciation, depletion and accretion expense</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>297,296</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933><P style="margin:0pt" align=right>369,776</P>
</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2><P style="margin:0pt" align=right><B>597,128</B></P>
</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4><P style="margin:0pt" align=right>970,223</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Stock issued compensation</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=81.933><P style="margin:0pt" align=right>-</P>
</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=78.2><P style="margin:0pt" align=right><B>419,309</B></P>
</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=82.4><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Total expenses</P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>1,580,532</B></P>
</TD><TD valign=bottom width=20.067><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=81.933><P style="margin:0pt" align=right>1,778,515</P>
</TD><TD valign=bottom width=23.8><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=78.2><P style="margin:0pt" align=right><B>3,240,374</B></P>
</TD><TD valign=bottom width=25.6><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=82.4><P style="margin:0pt" align=right>3,224,731</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>EARNINGS (LOSS) FROM OPERATIONS</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>(766,979)</B></P>
</TD><TD valign=bottom width=20.067><P style="margin:0pt" align=center>$</P>
</TD><TD valign=top width=81.933><P style="margin:0pt" align=right>(848,093)</P>
</TD><TD valign=top width=23.8><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=bottom width=78.2><P style="margin:0pt" align=right><B>(1,702,902)</B></P>
</TD><TD valign=bottom width=25.6><P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=82.4><P style="margin:0pt" align=right>(1,393,317)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>OTHER</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Interest and financing expense</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>(10,845)</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=81.933><P style="margin:0pt" align=right>(101,698)</P>
</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=78.2><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(25,667)</B></P>
</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=82.4><P style="margin:0pt; padding-right:-2.9pt" align=right>(291,666)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>NET (LOSS) FROM CONTINUING OPERATIONS</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>(777,824)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><BR></P>
<P style="margin:0pt">$</P>
</TD><TD valign=top width=81.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>(949,791)</P>
</TD><TD valign=bottom width=23.8><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=bottom width=78.2><P style="margin:0pt" align=right><B>(1,728,569)</B></P>
</TD><TD valign=bottom width=25.6><P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=82.4><P style="margin:0pt" align=right>(1,684,983)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>DISCONTINUED OPERATIONS</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Revenues from US Oil and Gas Production Activities</P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=81.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>784,982</P>
</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4><P style="margin:0pt" align=right>2,376,545</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Expenses from US Oil and Gas Production Activities</P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><BR></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=81.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>(588,488)</P>
</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=78.2><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=82.4><P style="margin:0pt" align=right>(1,676,018)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>Total Discontinued Operations</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD valign=top width=81.933><P style="margin:0pt" align=right>196,494</P>
</TD><TD valign=bottom width=23.8><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=bottom width=78.2><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=25.6><P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=82.4><P style="margin:0pt" align=right>700,527</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>NET EARNINGS (LOSS)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>(777,824)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=81.933><P style="margin:0pt" align=right>(753,297)</P>
</TD><TD valign=bottom width=23.8><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=78.2><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(1,728,569)</B></P>
</TD><TD valign=bottom width=25.6><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=82.4><P style="margin:0pt; padding-right:-2.9pt" align=right>(984,456)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>NET EARNINGS (LOSS) PER SHARE</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>(0.010)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=81.933><P style="margin:0pt" align=right>(0.013)</P>
</TD><TD valign=bottom width=23.8><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=78.2><P style="margin:0pt" align=right><B>(0.023)</B></P>
</TD><TD valign=bottom width=25.6><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=82.4><P style="margin:0pt" align=right>(0.018)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=81.933>&nbsp;</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD valign=bottom width=78.2>&nbsp;</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD valign=bottom width=82.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>WEIGHTED AVERAGE SHARES</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>75,762,807</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=81.933><P style="margin:0pt" align=right>58,303,134</P>
</TD><TD valign=bottom width=23.8>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=78.2><P style="margin:0pt" align=right><B>74,213,947</B></P>
</TD><TD valign=bottom width=25.6>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=82.4><P style="margin:0pt" align=right>53,374,946</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt">See accompanying notes to these condensed consolidated financial statements</P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>&nbsp;(Unaudited</B>)</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<A NAME="node8"></A><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=221.4></TD><TD width=13.45></TD><TD width=58.55></TD><TD width=13.45></TD><TD width=67.55></TD><TD width=13.45></TD><TD width=58.55></TD><TD width=4.5></TD><TD width=8.95></TD><TD width=4.5></TD><TD width=54.05></TD><TD width=4.5></TD></TR>
<TR><TD valign=bottom width=295.2>&nbsp;</TD><TD valign=bottom width=96 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>Period from </B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>April 1, 2005</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>to</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>June 30, 2005</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=108 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>Period from </P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>April 1, 2004 </P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>to</P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>June 30, 2004</P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(Unaudited<B>)</B></P>
</TD><TD valign=bottom width=102 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>Period from </B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>January 1, 2005</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>to</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>June 30, 2005</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=96 colspan=4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>Period from </P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>January 1, 2004 </P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>to</P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>June 30, 2004</P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(Unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=295.2>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=84.067 colspan=2>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=78.067 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>CASH FLOWS FROM OPERATING ACTIVITIES</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Net earnings (loss)</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(777,824)</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(753,297)</P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(1,728,569)</B></P>
</TD><TD valign=bottom width=17.933 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(984,456)</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of assets</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>419,309</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>290,179</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>618,442</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>582,796</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>1,771,955</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Accretion expense</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>7,117</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>8,375</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>14,332</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>22,491</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Cash flow from operations</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(480,528)</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-top:0.5pt solid #000000" valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(126,480)</P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(712,132)</B></P>
</TD><TD valign=bottom width=17.933 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>809,990</P>
</TD></TR>
<TR><TD valign=bottom width=295.2>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Change in assets and liabilities net of effects from:</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>367,992</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>121,666</P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>789,919</B></P>
</TD><TD valign=bottom width=17.933 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>517,768</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies inventory</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(279,148)</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(279,148)</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(342,721)</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(1,188,635)</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(933,499)</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(2,992,886)</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>43,011</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(81,161)</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(4,489)</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(35,608)</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Other</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Net cash provided by operating activities</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(691,394)</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(1,274,610)</P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(1,139,349)</B></P>
</TD><TD valign=bottom width=17.933 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(1,700,736)</P>
</TD></TR>
<TR><TD valign=bottom width=295.2>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>CASH FLOWS FROM FINANCING ACTIVITIES</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Costs related to sale of stock and issuance of notes</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(112,827)</P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=bottom width=78.067><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.933 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=bottom width=84.067 colspan=3><P style="margin:0pt" align=right>(112,827)</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of common stock</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>44,270</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>1,637,211</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="margin:0pt" align=right><B>994,803</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="margin:0pt" align=right>1,839,241</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Repayment of notes payable and long-term debt</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(214,105)</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(50,367)</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(354,515)</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(51,441)</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Net cash provided by (used by) financing activities</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(169,835)</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>1,474,017</P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=78.067><P style="margin:0pt" align=right><B>640,288</B></P>
</TD><TD valign=bottom width=17.933 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84.067 colspan=3><P style="margin:0pt" align=right>1,674,973</P>
</TD></TR>
