<SUBMISSION>
<ACCESSION-NUMBER>0001175710-06-000146
<TYPE>6-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20060516
<FILING-DATE>20060523
<DATE-OF-FILING-DATE-CHANGE>20060523
<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>06860536
</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 CORP
<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 May 2006</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>INDEX</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=354></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=472><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=472><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt">March 31, 2006 financial statements</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=472><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=472><P style="line-height:14pt; margin-top:6pt; margin-bottom:0pt; font-size:12pt">Certificates</P>
</TD></TR>
<TR><TD valign=top width=88>&nbsp;</TD><TD valign=top width=472>&nbsp;</TD></TR>
<TR><TD valign=top width=88>&nbsp;</TD><TD valign=top width=472>&nbsp;</TD></TR>
<TR><TD valign=top width=88>&nbsp;</TD><TD valign=top width=472>&nbsp;</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: May 16, 2006</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>f20061qaspengroupfinstatemen.htm
<DESCRIPTION>MARCH 31, 2006 FINANCIAL STATEMENTS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Ethan Frome</TITLE>
<META NAME="keywords" CONTENT="Ethan">
<META NAME="author" CONTENT="EW/LN/CB">
<META NAME="date" CONTENT="05/10/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></FONT></P>
<P style="margin:0pt"><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="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; padding-left:36pt; padding-right:36pt" align=center><B>ASPEN GROUP RESOURCES CORPORATION</B></P>
<P style="margin:0pt; padding-left:36pt; padding-right:36pt" 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="margin:0pt; padding-left:36pt; padding-right:36pt" 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="margin:0pt; padding-left:36pt; padding-right:36pt" align=center><B>MARCH 31, 2006</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="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"><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">March 31, 2006 and December 31, 2005</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">three months ended March 31, 2006 and 2005 (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">three months ended March 31, 2006 and 2005(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 Presentation</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>Other Information</B></P>
<P style="margin:0pt; text-indent:463pt">7</P>
<P style="margin-top:0pt; margin-bottom:-12pt">Safe Harbor Statement</P>
<P style="margin:0pt; text-indent:463.45pt">7</P>
<P style="margin:0pt"><BR></P>
<A NAME="node3"></A><A NAME="node4"></A><P style="margin:0pt"><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>
<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" align=center><B>CONDENSED CONSOLIDATED BALANCE SHEET</B></P>
<P style="margin:0pt" align=center><B>March 31, 2006 &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>March 31, 2006</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, 2005</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>$</P>
</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>64,449</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>3,602</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; 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>1,000,000</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>1,396,286</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>1,640,630</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>59,425</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>109,435</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Material 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>47,425</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>326,573</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 valign=bottom width=104.267><P style="margin:0pt" align=right><B>28,500</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>32,000</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Assets held for resale</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>599,760</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>600,390</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>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>3,195,845</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>3,712,630</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 $19,802,643 and $19,404,018</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>6,748,876</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>6,679,977</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 $2,310,360 and $2,274,260</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>620,072</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>655,337</P>
</TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B>Other Assets</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Notes receivable</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>43,097</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>44,584</P>
</TD></TR>
<TR><TD valign=top width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Total Assets</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>10,607,890</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>11,092,528</P>
</TD></TR>
<TR><TD valign=bottom width=397.2>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt" align=justify><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt"><B>Current Liabilities</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533>&nbsp;</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Accounts payable</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; padding-right:-18pt">$</P>
</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>2,850,938</B></P>
</TD><TD valign=bottom width=17.467><P style="margin:0pt; padding-right:-18pt">$</P>
</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>2,767,071</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Net liabilities of discontinued operations</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>192,359</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>192,359</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Accrued expenses</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>200,578</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>353,400</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Notes payable - banks</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>135,680</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Current maturities of long-term debt</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>31,766</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>31,770</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Courier New" align=right><FONT FACE="Courier New">$</FONT></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><FONT FACE="Times New Roman"><B>3,411,321</B></FONT></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>3,344,600</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>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>218,063</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>225,131</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 Obligations</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>872,907</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>866,749</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>&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;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 