<SUBMISSION>
<ACCESSION-NUMBER>0001175710-06-000310
<TYPE>6-K
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20061114
<FILING-DATE>20061116
<DATE-OF-FILING-DATE-CHANGE>20061116
<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>061222899
</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
<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:18.667px; margin-top:6.667px; margin-bottom:6.667px; font-size:16px" align=center><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>
<P style="line-height:21.333px; margin-top:7.8px; margin-bottom:7.8px; font-size:18.667px" align=center><B>FORM 6-K</B></P>
<P style="line-height:17.333px; margin-top:6.133px; margin-bottom:6.133px; font-size:14.667px" 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:18.667px; margin-top:0px; margin-bottom:16px; font-size:16px" align=center>For the month of November 2006</P>
<P style="line-height:18.667px; margin-top:0px; margin-bottom:16px; font-size:16px" align=center>Commission File Number: &nbsp;0-28814</P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>Aspen Group Resources Corporation</B></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center>One North Hudson, Suite 1000</P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center>Oklahoma City, Oklahoma 73102</P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR></P>
<P style="line-height:18.667px; margin-top:0px; margin-bottom:16px; font-size:16px" 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:18.667px; margin-top:0px; margin-bottom:16px; font-size:16px" align=center>Form 20-F<U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp; </U>Form 40-F ______</P>
<P style="line-height:18.667px; margin-top:0px; margin-bottom:16px; font-size:16px" 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:18.667px; margin-top:0px; margin-bottom:16px; font-size:16px" 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:18.667px; margin-top:0px; margin-bottom:16px; font-size:16px" 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:18.667px; margin-top:0px; margin-bottom:16px; font-size:16px" align=center>Yes _____ No <U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" 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:0px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>INDEX</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:18.667px; margin:0px; text-indent:48px; font-size:16px">The following documents are filed as part of this Form 6-K:</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=88></TD><TD width=472></TD></TR>
<TR><TD valign=top width=88><P style="margin:0px"><BR></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><U>Exhibit</U></P>
</TD><TD valign=top width=472><P style="margin:0px"><BR></P>
<P style="line-height:18.667px; margin:0px; font-size:16px"><U>Description</U></P>
</TD></TR>
<TR><TD valign=top width=88><P style="line-height:18.667px; margin-top:8px; margin-bottom:0px; font-size:16px" align=center>99.1</P>
</TD><TD valign=top width=472><P style="line-height:18.667px; margin-top:8px; margin-bottom:0px; font-size:16px">Third Quarter financial statements</P>
</TD></TR>
<TR><TD valign=top width=88><P style="line-height:18.667px; margin-top:8px; margin-bottom:0px; font-size:16px" align=center>99.2</P>
</TD><TD valign=top width=472><P style="line-height:18.667px; margin-top:8px; margin-bottom:0px; font-size:16px">Management&#146;s Discussion &amp; Analysis</P>
</TD></TR>
<TR><TD valign=top width=88><P style="line-height:18.667px; margin-top:8px; margin-bottom:0px; font-size:16px" align=center>99.3</P>
</TD><TD valign=top width=472><P style="line-height:18.667px; margin-top:8px; margin-bottom:0px; font-size:16px">Certificates</P>
</TD></TR>
<TR><TD valign=top width=88><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=472><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=88><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=472><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=88><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=472><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:18.667px; margin-top:0px; margin-bottom:16px; font-size:16px; page-break-before:always" align=center><B>SIGNATURES</B></P>
<P style="line-height:18.667px; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:16px">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:18.667px; margin-top:0px; margin-bottom:16px; font-size:16px">Date: November16, 2006</P>
<P style="line-height:18.667px; margin-top:0px; margin-bottom:32px; padding-left:288px; font-size:16px"><B>Aspen Group Resources Corporation</B></P>
<P style="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:16px">By: &nbsp;</P>
<P style="line-height:18.667px; margin:0px; padding-left:288px; text-indent:48px; font-size:16px"><U>/s/ Robert Calentine</U></P>
<P style="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:16px">Name:</P>
<P style="line-height:18.667px; margin:0px; padding-left:288px; text-indent:48px; font-size:16px">Robert Calentine</P>
<P style="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; padding-left:288px; font-size:16px">Title</P>
<P style="line-height:18.667px; margin:0px; padding-left:288px; text-indent:48px; font-size:16px">Chief Executive Officer</P>
<P style="margin:0px"><BR>
<BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f20063qaspengroupfinstatemen.htm
<DESCRIPTION>THIRD QUARTER FINANCIAL STATEMENTS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>ASPEN GROUP RESOURCES CORPORATION</TITLE>
<META NAME="author" CONTENT="Prospect/Cubacan/Endeavor">
<META NAME="date" CONTENT="11/08/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="node4"></A><P style="margin:0px" align=center><B>CONSOLIDATED BALANCE SHEET</B></P>
<P style="margin:0px" align=center><B>September 30, 2006 &nbsp;&nbsp;(Unaudited</B>)</P>
<P style="margin:0px" align=center>(<B>Expressed in US Dollars)</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=397.2></TD><TD width=15.733></TD><TD width=130.533></TD><TD width=15.733></TD><TD width=120></TD></TR>
<TR><TD valign=top width=397.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=130.533><P style="margin:0px" align=right><B>September 30, 2006</B></P>
<P style="margin:0px" align=right><B>(unaudited)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=120><P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>December 31, 2005</P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>(audited)</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px"><B><U>ASSETS</U></B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px"><B>Current Assets</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Cash</P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=right>$</P>
</TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>227,102&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=right>$</P>
</TD><TD valign=bottom width=120><P style="margin:0px" align=right>3,602&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Cash - restricted</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>1,000,000&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>1,000,000&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Accounts receivable net of allowances</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Trade</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>1,909,731&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>1,640,630&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Other</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>59,863&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>109,435&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Material and supplies inventory</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>53,461&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>326,573&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>85,367&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>32,000&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Assets held for resale</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=130.533><P style="margin:0px" align=right><B>627,620&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=120><P style="margin:0px" align=right>600,390&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=130.533><P style="margin:0px" align=right><B>3,963,144&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=120><P style="margin:0px" align=right>3,712,630&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px"><B>Proved Oil &amp; Gas Properties (full cost method)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;net of accumulated depletion of $20,807,214 and $19,404,018</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>8,220,634&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>6,679,977&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px"><B>Property and Equipment</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;net of accumulated depreciation of $2,369,608 and $2,274,260</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>553,275&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>655,337&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px"><B>Other Assets</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Notes receivable and prepaids</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>435,488&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>44,584&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1px solid #000000" valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Total Assets</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=right>$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=130.533><P style="margin:0px" align=right><B>13,172,541&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=right>$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=120><P style="margin:0px" align=right>11,092,528&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=397.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px" align=justify><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px"><B>Current Liabilities</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Accounts payable</P>
</TD><TD valign=bottom width=15.733><P style="margin:0px; padding-right:-24px">$</P>
</TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>6,504,084&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px; padding-right:-24px">$</P>
</TD><TD valign=bottom width=120><P style="margin:0px" align=right>2,767,071&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Net liabilities of discontinued operations</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>192,360&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>192,359&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Accrued expenses</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>200,000&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>353,400&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Notes payable - banks</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>543,130&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Current maturities of long-term debt</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=130.533><P style="margin:0px" align=right><B>31,124&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=120><P style="margin:0px" align=right>31,770&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</P>