<TR><TD valign=bottom width=295.2>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>CASH FLOWS FROM INVESTING ACTIVITIES</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of equipment</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>16,617</B></P>
</TD><TD valign=bottom width=17.933 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of oil and gas properties</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Exploration and development cost capitalized</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(293,116)</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(390,487)</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(1,750,863)</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="margin:0pt; padding-right:-2.9pt" align=right>(391,456)</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of office furniture and equipment</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(16,030)</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(16,030)</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Other assets</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067><P style="margin:0pt; padding-right:-2.9pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3><P style="margin:0pt; padding-right:-2.9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Net cash provided by (used by) investing activities</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(293,116)</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(406,517)</P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=78.067><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(1,734,246)</B></P>
</TD><TD valign=bottom width=17.933 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84.067 colspan=3><P style="margin:0pt; padding-right:-2.9pt" align=right>(407,486)</P>
</TD></TR>
<TR><TD valign=bottom width=295.2>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>NET INCREASE (DECREASE)</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(1,154,345)</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(207,110)</P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(2,233,307)</B></P>
</TD><TD valign=bottom width=17.933 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(433,249)</P>
</TD></TR>
<TR><TD valign=bottom width=295.2>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>CASH AND CASH EQUIVALENTS </B></P>
<P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>- BEGINNING OF PERIOD</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78.067><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>3,917,223</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.067><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>401,152</P>
</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>4,996,185</B></P>
</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>627,291</P>
</TD></TR>
<TR><TD valign=bottom width=295.2>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>CASH AND CASH EQUIVALENTS</B></P>
<P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>- END OF PERIOD</B></P>
</TD><TD valign=top width=17.933><P style="margin:0pt"><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=78.067><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>2,762,878</B></P>
</TD><TD valign=top width=17.933><P style="margin:0pt"><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=90.067><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>194,042</P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>2,762,878</B></P>
</TD><TD valign=bottom width=17.933 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>194,042</P>
</TD></TR>
<TR><TD valign=bottom width=295.2>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>SUPPLAMENTAL INFORMATION</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=78.067>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=90.067>&nbsp;</TD><TD valign=bottom width=17.933>&nbsp;</TD><TD valign=bottom width=78.067>&nbsp;</TD><TD valign=bottom width=17.933 colspan=2>&nbsp;</TD><TD valign=bottom width=84.067 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>10,845</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>101,698</P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=78.067><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>25,667</B></P>
</TD><TD valign=bottom width=17.933 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84.067 colspan=3><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>291,666</P>
</TD></TR>
<TR><TD valign=bottom width=697.2 colspan=12>&nbsp;</TD></TR>
<TR><TD valign=bottom width=697.2 colspan=12>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt">See accompanying notes to these condensed consolidated financial statements</P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>(Unaudited)</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><B>NATURE OF BUSINESS AND BASIS OF PREPARATION AND PRESENTATION</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Nature of Business</B></P>
<P style="margin:0pt" align=justify>Aspen Resources Corporation&#146;s primary business focus is to build value through the development of its existing producing oil and gas properties by conducting an active exploitation program on these properties and pursuing the acquisition, development, and exploitation of oil and gas properties in both the United States and Canada that offer the potential for increased production while continuing to control cost.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Financial Statement Presentation</B></P>
<P style="margin:0pt" align=justify>The Condensed Consolidated Financial Statements of Aspen Resources Corporation and Subsidiaries (collectively the &quot;Company&quot; or &quot;Aspen&quot;) included herein have been prepared by Aspen without audit. &nbsp;Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted U. S. accounting principles have been condensed or omitted, since Aspen believes that the disclosures included are adequate to make the information presented not misleading. &nbsp;In the opinion of Management, the Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows as of the dates and for the periods presented. &nbsp;These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included for the fiscal year ended December 31, 2004.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Restricted Cash</B></P>
<P style="margin:0pt" align=justify>During the period the Company was required to place a $1.0 million dollar bond along with a court of appeal application to appeal a lawsuit decision. &nbsp;The bond issuer required $1.0 million dollars cash as collateral.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>DISCONTINUED OPERATIONS</B></P>
<P style="margin:0pt" align=justify>On October 15, 2004, Aspen and two subsidiaries closed on a transaction to sell all of their United States domiciled oil and gas properties. &nbsp;Operations have been stated as discontinued as of June 30, 2005 with June 30, 2004 restated.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>EARNINGS PER SHARE</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Diluted earnings per share for the three month period ending June 30, 2005 and 2004 are the same as basic earnings per share because the exercise of potentially dilutive securities would not have an effect.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>COMMON STOCK ISSUED</B></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=184.8></TD><TD width=67.45></TD><TD width=16.3></TD><TD width=73.1></TD><TD width=63.85></TD><TD width=16.3></TD><TD width=67></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=246.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=209.133 colspan=3><P style="margin:0pt" align=center><B>2005</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=196.2 colspan=3><P style="margin:0pt" align=center>2004</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin-top:0pt; margin-bottom:5pt" align=center><B>Number of Shares</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:5pt" align=center><B>Amount</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin-top:0pt; margin-bottom:5pt" align=center>Number of Shares</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:5pt" align=center>Amount</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:18pt" align=justify>Balance, beginning of period</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt" align=right><B>71,203,307</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="margin:0pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt" align=right><B>62,656,769</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin:0pt" align=right>51,378,037</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="margin:0pt" align=justify>$</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt" align=right>58,895,708</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:18pt" align=justify><B>Transactions during the period</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:27pt" align=justify>Private Placement</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt; padding-right:1.45pt" align=right><B>-</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt; padding-right:1.45pt" align=right><B>-</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin:0pt; padding-right:1.45pt" align=right>8,000,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt; padding-right:1.45pt" align=right>1,381,573</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:27pt" align=justify>Exercised Purchase Warrants</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt" align=right><B>3,559,500</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt" align=right><B>994,803</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin:0pt" align=right>2,570,833</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt" align=right>344,841</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:27pt">Issued for Stock Based Compensation</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>1,000,000</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>419,309</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>-</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:18pt" align=justify><B>Balance, end of period</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt" align=right><B>75,762,807</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="margin:0pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt" align=right><B>64,070,881</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin:0pt" align=right>61,948,870</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="margin:0pt" align=justify>$</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt" align=right>60,622,122</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-top:3pt; text-indent:433.7pt; border-top:0.5pt solid #000000">Notes Page </P>
<P style="margin:0pt; padding-top:3pt; text-indent:504pt; border-top:0.5pt solid #000000">6</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>(Unaudited)</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>OPERATIONS</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:5.5pt; font-size:11pt" align=justify>The Company's operations for the six month periods are carried on in the following geographic locations: &nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=180.9></TD><TD width=16.3></TD><TD width=91.7></TD><TD width=16.3></TD><TD width=86.75></TD><TD width=16.3></TD><TD width=83.6></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=241.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>US</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Canada</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Total</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><B>June 30, 2005</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><B>Total assets</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>5,175,382</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>7,007,344</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>12,182,726</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><B>Gross revenue</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>354,966</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>1,182,506</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>1,537,472</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><B>Net earnings (loss)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>(1,774,589)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>46,020</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>(1,728,569)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><B>Earnings (loss) per share</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>(0.023)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>0.00</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>(0.023)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>June 30, 2004 (restated)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Total assets</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>37,311,192</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>6,010,233</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>43,321,425</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Gross revenue</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>522,192</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>1,309,222</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>1,831,414</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Net income</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(636,820)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(347,636)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(984,456)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Earnings per share</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(0.012)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(0.006)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(0.018)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>RELATED PARTY TRANSACTIONS</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>During the six month period ended June 30, 2005, legal expenses of approximately $41,400 were invoiced from a firm for which one of the directors is a partner.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>OTHER INFORMATION</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Certain statements in this filing, and elsewhere (such as in other filings by Aspen Resources with the Commission, press releases, presentations by Aspen Resources Corporation or its management and oral statements) constitute &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. &nbsp;Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Aspen Resources Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. &nbsp;Such factors include, among other things, (i) significant variability in Aspen&#146;s quarterly revenues and results of operations as a result of variations in the Aspen&#146;s production in a particular quarter while a significant percentage of its operating expenses are fixed in advance, (ii) changes in the prices of oil and gas, (iii) Aspen&#146;s ability to obtain capital and (iv) other risk factors commonly faced by small oil and gas companies.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-top:3pt; text-indent:433.7pt; border-top:0.5pt solid #000000">Notes Page </P>