74,763,037 shares in 2006 and 74,763,307 in 2005</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt" align=right><B>63,769,721</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>63,769,721</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" align=right><B>(98,870)</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD valign=bottom width=114.533><P style="margin:0pt" align=right>(97,798)</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0pt">&nbsp;&nbsp;Foreign currency translation adjustment</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(271,896)</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>(277,987)</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>(57,293,356)</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>(56,737,888)</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>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>6,105,599</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>6,656,048</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>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=104.267><P style="margin:0pt" align=right><B>10,607,890</B></P>
</TD><TD valign=bottom width=17.467>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=114.533><P style="margin:0pt" align=right>11,092,528</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-18pt"><I><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;signed Robert Calentine&#148;</U></I></P>
<P style="margin:0pt; padding-right:-18pt; text-indent:261pt"><I><U>&#147;signed Allan Thorne&#148;</U></I></P>
<P style="margin-top:0pt; margin-bottom:-12pt">Robert L. Calentine, Director and CEO</P>
<P style="margin:0pt; text-indent:252pt">Allan C. Thorne, CFO</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt">See accompanying notes to these condensed consolidated financial statements</P>
<P style="margin:0pt; padding-right:-18pt" align=center>&nbsp;</P>
<P style="margin:0pt" align=center><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; padding-right:-18pt" align=center><B>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>
<P style="margin:0pt" 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=302.4></TD><TD width=15.8></TD><TD width=74.2></TD><TD width=19.65></TD><TD width=74.85></TD></TR>
<TR><TD valign=bottom width=403.2>&nbsp;</TD><TD valign=bottom width=120 colspan=2><P style="margin:0pt" align=right><B>Period from </B></P>
<P style="margin:0pt" align=right><B>January 1, 2006 </B></P>
<P style="margin:0pt" align=right><B>to March 31, 2006</B></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=126 colspan=2><P style="margin:0pt" align=right>Period from </P>
<P style="margin:0pt" align=right>January 1, 2005 </P>
<P style="margin:0pt" align=right>to March 31, 2005</P>
<P style="margin:0pt" align=right>Restated</P>
<P style="margin:0pt" align=right>(Unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=403.2>&nbsp;</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933>&nbsp;</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt"><B>REVENUE:</B></P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933>&nbsp;</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt">Oil and gas sales</P>
</TD><TD valign=bottom width=21.067><P style="margin:0pt">$</P>
</TD><TD valign=bottom width=98.933><P style="margin:0pt" align=right><B>816,604</B></P>
</TD><TD valign=bottom width=26.2><P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=99.8><P style="margin:0pt" align=right>582,214</P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt">Product and service revenues</P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933><P style="margin:0pt" align=right><B>300,084</B></P>
</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8><P style="margin:0pt" align=right>124,458</P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt">Other Income</P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=98.933><P style="margin:0pt" align=right><B>6,548</B></P>
</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=99.8><P style="margin:0pt" align=right>17,247</P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt">Total revenue</P>
</TD><TD valign=bottom width=21.067><P style="margin:0pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=98.933><P style="margin:0pt" align=right><B>1,123,236</B></P>
</TD><TD valign=bottom width=26.2><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=99.8><P style="margin:0pt" align=right>723,919</P>
</TD></TR>
<TR><TD valign=bottom width=403.2>&nbsp;</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933>&nbsp;</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt"><B>EXPENSES: </B></P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933>&nbsp;</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt">Oil and gas production</P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933><P style="margin:0pt" align=right><B>348,512</B></P>
</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8><P style="margin:0pt" align=right>220,244</P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt">Operating expenses</P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933><P style="margin:0pt" align=right><B>233,946</B></P>
</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8><P style="margin:0pt" align=right>128,240</P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt">General and administrative</P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933><P style="margin:0pt" align=right><B>649,010</B></P>
</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8><P style="margin:0pt" align=right>592,217</P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt">Depreciation, Depletion and Accretion Expense</P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933><P style="margin:0pt" align=right><B>441,817</B></P>
</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8><P style="margin:0pt" align=right>299,832</P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt">Stock Issued for Compensation</P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=98.933><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=99.8><P style="margin:0pt" align=right>419,309</P>
</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt">Total expenses</P>
</TD><TD valign=bottom width=21.067><P style="margin:0pt">$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=98.933><P style="margin:0pt" align=right><B>1,673,285</B></P>
</TD><TD valign=bottom width=26.2><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=99.8><P style="margin:0pt" align=right>1,659,842</P>
</TD></TR>
<TR><TD valign=bottom width=403.2>&nbsp;</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933>&nbsp;</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt"><B>(LOSS) FROM CONTINUING OPERATIONS</B></P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933><P style="margin:0pt" align=right><B>(550,049)</B></P>
</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8><P style="margin:0pt" align=right>(935,923)</P>
</TD></TR>
<TR><TD valign=bottom width=403.2>&nbsp;</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933>&nbsp;</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt"><B>OTHER</B></P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933>&nbsp;</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt">Interest and financing expense</P>
</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=98.933><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(5,419)</B></P>