</TD><TD valign=bottom width=15.733><P style="margin:0px; font-family:Courier New" align=right><FONT FACE="Courier New">$</FONT></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=130.533><P style="margin:0px" align=right><FONT FACE="Times New Roman"><B>7,470,698&nbsp;</B></FONT></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=right>$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=120><P style="margin:0px" align=right>3,344,600&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px"><B>Long-Term Debt, less Current Maturities</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>202,101&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>225,131&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px"><B>Asset Retirement Obligations</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>927,011&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>866,749&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px"><B>Deferred income taxes</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>-&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px"><B>Stockholders&#146; Equity</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">Preferred stock, no par value, authorized-unlimited, issued &#150; none</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Common stock, no par value, authorized-unlimited,</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&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><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>63,769,721&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>63,769,721&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Less treasury stock &#150; at cost</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>(97,798)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>(97,798)</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Foreign currency translation adjustment</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="margin:0px" align=right><B>(245,565)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="margin:0px" align=right>(277,987)</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;Accumulated deficit</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=130.533><P style="margin:0px" align=right><B>(58,853,627)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=120><P style="margin:0px" align=right>(56,737,888)</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&#146; equity</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=130.533><P style="margin:0px" align=right><B>4,572,731&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=120><P style="margin:0px" align=right>6,656,048&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=397.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=130.533><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=120><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=397.2><P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&nbsp;Total Liabilities and Stockholders&#146; Equity</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=130.533><P style="margin:0px" align=right><B>13,172,541&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=120><P style="margin:0px" align=right>11,092,528&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-right:-24px"><I><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;signed Robert Calentine&#148;</U></I></P>
<P style="margin:0px; padding-right:-24px; text-indent:348px"><I><U>&#147;signed Allan Thorne&#148;</U></I></P>
<P style="margin-top:0px; margin-bottom:-16px" align=justify>Robert L. Calentine, Director and CEO</P>
<P style="margin:0px; text-indent:288px" align=justify>Allan C. Thorne, CFO</P>
<P style="line-height:17.333px; margin:0px; padding-right:-24px; font-size:14.667px" align=center>&nbsp;</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px">See accompanying notes to these unaudited consolidated financial statements</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:-24px" align=center><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>(Unaudited</B>)</P>
<P style="margin:0px" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0px"><BR></P>
<A NAME="node7"></A><TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=271.2></TD><TD width=20.067></TD><TD width=87.933></TD><TD width=20.067></TD><TD width=87.933></TD><TD width=17.8></TD><TD width=88.067></TD><TD width=15.733></TD><TD width=94.4></TD></TR>
<TR><TD valign=bottom width=271.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=108 colspan=2><P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right><B>Period from </B></P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right><B>July 1, 2006</B></P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right><B>to</B></P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right><B>Sept 30, 2006</B></P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right><B>(unaudited)</B></P>
</TD><TD valign=bottom width=108 colspan=2><P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>Period from </P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>July 1, 2005 </P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>to</P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>Sept 30, 2005</P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>(unaudited)</P>
</TD><TD valign=bottom width=105.867 colspan=2><P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right><B>Period from </B></P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right><B>January 1, 2006</B></P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right><B>to</B></P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right><B>Sept 30, 2006</B></P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right><B>(unaudited)</B></P>
</TD><TD valign=bottom width=110.133 colspan=2><P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>Period from </P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>January 1, 2005 </P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>to</P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>Sept 30, 2005</P>
<P style="margin:0px; padding-left:-2.867px; padding-right:-2.867px" align=right>(unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="line-height:18.667px; margin:0px; font-size:16px"><B>REVENUE:</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">Oil and gas sales (net of royalties)</P>
</TD><TD valign=top width=20.067><P style="margin:0px"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0px" align=right><B>519,189&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="margin:0px">$</P>
</TD><TD valign=top width=87.933><P style="margin:0px" align=right>860,577&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="margin:0px"><B>$</B></P>
</TD><TD valign=bottom width=88.067><P style="margin:0px" align=right><B>1,778,212&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=center>$</P>
</TD><TD valign=bottom width=94.4><P style="margin:0px" align=right>2,043,083&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">Product and service revenues</P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="margin:0px" align=right><B>374,561&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="margin:0px" align=right>291,441&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="margin:0px" align=right><B>988,873&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="margin:0px" align=right>619,547&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">Other income</P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=87.933><P style="margin:0px" align=right><B>17,136&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=87.933><P style="margin:0px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=88.067><P style="margin:0px" align=right><B>36,344&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.4><P style="margin:0px" align=right>26,860&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">Total revenue</P>
</TD><TD valign=top width=20.067><P style="margin:0px"><B>$</B></P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=87.933><P style="margin:0px" align=right><B>910,886&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="margin:0px">$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=87.933><P style="margin:0px" align=right>1,152,018&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="margin:0px"><B>$</B></P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=88.067><P style="margin:0px" align=right><B>2,803,429&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=center>$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=94.4><P style="margin:0px" align=right>2,689,490&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="line-height:18.667px; margin:0px; font-size:16px"><B>EXPENSES: </B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">Oil and gas production</P>
</TD><TD valign=top width=20.067><P style="margin:0px"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0px" align=right><B>305,925&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="margin:0px">$</P>
</TD><TD valign=top width=87.933><P style="margin:0px" align=right>268,391&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="margin:0px"><B>$</B></P>
</TD><TD valign=bottom width=88.067><P style="margin:0px" align=right><B>926,793&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=center>$</P>
</TD><TD valign=bottom width=94.4><P style="margin:0px" align=right>784,941&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">Operating expenses</P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="margin:0px" align=right><B>272,438&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="margin:0px" align=right>217,264&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="margin:0px" align=right><B>749,419&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="margin:0px" align=right>499,572&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">General and administrative</P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="margin:0px" align=right><B>544,991&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="margin:0px" align=right>1,249,143&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="margin:0px" align=right><B>1,731,416&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="margin:0px" align=right>2,674,222&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">Depreciation, depletion and accretion expense</P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="margin:0px" align=right><B>548,778&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="margin:0px" align=right>306,708&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="margin:0px" align=right><B>1,521,445&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="margin:0px" align=right>903,836&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">Stock issued compensation</P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=87.933><P style="margin:0px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=87.933><P style="margin:0px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=88.067><P style="margin:0px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.4><P style="margin:0px" align=right>419,309&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">Total expenses</P>