<P style="margin:0pt; padding-top:3pt; text-indent:504pt; border-top:0.5pt solid #000000">7</P>
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<FILENAME>f2q2005mdanotesaspengroup.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION & ANALYSIS
<TEXT>
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<TITLE>ASPEN GROUP RESOURCES CORPORATION</TITLE>
<META NAME="author" CONTENT="Prospect/Cubacan/Endeavor">
<META NAME="date" CONTENT="08/12/2005">
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<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>ASPEN GROUP RESOURCES CORPORATION</B></FONT></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>AND SUBSIDIARIES</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>MANAGEMENT&#146;S &nbsp;DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>JUNE 30, 2005</B></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always"><B>ASPEN GROUP RESOURCES CORPORATION</B></P>
<P style="margin:0pt"><B>AND SUBSIDIARIES</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>INDEX</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; text-indent:416.35pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page No.</B></P>
<P style="margin:0pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Results of Operations</B></P>
<P style="margin:0pt; text-indent:463pt">1</P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Liquidity and Capital Resources</B></P>
<P style="margin:0pt; text-indent:463pt">2</P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Five-year Maturity Schedule</B></P>
<P style="margin:0pt; text-indent:463pt">2</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Other Information </B></P>
<P style="margin-top:0pt; margin-bottom:-12pt">Legal Proceedings</P>
<P style="margin:0pt; text-indent:463pt">3</P>
<P style="margin-top:0pt; margin-bottom:-12pt">Safe Harbor Statement</P>
<P style="margin:0pt; text-indent:463pt">3</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>RESULTS OF OPERATIONS</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Results of Operations &#150; Three Months</B></P>
<P style="margin:0pt" align=justify><B><I>Three Months Fiscal 2005 and Three Months 2004</I></B></P>
<P style="margin:0pt" align=justify>During the three months ended June 30, 2005, Aspen had a net loss of $777,824 compared to a net loss of $753,297 for the period ended June 30, 2004. &nbsp;From continued operations a loss before interest, taxes, depreciation and other was $469,683 loss compared to $478,317 loss for the three months ended June 30, 2004.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Production decreased with the continuing operations in Canada. &nbsp;Average production for the three months ended June 30, 2005 averaged 240 BOE per day in the 2<SUP>nd</SUP> quarter of the year representing a decrease of 21% from the 2<SUP>nd</SUP> quarter of 2004 of 329 BOE per day. &nbsp;The production mix in the 2<SUP>nd</SUP> quarter of 2005 was 64% gas and 36% oil compared to 65% gas and 35% oil in the 2<SUP>nd</SUP> quarter of 2004.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>From continued operations, gross revenues decreased to $813,553 during the three months ended June 30, 2005, compared to $930,422 during the three months ended June 30, 2004, a decrease of 12.5%. &nbsp;The decrease in gross revenues is mostly attributable to a decrease in revenues of United Cementing &amp; Acid Company and production in Canada.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>General and administrative expenses increased approximately 1% to $832,862 during the three months ended June 30, 2005.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Interest and financing expenses have decreased due to the decrease in average bank debt.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Results of Operations &#150; Six Months</B></P>
<P style="margin:0pt" align=justify><B><I>Six Months Fiscal 2005 and Six Months 2004</I></B></P>
<P style="margin:0pt" align=justify>During the six months ended June 30, 2005, Aspen had a net loss of $1,728,569 compared to a net loss of $984,456 during the six months ended June 30, 2004. &nbsp;From continued operations a loss before interest, taxes, depreciation and other was $686,465 for the six months ended June 30, 2005 compared to $423,094 for the six months ended June 30, 2004.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Production decreased with the continuing operations in Canada. &nbsp;Average production for the six months ended June 30, 2005 averaged 258 BOE per day in the 1<SUP>st</SUP> half of the year representing a decrease of 21% from the 1<SUP>st</SUP> half of 2004 of 326 BOE per day. &nbsp;The production mix in the 1<SUP>st</SUP> half of 2005 was 63% gas and 37% oil compared to 65% gas and 35% oil in the 1<SUP>st</SUP> half of 2004.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>From continued operations, gross revenues decreased to $1,537,472 during the six months ended June 30, 2005, compared to $1,831,414 during the six months ended June 30, 2004, a decrease of 16%. &nbsp;The decrease in gross revenues is attributable to a decrease in revenues from United Cementing &amp; Acid Company and production decreases in Canada.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>General and administrative expenses increased approximately 4.8% to $1,425,079 during the six months ended June 30, 2005. &nbsp;The increase is attributable to an increase in legal expenses due to the large number of legal claims the company is currently defending.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Interest and financing expenses have decreased due to the decrease in average bank debt.</P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Liquidity and Capital Resources</B></P>
<P style="margin:0pt" align=justify>As at June 30, 2005, Aspen had a working capital of $2,345,049 compared to a working capital deficit of $3,167,750 at June 30, 2004 before bank debt. &nbsp;The change in working capital was due to the oil and gas asset sale of the US properties effective June 01, 2004 and the sale was closed during October 2004. &nbsp;The proceeds were applied against the US bank debt. &nbsp;The Company will finance its future development activities with cash flow, working capital and further financing.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>As at June 30, 2005, Aspen Endeavour Resources Inc. has a bank production loans payable as follows:</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=405.9></TD><TD width=12.45></TD><TD width=73.05></TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify><B>Notes Payable - Bank</B></P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>The following is a summary of note payable &#150; bank at June 30, 2005</P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4><P style="margin:0pt" align=center><B><U>2005</U></B></P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>Demand non-revolving $2,012,000 production loan, repayable in equal monthly installments &nbsp;&nbsp;&nbsp;&nbsp;of $96,725 commencing June 1, 2002 bearing interest at bank prime plus 0.75% &nbsp;&nbsp;which is secured by petroleum and natural gas properties</P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>Revolving $1,246,000 production loan, repayable in equal monthly instalments of $62,310 commencing September 1, 2004 bearing interest at bank prime plus 0.75% which is secured by petroleum and natural gas properties</P>
</TD><TD valign=top width=16.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>453,879</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6><P style="margin:0pt" align=right>$</P>
</TD><TD valign=top width=97.4><P style="margin:0pt" align=right>453,879</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>As at June 30, 2005, United Cementing &amp; Acid Company has the following long term bebt:</P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify><B>Long Term Debt</B></P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>The following is a summary of long-term debt at June 30, 2005</P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4><P style="margin:0pt" align=center><B><U>2005</U></B></P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>$300,000 equipment loan, payable in monthly instalments of $3,650 which includes interest at 7.5% through June 2004 secured by real estate</P>
</TD><TD valign=top width=16.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>$</P>
</TD><TD valign=top width=97.4><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>204,800</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>$272,419 equipment loan, payable in monthly installments of $6,654 which includes interest at the base prime plus &#189;% through June 2005 secured by substantially all of the Company&#146;s assets</P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>50,927</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify><I>Other</I></P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt" align=right>13,258</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6><P style="margin:0pt" align=right>$</P>
</TD><TD valign=top width=97.4><P style="margin:0pt" align=right>268,985</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less &#150; current portion</I></P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4><P style="margin:0pt" align=right>106,241</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>Total long term debt, less current maturities</P>
</TD><TD valign=top width=16.6><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=97.4><P style="margin:0pt" align=right>162,744</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Five-year maturity schedule</B></P>
<P style="margin:0pt" align=justify>Long-term debt is due as follows: </P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=104.4></TD><TD width=18></TD><TD width=72></TD></TR>
<TR><TD valign=top width=139.2><P style="margin:0pt; padding-left:8.1pt" align=justify>2005</P>
</TD><TD valign=top width=24><P style="margin:0pt" align=justify>$</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>53,117</P>
</TD></TR>
<TR><TD valign=top width=139.2><P style="margin:0pt; padding-left:8.1pt" align=justify>2006</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt" align=right>56,682</P>
</TD></TR>
<TR><TD valign=top width=139.2><P style="margin:0pt; padding-left:8.1pt" align=justify>2007</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt" align=right>159,186</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always"><B>OTHER INFORMATION</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Legal Proceedings</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>The Company and its subsidiaries, in the normal course of operations, are sometimes named as defendants in litigation. &nbsp;The nature of these claims is related to disputes arising from services provided by outside contractors or for delinquent payments. &nbsp;The Company does not expect that the results of any of these proceedings will have a material adverse effect on the Company&#146;s financial position.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>The Company and its subsidiaries are also involved in lawsuits with former officers, former directors, former shareholders and entities owned or controlled by these parties and certain other parties with whom the Company may have had business relationships. &nbsp;Allegations against the Company include liabilities for guarantees, promissory notes, unpaid compensation and violations of employment contracts, failure to pay royalties and Canadian income tax reassessments due to flow-through share transactions. &nbsp;The Company is vigorously defending these actions and in certain cases has filed counter suits against these parties.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Other Information</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Certain statements in this filing, and elsewhere (such as in other filings by Aspen Resources with the Commission, press releases, presentations by Aspen Resources Corporation or its management and oral statements) constitute &quot;forward-looking statements&quot; within the meaning of the Private Securities Litigation Reform Act of 1995. &nbsp;Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Aspen Resources Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. &nbsp;Such factors include, among other things, (i) significant variability in Aspen&#146;s quarterly revenues and results of operations as a result of variations in the Aspen's production in a particular quarter while a significant percentage of its operating expenses are fixed in advance, (ii) changes in the prices of oil and gas, (iii) Aspen's ability to obtain capital and (iv) other risk factors commonly faced by small oil and gas companies.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>augform521092ft2althorne.htm