</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=99.8><P style="margin:0pt; padding-right:-2.9pt" align=right>(14,822)</P>
</TD></TR>
<TR><TD valign=bottom width=403.2>&nbsp;</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933>&nbsp;</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt"><B>NET (LOSS)</B></P>
</TD><TD valign=bottom width=21.067><P style="margin:0pt" align=right>$</P>
</TD><TD valign=bottom width=98.933><P style="margin:0pt" align=right><B>(555,468)</B></P>
</TD><TD valign=bottom width=26.2><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>$</P>
</TD><TD valign=bottom width=99.8><P style="margin:0pt" align=right>(950,745)</P>
</TD></TR>
<TR><TD valign=bottom width=403.2>&nbsp;</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933>&nbsp;</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=403.2>&nbsp;</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD style="border-top:2pt double #000000" valign=bottom width=98.933>&nbsp;</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD style="border-top:2pt double #000000" valign=bottom width=99.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt"><B>NET EARNINGS (LOSS) PER SHARE</B></P>
</TD><TD valign=bottom width=21.067><P style="margin:0pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=98.933><P style="margin:0pt" align=right><B>(0.01)</B></P>
</TD><TD valign=bottom width=26.2><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=99.8><P style="margin:0pt" align=right>(0.01)</P>
</TD></TR>
<TR><TD valign=bottom width=403.2>&nbsp;</TD><TD valign=bottom width=21.067>&nbsp;</TD><TD valign=bottom width=98.933>&nbsp;</TD><TD valign=bottom width=26.2>&nbsp;</TD><TD valign=bottom width=99.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=403.2><P style="margin:0pt"><B>WEIGHTED AVERAGE SHARES</B></P>
</TD><TD valign=bottom width=21.067><P style="margin:0pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=98.933><P style="margin:0pt" align=right><B>74,763,037</B></P>
</TD><TD valign=bottom width=26.2><P style="margin:0pt" align=center>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=99.8><P style="margin:0pt" align=right>73,250,567</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt">See accompanying notes to these condensed consolidated financial statements</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><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>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
<P style="margin:0pt" align=center><B>&nbsp;(Unaudited</B>)</P>
<P style="margin:0pt" 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=306.9></TD><TD width=13.5></TD><TD width=76.5></TD><TD width=13.5></TD><TD width=72></TD></TR>
<TR><TD valign=bottom width=409.2>&nbsp;</TD><TD valign=bottom width=120 colspan=2><P style="margin:0pt" align=right><B>Period from</B></P>
<P style="margin:0pt" align=right><B>January 1, 2006</B></P>
<P style="margin:0pt" align=right><B>to March 31, 2006</B></P>
<P style="margin:0pt" align=right><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=114 colspan=2><P style="margin:0pt" align=right>Period from</P>
<P style="margin:0pt" align=right>January 1, 2005</P>
<P style="margin:0pt" align=right>to March 31, 2005</P>
<P style="margin:0pt" align=right>(Unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=409.2>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt"><B>CASH FLOWS FROM OPERATING ACTIVITIES</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:18pt">Net earnings (loss)</P>
</TD><TD valign=bottom width=18><P style="margin:0pt">$</P>
</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>(555,468)</B></P>
</TD><TD valign=bottom width=18><P style="margin:0pt" align=right>$</P>
</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>(950,745)</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:18pt">Adjustments to reconcile net earnings (loss) to net cash provided by</P>
<P style="margin:0pt; padding-left:18pt">&nbsp;&nbsp;&nbsp;(used in) operating activities:</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Loss on sale of assets</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Stock based compensation</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>419,309</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Depreciation and depletion</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>435,659</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>292,617</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Accretion expense</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102><P style="margin:0pt" align=right><B>6,158</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt" align=right>7,215</P>
</TD></TR>
<TR><TD valign=bottom width=427.2 colspan=2><P style="margin:0pt; padding-left:18pt">Cash flow from operations</P>
</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>(113,651)</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>(231,604)</P>
</TD></TR>
<TR><TD valign=bottom width=427.2 colspan=2>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:18pt">Change in assets and liabilities net of effects from:</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Accounts receivable</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>244,974</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>421,927</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Accounts payable and accrued liabilities</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(70,027)</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-right:-2.9pt" align=right>(590,778)</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Prepaid expenses</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt; padding-right:-2.9pt" align=right><B>53,510</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-right:-2.9pt" align=right>(47,500)</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Other</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102><P style="margin:0pt; padding-right:-2.9pt" align=right><B>285,788</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-right:-2.9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:18pt">Net cash provided by (used in) operating activities</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102><P style="margin:0pt; padding-right:-2.9pt" align=right><B>400,594</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-right:-2.9pt" align=right>(447,955)</P>
</TD></TR>
<TR><TD valign=bottom width=409.2>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt"><B>CASH FLOWS FROM INVESTING ACTIVITIES</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Acquisition of property and equipment</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>(835)</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Proceeds from sale of equipment</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>16,617</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Proceeds from sale of oil and gas properties</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Exploration and development cost capitalized</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(467,524)</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-right:-2.9pt" align=right>(1,457,747)</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:18pt">Net cash provided by (used by) investing activities</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102><P style="margin:0pt" align=right><B>(468,359)</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt" align=right>(1,441,130)</P>
</TD></TR>