</TD><TD valign=top width=20.067><P style="margin:0px"><B>$</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=87.933><P style="margin:0px" align=right><B>1,672,132&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="margin:0px">$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=87.933><P style="margin:0px" align=right>2,041,506&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="margin:0px"><B>$</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=88.067><P style="margin:0px" align=right><B>4,929,073&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=center>$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.4><P style="margin:0px" align=right>5,281,880&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px"><B>EARNINGS (LOSS) FROM OPERATIONS</B></P>
</TD><TD valign=top width=20.067><P style="margin:0px"><B>$</B></P>
</TD><TD valign=top width=87.933><P style="margin:0px" align=right><B>(761,246)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0px">$</P>
</TD><TD valign=top width=87.933><P style="margin:0px" align=right>(889,488)</P>
</TD><TD valign=bottom width=17.8><P style="margin:0px"><B>$</B></P>
</TD><TD valign=bottom width=88.067><P style="margin:0px" align=right><B>(2,125,644)</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=center>$</P>
</TD><TD valign=bottom width=94.4><P style="margin:0px" align=right>(2,592,390)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px"><B>OTHER</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">Interest and financing expense</P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="margin:0px" align=right><B>(7,609)</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="margin:0px" align=right>(7,491)</P>
</TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="margin:0px" align=right><B>(19,254)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="margin:0px" align=right>(33,158)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px">Recovery of income taxes</P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=87.933><P style="margin:0px" align=right><B>29,160&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=87.933><P style="margin:0px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=88.067><P style="margin:0px" align=right><B>29,160&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.4><P style="margin:0px" align=right>-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px"><B>NET EARNINGS (LOSS)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=87.933><P style="margin:0px" align=right><B>(739,695)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0px" align=right>$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=87.933><P style="margin:0px" align=right>(896,979)</P>
</TD><TD valign=bottom width=17.8><P style="margin:0px" align=right><B>$</B></P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=88.067><P style="margin:0px" align=right><B>(2,115,738)</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=center>$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=94.4><P style="margin:0px" align=right>(2,625,548)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px"><B>NET EARNINGS (LOSS) PER SHARE</B></P>
</TD><TD valign=top width=20.067><P style="margin:0px"><B>$</B></P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=87.933><P style="margin:0px" align=right><B>(0.01)</B></P>
</TD><TD valign=top width=20.067><P style="margin:0px">$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=87.933><P style="margin:0px" align=right>(0.01)</P>
</TD><TD valign=bottom width=17.8><P style="margin:0px"><B>$</B></P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=88.067><P style="margin:0px" align=right><B>(0.03)</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0px" align=center>$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=94.4><P style="margin:0px" align=right>(0.04)</P>
</TD></TR>
<TR><TD valign=bottom width=271.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=87.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=88.067><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=94.4><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=271.2><P style="margin:0px"><B>WEIGHTED AVERAGE SHARES</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=top width=87.933><P style="margin:0px" align=right><B>74,763,037&nbsp;</B></P>
</TD><TD valign=top width=20.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=top width=87.933><P style="margin:0px" align=right>74,335,896&nbsp;</P>
</TD><TD valign=bottom width=17.8><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=88.067><P style="margin:0px" align=right><B>74,763,037&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=94.4><P style="margin:0px" align=right>74,335,896&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px">See accompanying notes to these unaudited consolidated financial statements</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>&nbsp;(Unaudited</B>)</P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="node8"></A><TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=295.133></TD><TD width=17.933></TD><TD width=86.4></TD><TD width=15.733></TD><TD width=92.267></TD><TD width=15.733></TD><TD width=96></TD><TD width=15.733></TD><TD width=92.267></TD></TR>
<TR><TD valign=bottom width=295.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=104.333 colspan=2><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>Period from </B></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>July 1, 2006</B></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>to</B></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>Sept 30, 2006</B></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(unaudited)</B></P>
</TD><TD valign=bottom width=108 colspan=2><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>Period from </P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>July 1, 2005</P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>to</P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>Sept 30, 2005</P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(unaudited<B>)</B></P>
</TD><TD valign=bottom width=111.733 colspan=2><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>Period from </B></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>January 1, 2006</B></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>to</B></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>Sept 30, 2006</B></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(unaudited)</B></P>
</TD><TD valign=bottom width=108 colspan=2><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>Period from </P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>January 1, 2005</P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>to</P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>Sept 30, 2005</P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; padding-left:-2.867px; padding-right:-2.867px; font-size:12.667px"><B>CASH FLOWS FROM OPERATING ACTIVITIES</B></P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">Net earnings (loss)</P>
</TD><TD valign=top width=17.933><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(739,696)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(896,979)</P>
</TD><TD valign=bottom width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(2,115,739)</B></P>
</TD><TD valign=bottom width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(2,625,548)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; font-size:12.667px" align=right>&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>419,309&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>517,951&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>299,543&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>1,475,643&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>882,339&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; padding-left:12px; font-size:12.667px">Accretion Expense</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>7,926&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>7,491&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>22,901&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>21,823&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Cash flow from operations</P>
</TD><TD valign=top width=17.933><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD style="border-top:1px solid #000000" valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(213,819)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD style="border-top:1px solid #000000" valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(589,945)</P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD valign=top width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(617,195)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(1,302,077)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">Change in assets and liabilities net of effects from:</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(591,661)</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>489,519&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(269,101)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>1,279,438&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies inventory</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(6,036)</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>273,112&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(279,148)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>3,341,672&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>672,271&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>3,730,520&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(261,228)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(452,639)</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>90,001&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(449,139)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>85,512&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Other</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(86,119)</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(427)</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>22,342&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(427)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">Net cash provided by operating activities</P>
</TD><TD valign=top width=17.933><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>1,991,398&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>661,419&nbsp;</P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>2,690,539&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(477,930)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; padding-left:-2.867px; padding-right:-2.867px; font-size:12.667px"><B>CASH FLOWS FROM INVESTING ACTIVITIES</B></P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of equipment</P>