<DESCRIPTION>CERTIFICATE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>FORM 52-109FT2</TITLE>
<META NAME="author" CONTENT="Joan Moody">
<META NAME="date" CONTENT="06/04/2004">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>FORM 52-109FT2</B></FONT></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B><I>CERTIFICATION OF INTERIM FILINGS DURING TRANSITION PERIOD</I></B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">I Allan C. Thorne, The Chief Financial Officer of Aspen Group Resources Corporation, certify that:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">1. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings</I>) of Aspen Group Resources Corporation, (the issuer) for the interim period ending June 30, 2005;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">2. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings; and</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">3. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Date: August 15, 2005</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><U>&#147;signed Allan C. Thorne&#148;</U></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">[Signature]</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">CFO</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>augform521092ft2bobcalentine.htm
<DESCRIPTION>CERTIFICATE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>FORM 52-109FT2</TITLE>
<META NAME="author" CONTENT="Joan Moody">
<META NAME="date" CONTENT="06/04/2004">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>FORM 52-109FT2</B></FONT></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B><I>CERTIFICATION OF INTERIM FILINGS DURING TRANSITION PERIOD</I></B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">I Robert L. Calentine, The Chief Executive Officer of Aspen Group Resources Corporation, certify that:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">1. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings</I>) of Aspen Group Resources Corporation, (the issuer) for the interim period ending June 30, 2005;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">2. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings; and</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">3. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Date: August 15, 2005</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><U>&#147;signed Bob Calentine&#148;</U></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">[Signature]</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">CEO</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>6
<FILENAME>f20053qaspengroupfinstatemen.htm
<DESCRIPTION>THIRD QUARTER FINANCIAL STATEMENTS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<TITLE>ASPEN GROUP RESOURCES CORPORATION</TITLE>
<META NAME="author" CONTENT="Prospect/Cubacan/Endeavor">
<META NAME="date" CONTENT="11/08/2005">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
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<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>ASPEN GROUP RESOURCES CORPORATION</B></FONT></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>AND SUBSIDIARIES</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>SEPTEMBER 30, 2005</B></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>ASPEN GROUP RESOURCES CORPORATION</B></P>
<P style="margin:0pt"><B>AND SUBSIDIARIES</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>INDEX</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; text-indent:416.35pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page No.</B></P>
<P style="margin:0pt"><B>FINANCIAL INFORMATION</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Condensed Consolidated Financial Statements</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Condensed Consolidated Balance Sheet as of</P>
<P style="margin-top:0pt; margin-bottom:-12pt">September 30, 2005 and 2004 (unaudited)</P>
<P style="margin:0pt; text-indent:463pt">3</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Condensed Consolidated Statements of Operations for the</P>
<P style="margin-top:0pt; margin-bottom:-12pt">nine months ended September 30, 2005 and 2004 (unaudited)</P>
<P style="margin:0pt; text-indent:463pt">4</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Condensed Consolidated Statements of Cash Flows for the</P>
<P style="margin-top:0pt; margin-bottom:-12pt">nine months ended September 30, 2005 and 2004 (unaudited)</P>
<P style="margin:0pt; text-indent:463pt">5</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Nature of Business and Basis of Preparation and Presentation</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt">Nature of Business</P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin-top:0pt; margin-bottom:-12pt">Financial Statement Presentation</P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin-top:0pt; margin-bottom:-12pt">Restricted Cash</P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Discontinued Operations</B></P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Earnings Per Share</B></P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Common Stock Issued</B></P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Operations</B></P>
<P style="margin:0pt; text-indent:463pt">7</P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Related Party Transactions</B></P>
<P style="margin:0pt; text-indent:463pt">7</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Other Information</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt">Safe Harbor Statement</P>
<P style="margin:0pt; text-indent:463pt">7</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<A NAME="node3"></A><A NAME="node4"></A><P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B>CONDENSED CONSOLIDATED BALANCE SHEET</B></P>
<P style="margin:0pt" align=center><B>September 30, 2005 &nbsp;&nbsp;(Unaudited</B>)</P>
<P style="margin:0pt" align=center>(<B>Expressed in US Dollars)</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=284.4></TD><TD width=11.8></TD><TD width=91.7></TD><TD width=13.1></TD><TD width=85.9></TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=122.267><P style="margin:0pt; padding-left:-12.7pt" align=right><B>September 30, 2005</B></P>
<P style="margin:0pt; padding-left:-12.7pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>December 31, 2004</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>(audited)</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt"><B><U>ASSETS</U></B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt"><B>Current Assets</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Cash</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>490,481</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>4,996,185</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Cash - Restricted</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt; text-indent:-36pt" align=right><B>1,000,000</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt; text-indent:-36pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Accounts receivable net of allowances</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Trade</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>1,415,518</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>1,409,092</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Other</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>12,058</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>11,631</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Net assets of discontinued operations</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>1,281,037</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Materials and supplies inventory</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>348,725</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>69,577</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=122.267><P style="margin:0pt" align=right><B>25,601</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>111,113</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=right><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=122.267><P style="margin:0pt" align=right><B>3,292,383</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>7,878,635</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt"><B>Proved Oil &amp; Gas Properties (full cost method)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;net of accumulated depletion of $14,472,120 and $13,738,929</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>7,595,701</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>5,085,989</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt"><B>Property and Equipment</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;net of accumulated depreciation of $2,422,041 and $2,288,387</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>611,599</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>754,279</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt"><B>Other Assets</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Notes receivable</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>44,458</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>49,285</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Deposits and other assets</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=122.267><P style="margin:0pt" align=right><B>49,880</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>8,880</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Total Assets</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=122.267><P style="margin:0pt" align=right><B>11,594,021</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>13,777,068</P>
</TD></TR>
<TR><TD valign=bottom width=379.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt" align=justify><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt"><B>Current Liabilities</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Accounts payable</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-right:-18pt"><B>$</B></P>
</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>2,225,467</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt; padding-right:-18pt">$</P>
</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>2,106,081</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Net liabilities of discontinued operations</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>389,635</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>1,059,073</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Accrued expenses</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>296,309</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>7,485</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Net payable - banks</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>104,174</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>747,720</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Current maturities of long-term debt</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=122.267><P style="margin:0pt" align=right><B>110,548</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>119,994</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-right:-18pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=122.267><P style="margin:0pt" align=right><B>3,126,133</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>4,040,353</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt"><B>Long-Term Debt, less Current Maturities</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-right:-18pt"><B>$</B></P>
</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>136,653</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt; padding-right:-18pt">$</P>
</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>215,868</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt"><B>Asset Retirement Obligation</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>585,059</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>563,236</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt"><B>Deferred income taxes</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt"><B>Stockholders&#146; Equity</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">Preferred stock, no par value, authorized-unlimited, issued &#150; none</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Common stock, no par value, authorized-unlimited,</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued 75,762,807 shares in 2005 and 71,203,307 in 2004</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>64,070,881</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>62,656,769</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Less treasury stock &#150; at cost</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(260,198)</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt; padding-right:-2.9pt" align=right>(260,198)</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Foreign currency translation adjustment</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>(886,459)</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>(886,459)</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;Accumulated deficit</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267><P style="margin:0pt" align=right><B>(55,178,048)</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>(52,552,501)</P>