<TR><TD valign=bottom width=409.2>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt"><B>CASH FLOWS FROM FINANCING ACTIVITIES</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank loan advances</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt; padding-right:-2.9pt" align=right><B>135,680</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-right:-2.9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Sale of common stock</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>-</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>950,533</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:36pt">Repayment of notes payable and long-term debt</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102><P style="margin:0pt; padding-right:-2.9pt" align=right><B>(7,068)</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; padding-right:-2.9pt" align=right>(140,410)</P>
</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:18pt">Net cash provided by (used by) financing activities</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt; padding-right:-2.9pt" align=right><B>128,612</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; padding-right:-2.9pt" align=right>810,123</P>
</TD></TR>
<TR><TD valign=bottom width=409.2>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt"><B>NET INCREASE (DECREASE) IN CASH</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>60,847</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>(1,078,962)</P>
</TD></TR>
<TR><TD valign=bottom width=409.2>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt"><B>CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=102><P style="margin:0pt" align=right><B>3,602</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt" align=right>4,996,185</P>
</TD></TR>
<TR><TD valign=bottom width=409.2>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt"><B>CASH AND CASH EQUIVALENTS - END OF PERIOD</B></P>
</TD><TD valign=bottom width=18><P style="margin:0pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=102><P style="margin:0pt" align=right><B>64,449</B></P>
</TD><TD valign=bottom width=18><P style="margin:0pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=96><P style="margin:0pt" align=right>3,917,223</P>
</TD></TR>
<TR><TD valign=bottom width=409.2>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt"><B>SUPPLEMENTAL INFORMATION</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102>&nbsp;</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=409.2><P style="margin:0pt; padding-left:18pt">Cash paid for interest</P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=102><P style="margin:0pt" align=right><B>5,419</B></P>
</TD><TD valign=bottom width=18>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt" align=right>14,822</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">See accompanying notes to these condensed consolidated financial statements</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: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>NATURE OF BUSINESS AND BASIS OF PREPARATION AND PRESENTATION</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Nature of Business</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" 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="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Financial Statement Presentation</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" 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, 2005.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Restricted Cash</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>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="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>EARNINGS PER SHARE</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Diluted earnings per share for the three month period ending March 31, 2006 and 2005 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="line-height:13pt; margin:0pt; font-size:11pt" 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="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>2006</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="line-height:13pt; margin:0pt; font-size:11pt" align=center>2005</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="line-height:13pt; margin-top:0pt; margin-bottom:5.5pt; font-size:11pt" 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="line-height:13pt; margin-top:0pt; margin-bottom:5.5pt; font-size:11pt" 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="line-height:13pt; margin-top:0pt; margin-bottom:5.5pt; font-size:11pt" 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="line-height:13pt; margin-top:0pt; margin-bottom:5.5pt; font-size:11pt" 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="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" 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="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>74,763,037</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>$</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>63,769,721</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>71,203,307</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=89.333><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>62,656,769</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="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" 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="line-height:13pt; margin:0pt; padding-left:27pt; font-size:11pt" 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>&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="line-height:13pt; margin:0pt; padding-left:27pt; font-size:11pt" 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="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><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=97.467><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=85.133><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>3,560,000</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=89.333><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>963,072</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="line-height:13pt; margin:0pt; padding-left:27pt; font-size:11pt">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="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=97.467><P style="margin:0pt" align=right><BR></P>
<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=85.133><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" 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="line-height:13pt; margin:0pt; font-size:11pt" align=right>149,880</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="line-height:13pt; margin:0pt; padding-left:18pt; font-size:11pt" 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="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>74,763,037</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>$</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=97.