</TD><TD valign=top width=17.933><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>-&nbsp;</P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>16,617&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of oil and gas properties</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>2,131,240&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Exploration and development cost capitalized</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(2,360,562)</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(1,515,124)</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="margin:0px" align=right><B>(5,067,544)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="margin:0px" align=right>(3,265,987)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of office furniture and equipment</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(835)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Other assets</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(41,000)</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="margin:0px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="margin:0px" align=right>(41,000)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">Net cash provided by (used by) investing activities</P>
</TD><TD valign=top width=17.933><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(2,360,562)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(1,556,124)</P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=96><P style="margin:0px" align=right><B>(2,937,139)</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD style="border-top:1px solid #000000" valign=bottom width=92.267><P style="margin:0px" align=right>(3,290,370)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; padding-left:-2.867px; padding-right:-2.867px; font-size:12.667px"><B>CASH FLOWS FROM FINANCING ACTIVITIES</B></P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Bank loan advances</P>
</TD><TD valign=top width=17.933><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>403,440&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>-&nbsp;</P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD valign=bottom width=96><P style="margin:0px" align=right><B>493,130&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD valign=bottom width=92.267><P style="margin:0px" align=right>-&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Sale of common stock</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>-&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="margin:0px" align=right><B>-&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="margin:0px" align=right>994,803&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">&nbsp;&nbsp;&nbsp;&nbsp;Repayment of notes payable and long-term debt</P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(11,778)</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(377,692)</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>(23,030)</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(732,207)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; font-size:12.667px">Net cash provided by (used by) financing activities</P>
</TD><TD valign=top width=17.933><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>391,662&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(377,692)</P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="margin:0px" align=right><B>470,100&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=92.267><P style="margin:0px" align=right>262,596&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; padding-left:-2.867px; padding-right:-2.867px; font-size:12.667px"><B>NET INCREASE (DECREASE)</B></P>
</TD><TD valign=top width=17.933><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD valign=top width=86.4><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>22,498&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD valign=top width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(1,272,397)</P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>223,500&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>(3,505,704)</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; padding-left:-2.867px; padding-right:-2.867px; font-size:12.667px"><B>CASH AND CASH EQUIVALENTS </B></P>
<P style="line-height:15.333px; margin:0px; padding-left:-2.867px; padding-right:-2.867px; font-size:12.667px"><B>- BEGINNING OF PERIOD</B></P>
</TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=86.4><P style="margin:0px" align=right><BR></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>204,604&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="margin:0px" align=right><BR></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>2,762,878&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>3,602&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>4,996,185&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; padding-left:-2.867px; padding-right:-2.867px; font-size:12.667px"><B>CASH AND CASH EQUIVALENTS</B></P>
<P style="line-height:15.333px; margin:0px; padding-left:-2.867px; padding-right:-2.867px; font-size:12.667px"><B>- END OF PERIOD</B></P>
</TD><TD valign=bottom width=17.933><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=86.4><P style="margin:0px" align=right><BR></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>227,102&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=92.267><P style="margin:0px" align=right><BR></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>1,490,481&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>227,102&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>1,490,481&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=295.133><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=17.933><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=86.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=96><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=92.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=295.133><P style="line-height:15.333px; margin:0px; padding-left:-2.867px; padding-right:-2.867px; font-size:12.667px"><B>SUPPLEMENTAL INFORMATION</B></P>
<P style="line-height:15.333px; margin:0px; padding-left:-2.867px; padding-right:-2.867px; font-size:12.667px"><B>- CASH PAID INTEREST</B></P>
</TD><TD valign=top width=17.933><P style="margin:0px"><BR></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=86.4><P style="margin:0px" align=right><BR></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>8,063&nbsp;</B></P>
</TD><TD valign=top width=15.733><P style="margin:0px"><BR></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="margin:0px" align=right><BR></P>
<P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>7,491&nbsp;</P>
</TD><TD valign=bottom width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px"><B>$</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=96><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right><B>19,708&nbsp;</B></P>
</TD><TD valign=bottom width=15.733><P style="line-height:15.333px; margin:0px; font-size:12.667px">$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=92.267><P style="line-height:15.333px; margin:0px; font-size:12.667px" align=right>33,158&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px">See accompanying notes to these unaudited consolidated financial statements</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Unaudited)</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><B>NATURE OF BUSINESS AND BASIS OF PREPARATION AND PRESENTATION</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>Nature of Business</B></P>
<P style="margin:0px" align=justify>Aspen Group Resources Corporation is an independent energy company engaged in the acquisition, development, and exploration of oil and gas properties with a geographic focus in major oil and gas producing regions in the United States and Canada.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>Financial Statement Presentation</B></P>
<P style="margin:0px" align=justify>The unaudited consolidated financial statements of Aspen Group Resources Corporation and its 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:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>Restricted Cash</B></P>
<P style="margin:0px" align=justify>During the period the Company was required to continue to keep in place a $1.0 million bond along with a court of appeal application to appeal a lawsuit decision. &nbsp;The bond issuer required $1.0 million cash as collateral.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>EARNINGS PER SHARE</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Diluted earnings per share for the nine month period ending September 30, 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:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>COMMON STOCK ISSUED</B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=245.467></TD><TD width=89.867></TD><TD width=21.733></TD><TD width=97.333></TD><TD width=85.067></TD><TD width=23></TD><TD width=89.267></TD></TR>
<TR><TD style="border:1px solid #000000" valign=top width=245.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=208.933 colspan=3><P style="margin:0px" align=center><B>2006</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=197.333 colspan=3><P style="margin:0px" align=center>2005</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=245.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.867><P style="margin-top:0px; margin-bottom:6.667px" align=center><B>Number of Shares</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=97.333><P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px" align=center><B>Amount</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=85.067><P style="margin-top:0px; margin-bottom:6.667px" align=center>Number of Shares</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=23><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.267><P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px" align=center>Amount</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=245.467><P style="margin:0px; padding-left:24px" align=justify>Balance, beginning of period</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.867><P style="margin:0px" align=right><B>74,763,037</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=justify><B>$</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=97.333><P style="margin:0px" align=right><B>63,769,721</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=85.067><P style="margin:0px" align=right>71,203,307</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=23><P style="margin:0px" align=justify>$</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.267><P style="margin:0px" align=right>62,656,769</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=245.467><P style="margin:0px; padding-left:24px" align=justify><B>Transactions during the period</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=97.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=85.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=23><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=245.467><P style="margin:0px; padding-left:36px" align=justify>Private Placement</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=97.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=85.