</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&#146; equity</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-right:-18pt"><B>$</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=122.267><P style="margin:0pt" align=right><B>7,746,176</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt; padding-right:-18pt">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>8,957,611</P>
</TD></TR>
<TR><TD valign=top width=379.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=122.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=379.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&nbsp;Total Liabilities and Stockholders&#146; Equity</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-right:-18pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=122.267><P style="margin:0pt" align=right><B>11,594,021</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt; padding-right:-18pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>13,777,068</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-right:-18pt; font-size:11pt"><I><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;signed Robert Calentine&#148;</U></I></P>
<P style="line-height:13pt; margin:0pt; padding-right:-18pt; text-indent:261pt; font-size:11pt"><I><U>&#147;signed Allan Thorne&#148;</U></I></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-right:-18pt; font-size:11pt">Robert L. Calentine, Director and CEO</P>
<P style="line-height:13pt; margin:0pt; padding-right:-18pt; text-indent:252pt; font-size:11pt">Allan C. Thorne, CFO</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt">See accompanying notes to these condensed consolidated financial statements</P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; padding-right:-18pt" align=center><B>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>(Unaudited</B>)</P>
<P style="margin:0pt" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0pt"><BR></P>
<A NAME="node7"></A><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=203.4></TD><TD width=15.05></TD><TD width=65.95></TD><TD width=15.05></TD><TD width=65.95></TD><TD width=13.35></TD><TD width=66.05></TD><TD width=11.8></TD><TD width=70.8></TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=bottom width=108 colspan=2><P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>Period from </B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>July 1, 2005</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>to</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>Sept 30, 2005</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=108 colspan=2><P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>Period from </P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>July 1, 2004 </P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>to</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>Sept 30, 2004</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>(Unaudited)</P>
</TD><TD valign=bottom width=105.867 colspan=2><P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>Period from </B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>January 1, 2005</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>to</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>Sept 30, 2005</B></P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=110.133 colspan=2><P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>Period from </P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>January 1, 2004 </P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>to</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>Sept 30, 2004</P>
<P style="margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt" align=right>(Unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="line-height:14pt; margin:0pt; font-size:12pt"><B>REVENUE:</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Oil and gas sales (net of royalties)</P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>860,577</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right>587,503</P>
</TD><TD valign=bottom width=17.8><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=bottom width=88.067><P style="margin:0pt" align=right><B>2,043,083</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=94.4><P style="margin:0pt" align=right>1,896,725</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Product and service revenues</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>291,441</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right>305,283</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067><P style="margin:0pt" align=right><B>619,547</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4><P style="margin:0pt" align=right>827,475</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Other income</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right>-</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=88.067><P style="margin:0pt" align=right><B>26,860</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=94.4><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Total revenue</P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>1,152,018</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right>892,786</P>
</TD><TD valign=bottom width=17.8><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=88.067><P style="margin:0pt" align=right><B>2,689,490</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=94.4><P style="margin:0pt" align=right>2,724,200</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="line-height:14pt; margin:0pt; font-size:12pt"><B>EXPENSES: </B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Oil and gas production</P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>268,391</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right>469,838</P>
</TD><TD valign=bottom width=17.8><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=bottom width=88.067><P style="margin:0pt" align=right><B>784,941</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=94.4><P style="margin:0pt" align=right>804,384</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Operating expenses</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>217,264</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right>251,619</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067><P style="margin:0pt" align=right><B>499,572</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4><P style="margin:0pt" align=right>610,268</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">General and administrative</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>1,249,143</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right>995,637</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067><P style="margin:0pt" align=right><B>2,674,222</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4><P style="margin:0pt" align=right>1,732,727</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Depreciation, depletion and accretion expense</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>306,708</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right>411,866</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067><P style="margin:0pt" align=right><B>903,836</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4><P style="margin:0pt" align=right>2,206,312</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Stock issued compensation</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right>-</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=88.067><P style="margin:0pt" align=right><B>419,309</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=94.4><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Total expenses</P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>2,041,506</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right>2,128,960</P>
</TD><TD valign=bottom width=17.8><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=88.067><P style="margin:0pt" align=right><B>5,281,880</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=94.4><P style="margin:0pt" align=right>5,353,691</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>EARNINGS (LOSS) FROM OPERATIONS</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>(889,488)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right>(1,236,174)</P>
</TD><TD valign=bottom width=17.8><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=bottom width=88.067><P style="margin:0pt" align=right><B>(2,592,390)</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=94.4><P style="margin:0pt" align=right>(2,629,491)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>OTHER</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Interest and financing expense</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>(7,491)</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right>(215,811)</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(33,158)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4><P style="margin:0pt; padding-right:-2.9pt" align=right>(507,477)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>NET (LOSS) FROM CONTINUING OPERATIONS</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>(896,979)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>$</P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>(1,451,985)</P>
</TD><TD valign=bottom width=17.8><P style="margin:0pt" align=right><B>$</B></P>
</TD><TD valign=bottom width=88.067><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(2,625,548)</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=94.4><P style="margin:0pt; padding-right:-2.9pt" align=right>(3,136,968)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>DISCONTINUED OPERATIONS</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Revenues from US oil and gas production activities</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>-</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4><P style="margin:0pt" align=right>2,376,545</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Expenses from US oil and gas production activities</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>-</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4><P style="margin:0pt" align=right>(1,676,018)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Loss from disposal of US oil and gas production activities</P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=87.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>(14,554,381)</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=88.067><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=94.4><P style="margin:0pt" align=right>(14,554,381)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt">Total Discontinued Operations</P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD valign=top width=87.933><P style="margin:0pt" align=right>(14,554,381)</P>
</TD><TD valign=bottom width=17.8><P style="margin:0pt"><B>$</B></P>
</TD><TD valign=bottom width=88.067><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=94.4><P style="margin:0pt" align=right>(13,853,854)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>NET EARNINGS (LOSS)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>(896,979)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right>(16,006,366)</P>
</TD><TD valign=bottom width=17.8><P style="margin:0pt" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=88.067><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(2,625,548)</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=94.4><P style="margin:0pt; padding-right:-2.9pt" align=right>(16,990,822)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>NET EARNINGS (LOSS) PER SHARE</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>(.01)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right>(0.26)</P>
</TD><TD valign=bottom width=17.8><P style="margin:0pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=88.067><P style="margin:0pt" align=right><B>(.04)</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=94.4><P style="margin:0pt" align=right>(0.31)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=top width=20.067>&nbsp;</TD><TD valign=top width=87.933>&nbsp;</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD valign=bottom width=88.067>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=94.4>&nbsp;</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0pt"><B>WEIGHTED AVERAGE SHARES</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right><B>75,762,807</B></P>
</TD><TD valign=top width=20.067>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=87.933><P style="margin:0pt" align=right>62,039,901</P>
</TD><TD valign=bottom width=17.8>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=88.067><P style="margin:0pt" align=right><B>74,335,896</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=94.4><P style="margin:0pt" align=right>55,365,150</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt">See accompanying notes to these condensed consolidated financial statements</P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>&nbsp;(Unaudited</B>)</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<A NAME="node8"></A><TABLE style="font-size:10pt" cellspacing=0><TR><TD width=221.35></TD><TD width=13.45></TD><TD width=64.8></TD><TD width=11.8></TD><TD width=69.2></TD><TD width=11.8></TD><TD width=63></TD><TD width=11.8></TD><TD width=69.2></TD></TR>