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>63,769,721</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=85.133><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>74,763,037</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=89.333><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>63,769,721</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:11pt; margin:0pt; padding-top:3pt; text-indent:436.25pt; font-size:9pt; border-top:0.5pt solid #000000"><I>Notes Page 6</I></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><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:0pt; font-size:11pt" align=justify>The Company's operations for the three 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=86.75></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=115.667><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>March 31, 2006</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>&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>&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=center><B>2,102,879</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=center><B>8,505,011</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=center><B>10,607,890</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>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=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>306,632</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=center><B>816,604</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=center><B>1,123,236</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>Net earnings (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=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>(502,864)</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=center><B>(52,604)</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=center><B>(555,468)</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>Earnings per share (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=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>(0.01)</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=center><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=center><B>(0.01)</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=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=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>March 31, 2005</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>&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>&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=center>7,252,244</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=center>6,217,895</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=center>13,470,139</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=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>141,705</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=center>582,214</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=center>723,919</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 earnings (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=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>(1,009,056)</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=center>58,311</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=center>(950,745)</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>Earnings (loss) 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=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>(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=115.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>(0.00)</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=center>(0.01)</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>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 Group 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 unkown 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="line-height:11pt; margin:0pt; padding-top:3pt; text-indent:436.25pt; font-size:9pt; border-top:0.5pt solid #000000"><I>Notes Page 7</I></P>
<P style="margin:0pt"><BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>f20061qaspengroupmda.htm
<DESCRIPTION>MD&A
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND</TITLE>
<META NAME="author" CONTENT="Denise Collin">
<META NAME="date" CONTENT="05/10/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></FONT></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>for the Quarter ended March 31, 2006</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:14pt; margin:0pt; padding-left:36pt; padding-right:36pt; font-size:12pt" align=center><B>ASPEN GROUP RESOURCES CORPORATION</B></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 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>March 31, 2006</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="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>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>for the Quarter ended March 31, 2006</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"><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</B></P>
<P style="margin:0pt"><B>&nbsp;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>Overall Performance</B></P>
<P style="margin:0pt; text-indent:463pt">3</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>Summary of Quarterly Results</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">5</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-top:0pt; margin-bottom:-12pt"><B>Critical Accounting Estimates</B></P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin-top:0pt; margin-bottom:-12pt"><B>Outstanding Share Data</B></P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:2.75pt; font-size:11pt"><B>Other Information </B></P>
<P style="margin-top:0pt; margin-bottom:-12pt">Litigation</P>
<P style="margin:0pt; text-indent:463pt">6</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Forward Looking Statements</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" align=justify><BR></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="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>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>for the Quarter ended March 31, 2006</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><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>THE MANAGEMENT DISCUSSION AND ANALYSIS WAS PREPARED BY MANAGEMENT AND WAS NOT REVIEWED BY THE COMPANY&#146;S AUDITORS.</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><B>Date of the Report: &nbsp;May 12, 2006</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt"><B>OVERALL PERFORMANCE</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">In the first quarter of 2006, the Company incurred losses of $555 thousand and had negative cash flow of $108 thousand. &nbsp;The oil and gas production declined marginally but with the strong commodity prices of the first quarter the Company&#146;s oil and gas sales increased by 58%. &nbsp;The subsidiary company United Cementing &amp; Acid Company&#146;s sales increased by 141% this quarter compared to the same period in 2005. &nbsp;With the higher cost of field operations and water disposal fees the Company still remained unprofitable. &nbsp;The Company is currently taking steps in reducing its water disposal fees in its new Daly, Manitoba oil field.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">The Company had an accumulated deficit of $57.2 million and a working capital deficiency of $215 thousand as at March 31, 2006. &nbsp;During this period the Company renewed its line of credit for $900 thousand and subsequent to the first quarter, the Company sold some of its non core mature petroleum and natural gas properties for proceeds in excess of $2.1 million dollars. &nbsp;With the renewed line of credit and the proceeds of the sale of the non core assets, management believes that the Company can significantly improve its operating results based on the anticipated success in its current low risk development drilling program in Manitoba, and provided commodity prices remain strong.</P>