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=23><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=245.467><P style="margin:0px; padding-left:36px" align=justify>Exercised Purchase Warrants</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.867><P style="margin:0px" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=justify><B>$</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=97.333><P style="margin:0px" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=85.067><P style="margin:0px" align=right>3,560,000</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=23><P style="margin:0px; padding-right:1.933px" align=justify>$</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.267><P style="margin:0px" align=right>963,072</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=245.467><P style="margin:0px; padding-left:36px">Issued for Stock Based Compensation</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.867><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=97.333><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><B>-</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=85.067><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right>-</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=23><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.267><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right>149,880</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=245.467><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=97.333><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=85.067><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=23><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.267><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=245.467><P style="margin:0px; padding-left:24px" align=justify><B>Balance, end of period</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.867><P style="margin:0px" align=right><B>74,763,037</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="margin:0px" align=justify><B>$</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=97.333><P style="margin:0px" align=right><B>63,769,721</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=85.067><P style="margin:0px" align=right>74,763,037</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=23><P style="margin:0px" align=justify>$</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=89.267><P style="margin:0px" align=right>63,769,721</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px; padding-top:4px; border-top:1px solid #000000">#</P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Unaudited)</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>OPERATIONS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin-top:0px; margin-bottom:7.333px; font-size:14.667px" align=justify>The Company's operations for the nine month periods are carried on in the following geographic locations: &nbsp;</P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=241.2></TD><TD width=21.733></TD><TD width=115.667></TD><TD width=21.733></TD><TD width=110.867></TD><TD width=26.533></TD><TD width=105.467></TD></TR>
<TR><TD style="border:1px solid #000000" valign=top width=241.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>US</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Canada</B></P>
</TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Total</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=241.2><P style="line-height:17.333px; margin:0px; padding-left:24px; font-size:14.667px" align=justify><B>September &nbsp;30, 2006</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=241.2><P style="line-height:17.333px; margin:0px; padding-left:24px; font-size:14.667px" align=justify>Total assets</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>1,769,849&nbsp;</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>11,402,692&nbsp;</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>13,172,541&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=241.2><P style="line-height:17.333px; margin:0px; padding-left:24px; font-size:14.667px" align=justify>Gross revenue</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>&nbsp;1,025,259&nbsp;</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>1,778,170&nbsp;</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>&nbsp;&nbsp;2,803,429&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=241.2><P style="line-height:17.333px; margin:0px; padding-left:24px; font-size:14.667px" align=justify>Net earnings (loss)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>&nbsp;(1,090,705)</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;(1,025,033)</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>&nbsp;&nbsp;(2,115,738)</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=241.2><P style="line-height:17.333px; margin:0px; padding-left:24px; font-size:14.667px" align=justify>Earnings per share (loss)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</B></P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)</B></P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=241.2><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=241.2><P style="line-height:17.333px; margin:0px; padding-left:24px; font-size:14.667px" align=justify>September 30, 2005</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=241.2><P style="line-height:17.333px; margin:0px; padding-left:24px; font-size:14.667px" align=justify>Total assets</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>5,387,780&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>6,206,241&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>11,594,021&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=241.2><P style="line-height:17.333px; margin:0px; padding-left:24px; font-size:14.667px" align=justify>Gross revenue</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;646,407&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>2,043,083&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>&nbsp;&nbsp;2,689,490&nbsp;</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=241.2><P style="line-height:17.333px; margin:0px; padding-left:24px; font-size:14.667px" align=justify>Net earnings (loss)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(2,901,671)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;276,123&nbsp;</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;(2,625,548)</P>
</TD></TR>
<TR><TD style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=241.2><P style="line-height:17.333px; margin:0px; padding-left:24px; font-size:14.667px" align=justify>Earnings (loss) per share</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=115.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=21.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=110.867><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)</P>
</TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=26.533><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=105.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>OTHER INFORMATION</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Certain statements in this filing, and elsewhere (such as in other filings by Aspen Resources with the Commission, press releases, presentations by Aspen Resources Corporation or its management and oral statements) constitute &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995. &nbsp;Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Aspen Resources Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. &nbsp;Such factors include, among other things, (i) significant variability in Aspen&#146;s quarterly revenues and results of operations as a result of variations in the Aspen&#146;s production in a particular quarter while a significant percentage of its operating expenses are fixed in advance, (ii) changes in the prices of oil and gas, (iii) Aspen&#146;s ability to obtain capital and (iv) other risk factors commonly faced by small oil and gas companies.</P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>f20063qmdanotesaspengroup.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION & ANALYSIS
<TEXT>
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<TITLE>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND</TITLE>
<META NAME="author" CONTENT="Denise Collin">
<META NAME="date" CONTENT="11/10/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>for nine months ended September 30, 2006</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Unaudited)</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Date of the Report: &nbsp;November 10, 2006</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>The following discussion should be read in conjunction with the audited consolidated financial statements and the accompanying notes for the year ended December 31, 2005 and the unaudited interim financial statements for the nine month periods ended September 30, 2006 and 2005. &nbsp;Aspen&#146;s financial statements have been prepared using US GAAP. &nbsp;Aspen&#146;s reserves have been reported in accordance with National Instrument 51-101 guidelines.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>This discussion contains certain forward looking statements based on current expectations. &nbsp;These forward looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward looking statements. &nbsp;Management has prepared this discussion to help investors understand the financial results of the Company in a broader context.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Aspen is an independent energy company engaged in the acquisition, exploration, development and operation of oil and gas properties with a geographic focus in major oil and gas producing regions in the United States and Canada. &nbsp;The Company&#146;s head office is located in Calgary, Alberta.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>In Canada, Aspen operates through its wholly owned subsidiary Aspen Endeavour Resources Inc. and has properties in Alberta, Saskatchewan and Manitoba, both in an operator and non-operator capacity. &nbsp;The primary areas of operation are Taber and Namaka, Alberta and the Daly field in Manitoba.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px"><B>OVERALL PERFORMANCE</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>In the three quarters of 2006, the Company incurred losses of $2.1 million and had negative cash flow of $617 thousand from operations. &nbsp;The oil and gas production declined by 20%, which affected the oil and gas sales revenue by decreasing them by 13%. &nbsp;The sales of Aspen&#146;s US subsidiary company, United Cementing &amp; Acid Company, increased by 37% this nine month period compared to the same period in 2005. &nbsp;With the high cost of field operations and water disposal fees, Aspen&#146;s oil and gas operations still remained unprofitable. &nbsp;Subsequent to September 30, 2006, the Company is completing a water disposal well in the Daly, Manitoba field, which is expected to reduce future operating, costs.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>During the three quarters ending September 30, 2006 the Company drilled six horizontal oil wells in the Daly, Manitoba field and a water disposal well. &nbsp;During the third quarter of 2006, Aspen drilled the last oil well and the water disposal well. &nbsp;All six oil wells drilled during the first nine months of 2006 are capable of production. &nbsp;With the completion of the water disposal well and the expected new production from the Daly field, management anticipates the Company will improve its operating results.