<TR><TD valign=bottom width=295.133>&nbsp;</TD><TD valign=bottom width=104.333 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>Period from </B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>July 1, 2005</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>to</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>Sept 30, 2005</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=108 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>Period from </P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>July 1, 2004</P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>to</P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>Sept 30, 2004</P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(Unaudited<B>)</B></P>
</TD><TD valign=bottom width=99.733 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>Period from </B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>January 1, 2005</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>to</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>Sept 30, 2005</B></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=108 colspan=2><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>Period from </P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>January 1, 2004</P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>to</P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>Sept 30, 2004</P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(Unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>CASH FLOWS FROM OPERATING ACTIVITIES</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Net earnings (loss)</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(896,979)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(16,006,356)</P>
</TD><TD valign=bottom width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(2,625,548)</B></P>
</TD><TD valign=bottom width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(16,990,812)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="margin:0pt" align=right><BR></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of assets</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>14,554,381</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>14,554,381</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>419,309</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>299,543</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>434,357</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>882,339</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>2,206,312</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; padding-left:9pt; font-size:9.5pt">Accretion Expense</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>7,491</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>21,823</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; padding-left:9pt; font-size:9.5pt">Common stock and warrants issued for services and other expenses</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(30,706)</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(8,215)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Cash flow from operations</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(589,945)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(1,048,324)</P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=top width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(1,302,077)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(238,334)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Change in assets and liabilities net of effects from:</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>489,519</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(16,724,546)</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>1,279,438</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(16,206,778)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies inventory</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(532,782)</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(279,148)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(532,782)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>672,271</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(1,197,520)</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(261,228)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(4,190,406)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>90,001</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>4,779</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>85,512</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(30,829)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Other</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(427)</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(427)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Net cash provided by operating activities</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>661,419</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(19,498,393)</P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(477,930)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(21,199,129)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>CASH FLOWS FROM FINANCING ACTIVITIES</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Costs related to sale of stock and issuance of notes</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=bottom width=84><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=bottom width=92.267><P style="margin:0pt" align=right>(112,827)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Sale of common stock</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>1,549,100</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt" align=right><B>994,803</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="margin:0pt" align=right>3,388,341</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Repayment of notes payable and long-term debt</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(377,692)</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(27,776)</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(732,207)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(79,217)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Net cash provided by (used by) financing activities</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(377,692)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>1,521,324</P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt" align=right><B>262,596</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=92.267><P style="margin:0pt" align=right>3,196,297</P>
</TD></TR>
<TR><TD valign=bottom width=295.133>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>CASH FLOWS FROM INVESTING ACTIVITIES</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of equipment</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>16,617</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of oil and gas properties</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>18,835,821</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>18,835,821</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Exploration and development cost capitalized</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(1,515,124)</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(455,557)</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(3,265,987)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="margin:0pt; padding-right:-2.9pt" align=right>(847,013)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of office furniture and equipment</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(16,030)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of property and equipment</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>-</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(59,244)</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; padding-right:-2.9pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="margin:0pt; padding-right:-2.9pt" align=right>(59,244)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Other assets</P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(41,000)</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>-</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(41,000)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267><P style="margin:0pt; padding-right:-2.9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">Net cash provided by (used by) investing activities</P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(1,556,124)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>18,321,020</P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(3,290,370)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=92.267><P style="margin:0pt; padding-right:-2.9pt" align=right>17,913,534</P>
</TD></TR>
<TR><TD valign=bottom width=295.133>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>NET INCREASE (DECREASE)</B></P>
</TD><TD valign=top width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=top width=86.4><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(1,272,397)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=top width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>343,951</P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>(3,505,704)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>(89,298)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>CASH AND CASH EQUIVALENTS </B></P>
<P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>- BEGINNING OF PERIOD</B></P>
</TD><TD valign=top width=17.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>2,762,878</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>194,042</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>4,996,185</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>627,291</P>
</TD></TR>
<TR><TD valign=bottom width=295.133>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>CASH AND CASH EQUIVALENTS</B></P>
<P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>- END OF PERIOD</B></P>
</TD><TD valign=bottom width=17.933><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=86.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>1,490,481</B></P>
</TD><TD valign=bottom width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=92.267><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>537,993</P>
</TD><TD valign=bottom width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>1,490,481</B></P>
</TD><TD valign=bottom width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>537,993</P>
</TD></TR>
<TR><TD valign=bottom width=295.133>&nbsp;</TD><TD valign=top width=17.933>&nbsp;</TD><TD valign=top width=86.4>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=84>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=92.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>SUPPLEMENTAL INFORMATION</B></P>
<P style="line-height:11.5pt; margin:0pt; padding-left:-2.15pt; padding-right:-2.15pt; font-size:9.5pt"><B>- CASH PAID INTEREST</B></P>
</TD><TD valign=top width=17.933><P style="margin:0pt"><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=86.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>7,491</B></P>
</TD><TD valign=top width=15.733><P style="margin:0pt"><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="margin:0pt" align=right><BR></P>
<P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>215,811</P>
</TD><TD valign=bottom width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt"><B>$</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=84><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right><B>33,158</B></P>
</TD><TD valign=bottom width=15.733><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.267><P style="line-height:11.5pt; margin:0pt; font-size:9.5pt" align=right>507,477</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt">See accompanying notes to these condensed consolidated financial statements</P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>(Unaudited)</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><B>NATURE OF BUSINESS AND BASIS OF PREPARATION AND PRESENTATION</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Nature of Business</B></P>
<P style="margin:0pt" align=justify>Aspen Group Resources Corporation&#146;s primary business focus is to build value through the development of its existing producing oil and gas properties by conducting an active exploitation program on these properties and pursuing the acquisition, development, and exploitation of oil and gas properties in both the United States and Canada that offer the potential for increased production while continuing to control cost.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Financial Statement Presentation</B></P>
<P style="margin:0pt" align=justify>The Condensed Consolidated Financial Statements of Aspen Group Resources Corporation and Subsidiaries (collectively the &quot;Company&quot; or &quot;Aspen&quot;) included herein have been prepared by Aspen without audit. &nbsp;Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted U. S. accounting principles have been condensed or omitted, since Aspen believes that the disclosures included are adequate to make the information presented not misleading. &nbsp;In the opinion of Management, the Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring adjustments necessary to present fairly the financial position, results of operations and cash flows as of the dates and for the periods presented. &nbsp;These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included for the fiscal year ended December 31, 2004.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Restricted Cash</B></P>
<P style="margin:0pt" align=justify>During the period the Company was required to place a $1.0 million dollar bond along with a court of appeal application to appeal a lawsuit decision. &nbsp;The bond issuer required $1.0 million dollars cash as collateral.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>DISCONTINUED OPERATIONS</B></P>