<P style="margin:0pt"><BR></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="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Results of Operations</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B><I>Three Months Fiscal 2006 and Three Months 2005</I></B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>During the three months ended March 31, 2006, Aspen had a net loss of $555,468 compared to net loss of $950,745 for the period ended March 31, 2005. &nbsp;Loss before interest, taxes, depreciation and other was $108,232 in the three months ended March 31, 2006 compared to $216,782 for the three months ended March 31, 2005. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Gross revenues increased 55% to $1,123,236 for the three months ended March 31, 2006, compared to $723,919 for the same period in 2005. &nbsp;The increase is attributable to an increase of 40% in commodity prices compared to the March 31, 2005 period. &nbsp;United Cementing &amp; Acid Company had a sales increase of 141% compared to the same period of last year.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Oil and gas production costs increased by 58% for the three months ended March 31, 2006 compared to the three month period ended March 31, 2005. &nbsp;The increase is due to higher industry wide service costs and the costs of disposing of water in the Company&#146;s Daly, Manitoba field. &nbsp;Operating expenses with United Cementing &amp; Acid increased by 82% for the three months ended March 31, 2006 compared to the three month period ended March 31, 2005 due to the related sales increase.</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="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>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>for the Quarter ended March 31, 2006</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><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B><I>Three Months Fiscal 2006 and Three Months 2005 (continued)</I></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>The Company&#146;s oil and gas production decreased for the three months ended March 31, 2006 to 262 barrels of oil a day equivalent from 275 barrels in the three month period ended March 31, 2005, a 5% decrease. &nbsp;On a per unit basis the Company received $34.65 (net of royalties) per barrel of oil equivalent (BOE) for the first quarter of 2006, compared to $24.15 (net of royalties) per BOE for the same period of 2005. &nbsp;Production costs per BOE unit increased to $14.79 in this period compared to $9.13 for the same period in 2005, the increase was primarily due to water disposal costs in the Daly field in Manitoba and higher service costs. &nbsp;Depletion costs of $18.75 per BOE unit for the first quarter of 2006 increased from $12.43 per BOE for the first quarter of 2005. &nbsp;The increase is due to the higher costs of replacing the Company&#146;s oil and gas reserves.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>General and administrative cash expenses increased approximately 9.6% to $649,010 during the three months ended March 31, 2006 compared to the three months ended March 31, 2005. &nbsp;The increase is attributable to employment cost increases.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Interest and financing expenses decreased 63% for the three months ended March 31, 2006 compared to the three month period ended March 31, 2005 due to the decrease in average bank debt.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>SUMMARY OF QUARTERLY RESULTS</B></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=137.75></TD><TD width=83.65></TD><TD width=90></TD><TD width=90></TD><TD width=91.8></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=183.667><P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Period</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=111.533><P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Revenues</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Loss from</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Operations</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Loss per share</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Basic</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.4><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Loss per share</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Diluted</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=183.667><P style="line-height:13pt; margin:0pt; font-size:11pt">Three months ended March 31, 2006</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=111.533><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$1,123,236</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$550,049</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.01</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.01</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=183.667><P style="line-height:13pt; margin:0pt; font-size:11pt">Three months ended</P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">December 31, 2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=111.533><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$1,255,814</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$1,559,839</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.02</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.02</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=183.667><P style="line-height:13pt; margin:0pt; font-size:11pt">Three months ended</P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">September 30, 2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=111.533><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$1,152,018</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$896,979</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.01</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.01</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=183.667><P style="line-height:13pt; margin:0pt; font-size:11pt">Three months ended</P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">June 30, 2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=111.533><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$813,553</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$777,824</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.01</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.01</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=183.667><P style="line-height:13pt; margin:0pt; font-size:11pt">Three months ended</P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">March 31, 2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=111.533><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$723,919</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$935,923</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.01</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.01</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=183.667><P style="line-height:13pt; margin:0pt; font-size:11pt">Three months ended</P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">December 31, 2004</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=111.533><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$869,951</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$1,476,753</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.02</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.02</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=183.667><P style="line-height:13pt; margin:0pt; font-size:11pt">Three months ended</P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">September 30, 2004</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=111.533><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$892,786</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$1,415,985</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.02</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.02</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=183.667><P style="line-height:13pt; margin:0pt; font-size:11pt">Three months ended</P>