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>The Company has financed a portion of the drilling costs by selling some of its existing non-core properties for proceeds of $2.1 million, which represented 66 barrels of oil per day and will use available bank debt and proposed equity offerings to help fund the drilling project.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>The Company had an accumulated deficit of $58.8 million and a working capital deficiency of $3.5 million as at September 30, 2006. &nbsp;The working capital deficit increased as a result of the additional capital spending on exploration and development costs in the Daly, Manitoba field. &nbsp;During this period the Company renewed its line of credit for $900 thousand.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px; padding-top:4px; border-top:1px solid #000000"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>for nine months ended September 30, 2006</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Unaudited)</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>RESULTS OF OPERATIONS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Results of Operations &#150; Three Months</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B><I>Three Months Fiscal 2006 and Three Months 2005</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>During the three months ended September 30, 2006, Aspen had a net loss of $739,695 compared to a net loss of $896,979 for the three month period ended September 30, 2005. &nbsp;The decreased loss was due to a decrease in general and administrative expenses. &nbsp;The loss from operations before interest, taxes, depreciation and other was $212,468 compared to a $582,780 loss for the three months ended September 30, 2005.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Production decreased with the operations in Canada. &nbsp;Average production for the three months ended September 30, 2006 averaged 183 BOE per day in the 3<SUP>rd</SUP> quarter of the year representing a decrease of 36.4% from the 3<SUP>rd</SUP> quarter of 2005 of 288 BOE per day. &nbsp;The decrease is due to disposing of properties representing 66 BOE per day in the 2<SUP>nd</SUP> quarter and natural reservoir declines. &nbsp;The production mix in the 3<SUP>rd</SUP> quarter of 2006 was 66% gas and 34% oil compared to 64% gas and 36% oil in the 3<SUP>rd</SUP> quarter of 2005.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>From continued operations, gross revenues decreased to $910,886 during the three months ended September 30, 2006, compared to $1,152,018 during the three months ended September 30, 2005, a decrease of 20.9%. &nbsp;The decrease in gross revenues is attributable to the disposition of non-core producing oil and gas properties in Canada.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>General and administrative expenses decreased approximately 56% to $544,991 during the three months ended September 30, 2006 from the same period to September 30, 2005, due to the reduction in legal expenses.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Interest and financing expenses have also increased marginally due to the increase in average bank debt that the Company had in the quarter ended September 30, 2006.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Results of Operations &#150; Nine Months</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B><I>Nine Months Fiscal 2006 and Nine Months 2005</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>During the nine months ended September 30, 2006, Aspen had a net loss of $2,115,738 compared to a net loss of $2,625,548 during the nine months ended September 30, 2005. &nbsp;From continued operations the loss before interest, taxes, depreciation and other was $604,199 for the nine months ended September 30, 2006 compared to $1,269,245 for the nine months ended September 30, 2005.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Production decreased with the operations in Canada. &nbsp;Average production for the nine months ended September 30, 2006 averaged 207 BOE per day in the nine months of the year representing a decrease of 20% from the comparative nine months of 2005 of 260 BOE per day. &nbsp;The production mix in the nine months of 2006 was 66% gas and 34% oil compared to 63% gas and 37% oil in the comparative nine months of 2005.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px; padding-top:4px; border-top:1px solid #000000"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>for nine months ended September 30, 2006</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Unaudited)</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>RESULTS OF OPERATIONS<I> (continued)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>From continued operations, gross revenues increased to $2,803,429 during the nine months ended September 30, 2006, compared to $2,689,490 during the nine months ended September 30, 2005, an increase of 4%. &nbsp;The increase in gross revenues is attributable to an increase in revenues from United Cementing &amp; Acid Company of $369,326.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>General and administrative expenses decreased approximately 35.2% to $1,731,416 during the nine months ended September 30, 2006 from the same period ended September 30, 2005. &nbsp;The decrease is attributable to a decrease in legal expenses.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Interest and financing expenses have increased due to the marginal increase in average bank debt.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>SUMMARY OF QUARTERLY RESULTS</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=183.667></TD><TD width=111.533></TD><TD width=120></TD><TD width=120></TD><TD width=122.4></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=183.667><P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Period</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=111.533><P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Revenues</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Loss from</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Operations</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Loss per share</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Basic</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=122.4><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Loss per share</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Diluted</B></P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=183.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Three months ended September 30, 2006</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=111.533><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$910,886</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$761,246</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=122.4><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=183.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Three months ended June 30, 2006</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=111.533><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$769,307</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$814,349</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=122.4><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=183.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Three months ended March 31, 2006</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=111.533><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$1,123,236</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$550,049</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=122.4><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=183.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Three months ended</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">December 31, 2005</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=111.533><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$1,255,814</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$1,559,839</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.02</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=122.4><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.02</P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=183.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Three months ended</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">September 30, 2005</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=111.533><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$1,152,018</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$896,979</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=122.4><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=183.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Three months ended</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">June 30, 2005</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=111.533><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$813,553</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$777,824</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=122.4><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=183.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Three months ended</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">March 31, 2005</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=111.533><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$723,919</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$935,923</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=122.4><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.01</P>
</TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=183.667><P style="line-height:17.333px; margin:0px; font-size:14.667px">Three months ended</P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px">December 31, 2004</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=111.533><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$869,951</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$1,476,753</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=120><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.02</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=122.4><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$0.02</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px; padding-top:4px; border-top:1px solid #000000"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>for nine months ended September 30, 2006</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Unaudited)</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>LIQUIDITY AND CAPITAL RESOURCES</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:normal; margin:0px; font-size:14.667px" align=justify>As of September 30, 2006, Aspen had a working capital deficit of $3,507,554 compared to working capital of $368,030 at December 31, 2005. &nbsp;The working capital deficit increase is a result of additional capital spending on exploration and development costs in the Daly, Manitoba field. &nbsp;The Company will finance its future development activities with cash flow, additional bank financing and private equity issues.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=439.2></TD><TD width=15.733></TD><TD width=92.267></TD><TD width=15.733></TD><TD width=94.667></TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Notes Payable &nbsp;- Banks</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>December 31</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>The following is a summary of notes payable &#150; bank at September 30, 2006</P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B><U>2006</U></B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><U>2005</U></P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Revolving $856,800 production loan, repayable in equal monthly installments of $64,300 commencing April 1, 2006 bearing interest at bank prime plus 1.5% which is secured by petroleum and natural gas properties</P>