<P style="margin:0pt" align=justify>On October 15, 2004, Aspen and two subsidiaries closed on a transaction to sell all of their United States domiciled oil and gas properties. &nbsp;Operations have been stated as discontinued as of September 30, 2005 with September 30, 2004 restated.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>EARNINGS PER SHARE</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Diluted earnings per share for the nine month period ending September 30, 2005 and 2004 are the same as basic earnings per share because the exercise of potentially dilutive securities would not have an effect.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>COMMON STOCK ISSUED</B></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=184.8></TD><TD width=67.45></TD><TD width=16.3></TD><TD width=73.1></TD><TD width=63.85></TD><TD width=16.3></TD><TD width=67></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=246.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=209.133 colspan=3><P style="margin:0pt" align=center><B>2005</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=196.2 colspan=3><P style="margin:0pt" align=center>2004</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin-top:0pt; margin-bottom:5pt" align=center><B>Number of Shares</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:5pt" align=center><B>Amount</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin-top:0pt; margin-bottom:5pt" align=center>Number of Shares</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:5pt" align=center>Amount</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:18pt" align=justify>Balance, beginning of period</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt" align=right><B>71,203,307</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="margin:0pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt" align=right><B>62,656,769</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin:0pt" align=right>51,378,037</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="margin:0pt" align=justify>$</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt" align=right>58,895,708</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:18pt" align=justify><B>Transactions during the period</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:27pt" align=justify>Private Placement</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt; padding-right:1.45pt" align=right><B>-</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt; padding-right:1.45pt" align=right><B>-</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin:0pt; padding-right:1.45pt" align=right>12,000,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt; padding-right:1.45pt" align=right>2,256,900</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:27pt" align=justify>Exercised Purchase Warrants</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt" align=right><B>3,559,500</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt" align=right><B>994,803</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin:0pt" align=right>7,800,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt" align=right>1,018,614</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:27pt">Issued for Stock Based Compensation</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>1,000,000</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>419,309</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>-</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=246.4><P style="margin:0pt; padding-left:18pt" align=justify><B>Balance, end of period</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.933><P style="margin:0pt" align=right><B>75,762,807</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="margin:0pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="margin:0pt" align=right><B>64,070,881</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="margin:0pt" align=right>71,178,037</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="margin:0pt" align=justify>$</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=89.333><P style="margin:0pt" align=right>62,171,222</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-top:3pt; text-indent:433.7pt; border-top:0.5pt solid #000000">Notes Page </P>
<P style="margin:0pt; padding-top:3pt; text-indent:504pt; border-top:0.5pt solid #000000">6</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-size:11pt; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>(Unaudited)</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>OPERATIONS</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:5.5pt; font-size:11pt" align=justify>The Company's operations for the nine month periods are carried on in the following geographic locations: &nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=180.9></TD><TD width=16.3></TD><TD width=91.7></TD><TD width=16.3></TD><TD width=86.75></TD><TD width=16.3></TD><TD width=83.6></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=241.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>US</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Canada</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Total</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><B>September 30, 2005</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><B>Total assets</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>5,387,780</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>6,206,241</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>$</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>11,594,021</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><B>Gross revenue</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>646,407</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>2,043,083</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>2,689,490</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><B>Net earnings (loss) - operations</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>(2,901,671)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>309,281</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>(2,592,390)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><B>Net earnings (loss)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>(2,901,671)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>276,123</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>(2,625,548)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify><B>Earnings (loss) per share</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>(.04)</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>-</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>(.04)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>September 30, 2004</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Total assets</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>$</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>22,100,608</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>$</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>5,643,733</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>$</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>27,744,341</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Gross revenue</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>3,068,575</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>2,032,170</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>5,100,745</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Net income (loss)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(16,324,532)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(666,290)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(16,990,822)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=241.2><P style="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" align=justify>Earnings per share</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=122.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(0.30)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(0.01)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=21.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=111.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(0.31)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>RELATED PARTY TRANSACTIONS</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>During the nine month period ended September 30, 2005, legal expenses of approximately $51,500 were invoiced from a firm for which one of the directors is a partner.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>OTHER INFORMATION</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Certain statements in this filing, and elsewhere (such as in other filings by Aspen Resources with the Commission, press releases, presentations by Aspen Resources Corporation or its management and oral statements) constitute &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. &nbsp;Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Aspen Resources Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. &nbsp;Such factors include, among other things, (i) significant variability in Aspen&#146;s quarterly revenues and results of operations as a result of variations in the Aspen&#146;s production in a particular quarter while a significant percentage of its operating expenses are fixed in advance, (ii) changes in the prices of oil and gas, (iii) Aspen&#146;s ability to obtain capital and (iv) other risk factors commonly faced by small oil and gas companies.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-top:3pt; text-indent:433.7pt; border-top:0.5pt solid #000000">Notes Page </P>
<P style="margin:0pt; padding-top:3pt; text-indent:504pt; border-top:0.5pt solid #000000">7</P>
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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>7
<FILENAME>f20053qmdanotesaspengroup.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION & ANALYSIS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<TITLE>ASPEN GROUP RESOURCES CORPORATION</TITLE>
<META NAME="author" CONTENT="Prospect/Cubacan/Endeavor">
<META NAME="date" CONTENT="11/08/2005">
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<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>ASPEN GROUP RESOURCES CORPORATION</B></FONT></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>AND SUBSIDIARIES</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>MANAGEMENT&#146;S &nbsp;DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>SEPTEMBER 30, 2005</B></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always"><B>ASPEN GROUP RESOURCES CORPORATION</B></P>
<P style="margin:0pt"><B>AND SUBSIDIARIES</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>INDEX</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; text-indent:416.35pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page No.</B></P>
<P style="margin:0pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Results of Operations</B></P>
<P style="margin:0pt; text-indent:463pt">3</P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Capital Expenditures</B></P>
<P style="margin:0pt; text-indent:463pt">4</P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Liquidity and Capital Resources</B></P>
<P style="margin:0pt; text-indent:463pt">4</P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Notes Payable &#150; Bank</B></P>
<P style="margin:0pt; text-indent:463pt">4</P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Long Term Debt</B></P>
<P style="margin:0pt; text-indent:463pt">5</P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Five-year Maturity Schedule</B></P>
<P style="margin:0pt; text-indent:463pt">5</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Other Information </B></P>
<P style="margin-top:0pt; margin-bottom:-12pt">Legal Proceedings</P>
<P style="margin:0pt; text-indent:463pt">5</P>
<P style="margin-top:0pt; margin-bottom:-12pt">Safe Harbor Statement</P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>RESULTS OF OPERATIONS</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Results of Operations &#150; Three Months</B></P>
<P style="margin:0pt" align=justify><B><I>Three Months Fiscal 2005 and Three Months 2004</I></B></P>
<P style="margin:0pt" align=justify>During the three months ended September 30, 2005, Aspen had a net loss of $896,979 compared to a net loss of $16,006,366 for the period ended September 30, 2004. &nbsp;From continued operations a loss before interest, taxes, depreciation and other was $896,979 loss compared to $1,451,985 loss for the three months ended September 30, 2004.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Production decreased with the continuing operations in Canada compared to the prior year. &nbsp;Average production for the three months ended September 30, 2005 averaged 288 BOE per day in the 3<SUP>rd</SUP> quarter of the year representing a decrease of 14% from the 3<SUP>rd</SUP> quarter of 2004 of 329 BOE per day. &nbsp;The production mix in the 3<SUP>rd</SUP> quarter of 2005 was 58% gas and 42% oil compared to 65% gas and 35% oil in the 3<SUP>rd</SUP> quarter of 2004. &nbsp;The Company&#146;s production increased 20% from the 2<SUP>nd</SUP> quarter of 2005, showing results of last winter&#146;s successful drilling program in Butte, Saskatchewan.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>From continued operations, gross revenues increased to $1,152,018 during the three months ended September 30, 2005, compared to $892,786 during the three months ended September 30, 2004, an increase of 29%. &nbsp;The increase in gross revenues is mostly attributable to a commodity price increase of oil and gas production in Canada. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>General and administrative expenses increased approximately 25% to $1,249,143 during the three months ended September 30, 2005 compared to $995,637 three months ended September 30, 2004. &nbsp;The increase is due to an employee severance payment and an out of court settlement from the Duke Energy lawsuit. &nbsp;Excluding the impact of these one-time charges, G&amp;A decreased by 17% from the same period in 2004.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Interest and financing expenses have decreased due to the decrease in average bank debt. &nbsp;The bank debt has decreased to $237,335 for the period ended September 30, 2005 compared to $709,606 for the period ended June 30, 2005.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Results of Operations &#150; Nine Months</B></P>