<P style="line-height:13pt; margin:0pt; font-size:11pt">June 30, 2004</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=111.533><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$1,715,404</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$753,297</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.01</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=122.4><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$0.01</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>LIQUIDITY AND CAPITAL RESOURCES</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:normal; margin:0pt; font-size:11pt" align=justify>As of March 31, 2006, Aspen had a working capital deficit of $215,476 compared to a working capital of $368,030 at December 31, 2005. &nbsp;The Company will finance its future development activities with cash flow, working capital and further 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="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>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>for the Quarter ended March 31, 2006</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><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=329.4></TD><TD width=11.8></TD><TD width=69.2></TD><TD width=11.8></TD><TD width=71></TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Notes Payable &nbsp;- Banks</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667>&nbsp;</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>December 31</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>The following is a summary of notes payable &#150; bank at March 31, 2006</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B><U>2006</U></B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><U>2005</U></P>
</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667>&nbsp;</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Revolving $856,800 production loan, repayable in equal monthly installments of $64,300 commencing April 1, 2006 bearing interest at bank prime plus 1.5% which is secured by petroleum and natural gas properties</P>
</TD><TD valign=top width=15.733><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>$</B></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="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>85,680</B></P>
</TD><TD valign=top width=15.733><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=94.667><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=top width=92.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>85,680</B></P>
</TD><TD valign=top width=15.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$</P>
</TD><TD valign=top width=94.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667>&nbsp;</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B><I>Line of Credit</I></B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667>&nbsp;</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>A subsidiary obtained a line of credit from a bank with a $50,000 credit limit. &nbsp;The interest rate is at the bank&#146;s prime rate plus 1%.</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>50,000</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=94.667><P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=92.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>135,680</B></P>
</TD><TD valign=top width=15.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=94.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667>&nbsp;</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Long Term Debt</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667>&nbsp;</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>December 31</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>The following is a summary of long-term debt at March 31, 2006</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B><U>2006</U></B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><U>2005</U></P>
</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667>&nbsp;</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>$241,263 property loan, payable in monthly installments of $3,713 which includes interest at 7.5% through November 2008 thereafter, Wall Street money rate plus .5% to November 2012, secured by real estate</P>
</TD><TD valign=top width=15.733><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=top width=92.267><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>233,131</B></P>
</TD><TD valign=top width=15.733><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$</P>
</TD><TD valign=top width=94.667><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>239,723</P>
</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667>&nbsp;</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><I>Other</I></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>16,698</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=94.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>17,178</P>
</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>$</B></P>
</TD><TD valign=top width=92.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>249,829</B></P>
</TD><TD valign=top width=15.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$</P>
</TD><TD valign=top width=94.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>256,901</P>
</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667>&nbsp;</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt" align=justify><I>Less &#150; current portion</I></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>(31,766)</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=94.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>(31,770)</P>
</TD></TR>
<TR><TD valign=top width=439.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=94.667>&nbsp;</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Total long term debt, less current maturities</P>
</TD><TD valign=top width=15.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>$</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=92.267><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right><B>218,063</B></P>
</TD><TD valign=top width=15.733><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=94.667><P style="line-height:13pt; margin:0pt; font-size:11pt" align=right>225,131</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Five-year Maturity Schedule</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Long-term debt is due as follows: &nbsp;2006 - $31,770; 2007 - $29,691; 2008 - $31,996; 2009 - $34,480; 2010 - $37,156; thereafter - $91,808.</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="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>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>for the Quarter ended March 31, 2006</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>CRITICAL ACCOUNTING ESTIMATES</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Measurement Uncertainty</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>The timely preparation of financial statements requires that management make estimates and assumptions and use judgment regarding assets, liabilities, revenues and expenses. &nbsp;Such estimates relate primarily to transactions and events that have not settled as of the date of the financial statements. &nbsp;Accordingly, actual results may differ from estimated amounts as future confirming events occur.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Amounts recorded for depletion and depreciation, asset retirement obligations and amounts used in impairment test calculations are based upon estimates of petroleum and natural gas reserves and future costs to develop those reserves. &nbsp;By their nature, these estimates of reserves, costs and related future cash flows are subject to uncertainty, and the impact on the consolidated financial statements of future periods could be material.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>OUTSTANDING SHARE DATA</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>The Company has an authorized capital of an unlimited number of common shares without par value. &nbsp;At May 10, 2006 there were 74,763,037 common shares issued and outstanding.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>At March 31, 2006 the following options were outstanding:</P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=98.6></TD><TD width=98.65></TD><TD width=98.65></TD><TD width=98.65></TD><TD width=98.65></TD></TR>