</TD><TD valign=top width=15.733><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>$</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>493,130</B></P>
</TD><TD valign=top width=15.733><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=94.667><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>$</B></P>
</TD><TD valign=top width=92.267><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>493,130</B></P>
</TD><TD valign=top width=15.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=94.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Line of Credit</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>A subsidiary obtained a line of credit from a bank with a $50,000 credit limit. &nbsp;The interest rate is at the bank&#146;s prime rate plus 1%.</P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>50,000</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=94.667><P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>$</B></P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=92.267><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>543,130</B></P>
</TD><TD valign=top width=15.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=94.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Long Term Debt</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>December 31</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>The following is a summary of long-term debt at September 30, 2006</P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B><U>2006</U></B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><U>2005</U></P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>$241,263 property loan, payable in monthly installments of $3,713 which includes interest at 7.5% through November 2008 thereafter, Wall Street money rate plus .5% to November 2012, secured by real estate</P>
</TD><TD valign=top width=15.733><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>$</B></P>
</TD><TD valign=top width=92.267><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>222,269</B></P>
</TD><TD valign=top width=15.733><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=94.667><P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="margin:0px" align=right><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>239,723</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><I>Other</I></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>10,956</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=94.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>17,178</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>$</B></P>
</TD><TD valign=top width=92.267><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>233,225</B></P>
</TD><TD valign=top width=15.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD valign=top width=94.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>256,901</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:17.333px; margin:0px; padding-left:48px; font-size:14.667px" align=justify><I>Less &#150; current portion</I></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=92.267><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>(31,124)</B></P>
</TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=94.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>(31,770)</P>
</TD></TR>
<TR><TD valign=top width=439.2><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=92.267><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=15.733><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=94.667><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=439.2><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Total long term debt, less current maturities</P>
</TD><TD valign=top width=15.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>$</B></P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=92.267><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right><B>202,101</B></P>
</TD><TD valign=top width=15.733><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>$</P>
</TD><TD style="border-bottom:2.667px double #000000" valign=top width=94.667><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=right>225,131</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Five-year Maturity Schedule</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Long-term debt is due as follows: &nbsp;2006 - $8,094; 2007 - $29,691; 2008 - $31,996; 2009 - $34,480; 2010 - $37,156; thereafter - $91,808.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px; padding-top:4px; border-top:1px solid #000000"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>for nine months ended September 30, 2006</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Unaudited)</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>CRITICAL ACCOUNTING ESTIMATES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Measurement Uncertainty</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>OUTSTANDING SHARE DATA</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>The Company has an authorized capital of an unlimited number of common shares without par value. &nbsp;At November 10, 2006 there were 74,763,037 common shares issued and outstanding.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>At September 30, 2006 the following options were outstanding:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=131.467></TD><TD width=131.533></TD><TD width=131.533></TD><TD width=131.533></TD><TD width=131.533></TD></TR>
<TR><TD valign=top width=131.467><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px"><B><U>Options</U></B></P>
</TD><TD valign=top width=131.533><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B><U>Date Granted</U></B></P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Number</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>of</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>common</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B><U>shares</U></B></P>
</TD><TD valign=top width=131.533><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>Price per</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B><U>Share</U></B></P>
</TD><TD valign=top width=131.533><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B><U>Expiry Date</U></B></P>
</TD></TR>
<TR><TD valign=top width=131.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Directors</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>June 22, 2004</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>800,000</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>$0.40</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>June 22, 2009</P>
</TD></TR>
<TR><TD valign=top width=131.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Directors</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>June 21, 2006</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>150,000</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>$0.50</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>June 21, 2011</P>
</TD></TR>
<TR><TD valign=top width=131.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Officers</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>June 22, 2004</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>200,000</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>$0.40</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>June 22, 2009</P>
</TD></TR>
<TR><TD valign=top width=131.467><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Officers</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>January 1, 2006</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>500,000</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>$0.30</P>
</TD><TD valign=top width=131.533><P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center>January 1, 2011</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>OTHER INFORMATION</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Litigation</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>for nine months ended September 30, 2006</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Unaudited)</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>FORWARD LOOKING STATEMENTS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" 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:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Drilling Updates</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>On July 31, 2006, the Company announced that six horizontal wells had been drilled and cased since April 2006 on its acreage in the Daly field in Manitoba, as part of a phased development program. &nbsp;Wells one through five were drilled in an eastern section of Aspen&#146;s acreage to further define the geological characteristics of the Upper Lodgepole, Middle Daly and Bakken zones. &nbsp;The sixth well was drilled in the southern area of Aspen&#146;s acreage and targeted the Middle Daly zone. &nbsp;Completion and production testing of the six wells is ongoing. &nbsp;Aspen moved the contracted drilling equipment to drill a seventh well, the tenth well drilled over all by Aspen since inception of the Manitoba drilling program. &nbsp;This well is a vertical water disposal well and was drilled from the same pad as the first two wells that were drilled in the program; currently the Company is installing the injection facilities. &nbsp;The Company is also currently planning a well stimulation plan for four of these wells to increase the current production.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Risks</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>The principal business of the Company is exploring for, developing and producing oil and natural gas. &nbsp;As such, it is exposed to a number of risks and uncertainties that are common to other companies in the same industry.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Aspen&#146;s future success depends on its ability to find, develop or acquire oil and gas reserves that are economically recoverable. &nbsp;Exploration and development drilling may not result in commercially productive reserves. &nbsp;Successful acquisitions require an assessment of a number of factors, many of which are uncertain. &nbsp;These factors include recoverable reserves, exploration potential, future oil and gas prices, operating costs, potential environmental and other liabilities. &nbsp;Such assessments are inexact and their accuracy is inherently uncertain.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Oil and gas drilling and producing operations are subject to many risks including the possibility of fire, explosions, mechanical failure, pipe failure, chemical spills, accidental flows of oil, natural gas or well fluids, sour gas releases and other occurrences or accidents which could result in personal injury or loss of life, damage or destruction of properties, environmental damage, interruption of business, regulatory investigations and penalties and liability to third parties.</P>