<P style="margin:0pt" align=justify><B><I>Nine Months Fiscal 2005 and Nine Months 2004</I></B></P>
<P style="margin:0pt" align=justify>During the nine months ended September 30, 2005, Aspen had a net loss of $2,625,548 compared to a net loss of $16,006,366 during the nine months ended September 30, 2004, was due to the loss on sale of the US oil &amp; gas assets of $14,554,381. &nbsp;From continued operations a loss before interest, taxes, depreciation and other was $2,592,390 for the nine months ended September 30, 2005 compared to $2,629,491 for the nine months ended September 30, 2004.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Production decreased with the continuing operations in Canada. &nbsp;Average production for the nine months ended September 30, 2005 averaged 260 BOE per day in the nine months of the year representing a decrease of 25% from the nine months of 2004 of 326 BOE per day. &nbsp;The production mix in the nine months of 2005 was 60% gas and 40% oil compared to 65% gas and 35% oil in the nine months of 2004.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>From continued operations, gross revenues decreased slightly to $2,689,490 during the nine months ended September 30, 2005, compared to $2,724,200 during the nine months ended September 30, 2004, a decrease of 1.28%. &nbsp;The decrease in gross revenues is attributable to a decrease in revenues from United Cementing &amp; Acid Company and production decreases in Canada.</P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always" align=justify><B>Results of Operations &#150; Nine Months</B></P>
<P style="margin:0pt" align=justify><B><I>Nine Months Fiscal 2005 and Nine Months 2004 (continued)</I></B></P>
<P style="margin:0pt" align=justify>General and administrative expenses increased approximately 35% to $2,674,222 during the nine months ended September 30, 2005 an increase of $941,495. &nbsp;The increase is attributable to an increase in legal expenses of $600,000 due to the large number of legal claims the company is currently defending and an out of court settlement from the Duke Energy lawsuit (see OTHER INFORMATION, Legal Proceedings).</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>Interest and financing expenses have decreased due to the decrease in average bank debt. &nbsp;The bank debt has decreased from $2,182,000 September 30, 2004 to $237,335 September 30, 2005.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Capital Expenditures</B></P>
<P style="margin:0pt" align=justify>Aspen&#146;s capital expenditures for the nine months ending September 30, 2005 totaled $3,266,000. &nbsp;The capital costs are allocated as $2,441,000 in drilling and completion costs, $165,000 allocated in purchasing petroleum and natural gas leases and $480,000 for purchasing developed petroleum and natural gas properties.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>The Company has participated and acted as operator, in drilling 4 (net 2) wells. &nbsp;Two of the wells located in the Daly Field in Manitoba , were declared commercial and have come on production in the 4<SUP>th</SUP> quarter of 2005. &nbsp;The 2 other wells have been cased, one in North Dakota and the other in Manitoba waiting further evaluation.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Liquidity and Capital Resources</B></P>
<P style="margin:0pt" align=justify>As at September 30, 2005, Aspen had working capital of $166,250 compared to working capital of $6,763,135 at September 30, 2004 before bank debt. &nbsp;The change in working capital was due to the oil and gas drilling activity in the past twelve months. &nbsp;In the near future the company will finance any future development drilling activities with cash flow, working capital and further bank financing.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify>As at September 30, 2005, Aspen Endeavour Resources Inc., The Company&#146;s wholly owned Canadian subsidiary, has a bank production loans payable as follows:</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=405.9></TD><TD width=12.45></TD><TD width=73.05></TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify><B>Notes Payable - Bank</B></P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>The following is a summary of note payable &#150; bank at September 30, 2005</P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>Revolving $1,246,000 production loan, repayable in equal monthly instalments of $62,310 commencing September 1, 2004 bearing interest at bank prime plus 0.75% which is secured by petroleum and natural gas properties, currently no outstanding amounts are due.</P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=405.9></TD><TD width=12.45></TD><TD width=73.05></TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify><B>Long Term Debt</B></P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>As at September 30, 2005, United Cementing &amp; Acid Company has the following long term debt:</P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4><P style="margin:0pt" align=right><B>2005</B></P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>$300,000 equipment loan, payable in monthly instalments of $3,650 which includes interest at 7.5% through June 2004 secured by real estate</P>
</TD><TD valign=top width=16.6><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>$</P>
</TD><TD valign=top width=97.4><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>202,463</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>$272,419 equipment loan, payable in monthly instalments of $6,654 which includes interest at the base prime plus &#189;% through June 2005 secured by substantially all of the Company&#146;s assets</P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>34,872</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>Other</P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt" align=right>9,866</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6><P style="margin:0pt" align=right>$</P>
</TD><TD valign=top width=97.4><P style="margin:0pt" align=right>247,201</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify><I>&nbsp;&nbsp;Less &#150; current portion</I></P>
</TD><TD valign=top width=16.6>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=97.4><P style="margin:0pt" align=right>110,548</P>
</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2>&nbsp;</TD><TD valign=top width=16.6>&nbsp;</TD><TD valign=top width=97.4>&nbsp;</TD></TR>
<TR><TD valign=top width=541.2><P style="margin:0pt" align=justify>Total long term debt, less current maturities</P>
</TD><TD valign=top width=16.6><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=97.4><P style="margin:0pt" align=right>136,653</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><B>Five-year maturity schedule</B></P>
<P style="margin:0pt" align=justify>Long-term debt is due as follows: </P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=104.4></TD><TD width=18></TD><TD width=72></TD></TR>
<TR><TD valign=top width=139.2><P style="margin:0pt; padding-left:8.1pt" align=justify>2005</P>
</TD><TD valign=top width=24><P style="margin:0pt" align=justify>$</P>
</TD><TD valign=top width=96><P style="margin:0pt" align=right>31,333</P>
</TD></TR>
<TR><TD valign=top width=139.2><P style="margin:0pt; padding-left:8.1pt" align=justify>2006</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt" align=right>56,682</P>
</TD></TR>
<TR><TD valign=top width=139.2><P style="margin:0pt; padding-left:8.1pt" align=justify>2007</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt" align=right>159,186</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt"><B>OTHER INFORMATION</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Legal Proceedings</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>The Company and its subsidiaries, in the normal course of operations, are sometimes named as defendants in litigation. &nbsp;The nature of these claims is related to disputes arising from services provided by outside contractors or for delinquent payments. &nbsp;The Company does not expect that the results of any of these proceedings will have a material adverse effect on the Company&#146;s financial position.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>The Company and its subsidiaries are also involved in lawsuits with former officers, former directors, former shareholders and entities owned or controlled by these parties and certain other parties with whom the Company may have had business relationships. &nbsp;Allegations against the Company include liabilities for unpaid compensation, violations of employment contracts and Canadian income tax reassessments due to flow-through share transactions. &nbsp;The Company is vigorously defending these actions and in certain cases has filed counter suits against these parties. &nbsp;In the quarter ending September 30, 2005 the Company has successfully settled the Duke Energy lawsuit. &nbsp;Pursuant to the settlement agreement, terms were not disclosed. &nbsp;The Company does not consider the amount of the settlement to be material.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:normal; margin:0pt; font-size:11pt; page-break-before:always"><B>OTHER INFORMATION <I>(continued</I>)</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Safe Harbour Statement under the Private Securities Litigation Reform Act of 1995:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Certain statements in this filing, and elsewhere (such as in other filings by Aspen Resources with the Commission, press releases, presentations by Aspen Resources Corporation or its management and oral statements) constitute &quot;forward-looking statements&quot; within the meaning of the Private Securities Litigation Reform Act of 1995. &nbsp;Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Aspen Resources Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. &nbsp;Such factors include, among other things, (i) significant variability in Aspen&#146;s quarterly revenues and results of operations as a result of variations in the Aspen's production in a particular quarter while a significant percentage of its operating expenses are fixed in advance, (ii) changes in the prices of oil and gas, (iii) Aspen's ability to obtain capital and (iv) other risk factors commonly faced by small oil and gas companies.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>8
<FILENAME>form521092ft2bobcalentine.htm
<DESCRIPTION>CERTIFICATE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>FORM 52-109FT2</TITLE>
<META NAME="author" CONTENT="Joan Moody">
<META NAME="date" CONTENT="06/04/2004">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>FORM 52-109FT2</B></FONT></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B><I>CERTIFICATION OF INTERIM FILINGS DURING TRANSITION PERIOD</I></B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">I Robert L. Calentine, The Chief Executive Officer of Aspen Group Resources Corporation, certify that:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">1. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings</I>) of Aspen Group Resources Corporation, (the issuer) for the interim period ending September 30, 2005;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">2. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings; and</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">3. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Date: November 14, 2005</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><U>&#147;signed Bob Calentine&#148;</U></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">[Signature]</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">CEO</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>9
<FILENAME>form521092ft2althorne.htm
<DESCRIPTION>CERTIFICATE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>FORM 52-109FT2</TITLE>
<META NAME="author" CONTENT="Joan Moody">
<META NAME="date" CONTENT="06/04/2004">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>FORM 52-109FT2</B></FONT></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B><I>CERTIFICATION OF INTERIM FILINGS DURING TRANSITION PERIOD</I></B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">I Allan C. Thorne, The Chief Financial Officer of Aspen Group Resources Corporation, certify that:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">1. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings</I>) of Aspen Group Resources Corporation, (the issuer) for the interim period ending September 30, 2005;</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">2. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings; and</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; font-size:12pt">3. </P>
<P style="line-height:14pt; margin:0pt; padding-left:36pt; font-size:12pt">Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Date: November 14, 2005</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><U>&#147;signed Allan C. Thorne&#148;</U></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">[Signature]</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">CFO</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
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</SUBMISSION>