<TR><TD valign=top width=131.467>&nbsp;</TD><TD valign=top width=131.533><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:13pt; margin:0pt; font-size:11pt" align=center><B><U>Date Granted</U></B></P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Number</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>of</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>common</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B><U>shares</U></B></P>
</TD><TD valign=top width=131.533><P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>Price per</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B><U>Share</U></B></P>
</TD><TD valign=top width=131.533><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:13pt; margin:0pt; font-size:11pt" align=center><B><U>Expiry Date</U></B></P>
</TD></TR>
<TR><TD valign=top width=131.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B><U>Options</U></B></P>
</TD><TD valign=top width=131.533>&nbsp;</TD><TD valign=top width=131.533>&nbsp;</TD><TD valign=top width=131.533>&nbsp;</TD><TD valign=top width=131.533>&nbsp;</TD></TR>
<TR><TD valign=top width=131.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Directors</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>June 22, 2004</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>800,000</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>$0.40</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>June 22, 2009</P>
</TD></TR>
<TR><TD valign=top width=131.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Officers</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>June 22, 2004</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>200,000</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>$0.40</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>June 22, 2009</P>
</TD></TR>
<TR><TD valign=top width=131.467><P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify>Officers</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>January 1, 2006</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>500,000</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>$0.30</P>
</TD><TD valign=top width=131.533><P style="line-height:13pt; margin:0pt; font-size:11pt" align=center>January 1, 2011</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>OTHER INFORMATION</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>Litigation</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 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. &nbsp;The Company is unable to predict the outcome of these matters, but does not believe, based upon currently available facts, that the ultimate resolution of such matters will have a material adverse effect on the consolidated financial statements of the Company.</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" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>for the Quarter ended March 31, 2006</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"><BR></P>
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=justify><B>FORWARD LOOKING STATEMENTS</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 Group Resources Corporation with the Commission, press releases, presentations by Aspen Group 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" align=justify><BR></P>
<P style="line-height:normal; margin:0pt" align=justify>Additional information relating to the Company may be accessed by visiting the SEDAR website at www.sedar.com </P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>certificate.htm
<DESCRIPTION>CERTIFICATES
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="date" CONTENT="2006/05/23">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><FONT FACE="Times New Roman" COLOR=#000000>Modified Form 52-109F2<BR>
CERTIFICATION OF INTERIM FILINGS</FONT></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; text-indent:-18pt; font-size:12pt">I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 Certification of Disclosure in Issuers ' Annual and Interim Filings) of Aspen Group Resources Corporation, (the issuer) for the interim period ending March 31, 2006;</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt">2.</P>
<P style="line-height:14pt; margin:0pt; text-indent: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;</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt">3.</P>
<P style="line-height:14pt; margin:0pt; text-indent: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; and</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt">4.</P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">The issuer's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures for the issuer, and we have designed such disclosure controls and procedures, or caused them to be designed under our supervision, to provide reasonable assurance that material information relating to the issuer, including its consolidated subsidiaries, is made to us by others within those entities, particularly during the period in which the interim filings are being prepared.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Date; &nbsp;May 15, 2006</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><U>/s/ Allan C. Thorne</U></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Allan Thorne</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">CFO</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="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>Modified Form 52-109F2<BR>
CERTIFICATION OF INTERIM FILINGS</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; text-indent:-18pt; font-size:12pt">I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings) of Aspen Group Resources Corporation, (the issuer) for the interim period ending March 31, 2006;</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt">2.</P>
<P style="line-height:14pt; margin:0pt; text-indent: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;</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt">3.</P>
<P style="line-height:14pt; margin:0pt; text-indent: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; and</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt">4.</P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">The issuer's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures for the issuer, and we have designed such disclosure controls and procedures, or caused them to be designed under our supervision, to provide reasonable assurance that material information relating to the issuer, including its consolidated subsidiaries, is made to us by others within those entities, particularly during the period in which the interim filings are being prepared,</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Date: May 15, 2006</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><U>/s/ Bob Calentine</U></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">Bob Calentine</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">CEO</P>
<P style="margin:0pt"><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