<P style="margin:0px" align=justify><BR></P>
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<P style="line-height:17.333px; margin:0px; font-size:14.667px; page-break-before:always" align=center><B>ASPEN GROUP RESOURCES CORPORATION AND SUBSIDIARIES</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>for nine months ended September 30, 2006</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Unaudited)</B></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=center><B>(Expressed in US Dollars)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Risks <I>(continued)</I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>This business is capital intensive. &nbsp;Presently, the only source for additional funds to fully develop the projects undertaken by the Company is the equity market. &nbsp;Complementary debt finance will only be available upon the proving of economic production from reserves. &nbsp;Although the Corporation was successful in accessing the equity markets during fiscal 2004 and 2005, there are no assurances that Aspen will be successful in the future or that such sources of capital will be available.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>A substantial and extended decline in the prices of crude oil or natural gas could result in delay or cancellation of drilling, development or construction or curtailment in production, all of which could have a material adverse impact on the Company.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>The oil and gas industry is highly competitive in all aspects of the business, including the acquisition of properties, the exploration for and development of new sources of supply and the marketing of current production. &nbsp;A number of the Company&#146;s competitors have financial and other resources substantially in excess of those available to the Company.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Controls and Procedures</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Management has assessed the effectiveness of the Company&#146;s financial reporting disclosure controls and procedures as at September 30, 2006 and has concluded that such financial reporting disclosure controls and procedures were effective as at that date.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify><B>Outlook</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Two of the first three wells drilled last October in the first phase of drilling are oil productive. &nbsp;They are currently constrained due to the mechanical limitations of disposing large volumes of water. &nbsp;Once the water disposal well is operable, these two wells will be placed on production with much higher rates of oil volumes anticipated and lower water handling and operating costs.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>After evaluating the second phase, the Company is planning a four well stimulation plan to increase production. &nbsp;Aspen has over 3,000 acres in the Daly field that presents significant opportunities to utilize horizontal drilling to find and produce oil from a proven reservoir.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:17.333px; margin:0px; font-size:14.667px" align=justify>Additional information relating to the Company may be accessed by visiting the SEDAR website at www.sedar.com </P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>asrceonov1.htm
<DESCRIPTION>CERTIFICATE
<TEXT>
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<P style="line-height:13.333px; margin-top:0px; margin-bottom:-13.333px; font-family:Arial Narrow; font-size:10.667px"><FONT FACE="Arial Narrow">NOV-14-2006 13:33</FONT></P>
<P style="line-height:13.333px; margin-top:0px; margin-bottom:-13.333px; text-indent:391.8px; font-family:Arial Narrow; font-size:10.667px">FROM-CALENTINE</P>
<P style="line-height:13.333px; margin-top:0px; margin-bottom:-13.333px; text-indent:568.8px; font-family:Arial Narrow; font-size:10.667px">+18056935520</P>
<P style="line-height:13.333px; margin-top:0px; margin-bottom:-13.333px; text-indent:672px; font-family:Arial Narrow; font-size:10.667px">T-363</P>
<P style="line-height:13.333px; margin-top:0px; margin-bottom:-13.333px; text-indent:720px; font-family:Arial Narrow; font-size:10.667px">P.001/001</P>
<P style="line-height:13.333px; margin:0px; text-indent:816px; font-family:Arial Narrow; font-size:10.667px">F-699</P>
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<P style="line-height:26.667px; margin-top:62.4px; margin-bottom:0px; font-family:Garamond; font-size:16px" align=center><FONT FACE="Garamond"><U>FORM 52.109F2 - CERTIFICATION </FONT>OF INTERIM FILINGS</U></P>
<P style="line-height:18.667px; margin-top:16.8px; margin-bottom:0px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>I, ROBERT L. CALENTINE, Chief Executive Officer of ASPEN GROUP RESOURCES CORPORATION, certify that:</P>
<P style="line-height:18.667px; margin-top:16.8px; margin-bottom:-18.667px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>1.</P>
<P style="line-height:normal; margin:0px; padding-right:4.8px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 <FONT FACE="Times New Roman"><I>Certification of Disclosure in Issuers</FONT>&rsquo; Annual and Interim Filings) of ASPEN GROUP RESOURCES CORPORATION, </I><FONT FACE="Garamond">(the issuer) for the interim period ending </FONT><FONT FACE="Times New Roman"><I>SEPTEMBER 30, 2006;</I></FONT></P>
<P style="line-height:18.667px; margin-top:16.8px; margin-bottom:-18.667px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>2.</P>
<P style="line-height:18.667px; margin:0px; padding-right:4.8px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>&nbsp;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:18.667px; margin-top:16.8px; margin-bottom:-18.667px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>3.</P>
<P style="line-height:18.667px; margin:0px; padding-right:4.8px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>&nbsp;Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings;</P>
<P style="line-height:18.667px; margin-top:14.4px; margin-bottom:-18.667px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>4.</P>
<P style="line-height:18.667px; margin:0px; padding-right:4.8px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>&nbsp;The issuer's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures and internal control over financial reporting for the issuer, and we have:</P>
<P style="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; font-family:Garamond; font-size:16px" align=justify>(a)</P>
<P style="line-height:18.667px; margin:0px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>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 known to us by others within those entities, particularly during the period in which the interim filings are being</P>
<P style="line-height:18.667px; margin:0px; padding-left:96px; font-family:Garamond; font-size:16px">prepared; and</P>
<P style="line-height:18.667px; margin-top:0px; margin-bottom:-18.667px; font-family:Garamond; font-size:16px" align=justify>(b)</P>
<P style="line-height:18.667px; margin:0px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>designed such internal control over financial reporting, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP; and</P>
<P style="line-height:18.667px; margin-top:16.8px; margin-bottom:-18.667px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>5.</P>
<P style="line-height:18.667px; margin:0px; padding-right:4.8px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>&nbsp;I have caused the issuer to disclose in the interim MD&amp;A any change in the issuer's internal control over financial reporting that occurred during the issuer's most recent interim period that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting.</P>
<P style="line-height:26.667px; margin-top:21.6px; margin-bottom:2.4px; padding-left:9.6px; font-family:Garamond; font-size:16px">DATED November 10, 2006</P>
<P style="line-height:18.667px; margin:0px; padding-left:244.8px; padding-right:2.867px; font-size:16px"><FONT FACE="Times New Roman">ASPEN GROUP RESOURCES CORPORTION</FONT></P>
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<P style="line-height:18.667px; margin:0px; padding-left:297.6px; font-family:Garamond; font-size:16px"><FONT FACE="Garamond">/S/ </FONT>ROBERT L. CALENTINE </P>
<P style="line-height:18.667px; margin:0px; padding-left:297.6px; font-family:Garamond; font-size:16px">Chief Executive Officer</P>
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<P style="line-height:26.667px; margin-top:62.4px; margin-bottom:0px; font-family:Garamond; font-size:16px" align=center><FONT FACE="Garamond"><U>FORM 52.109F2 - CERTIFICATION OF INTERIM FILINGS</U></FONT></P>
<P style="line-height:18.667px; margin-top:16.8px; margin-bottom:0px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>I, Allan Thorne, Chief Financial Officer of ASPEN GROUP RESOURCES CORPORATION, certify that:</P>
<P style="line-height:18.667px; margin-top:16.8px; margin-bottom:-18.667px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>1.</P>
<P style="line-height:normal; margin:0px; padding-right:4.8px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 <FONT FACE="Times New Roman"><I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings) of ASPEN GROUP RESOURCES </FONT>CORPORATION, </I><FONT FACE="Garamond">(the issuer) for the interim period ending </FONT><FONT FACE="Times New Roman"><I>SEPTEMBER 30, 2006;</I></FONT></P>
<P style="line-height:18.667px; margin-top:16.8px; margin-bottom:-18.667px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>2.</P>
<P style="line-height:18.667px; margin:0px; padding-right:4.8px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>&nbsp;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:18.667px; margin-top:16.8px; margin-bottom:-18.667px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>3.</P>
<P style="line-height:18.667px; margin:0px; padding-right:4.8px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>&nbsp;Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings;</P>
<P style="line-height:18.667px; margin-top:14.4px; margin-bottom:-18.667px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>4.</P>
<P style="line-height:18.667px; margin:0px; padding-right:4.8px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>&nbsp;The issuer's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures and internal control over financial reporting for the issuer, and we have:</P>
<P style="line-height:18.667px; margin-top:19.2px; margin-bottom:-18.667px; padding-left:96px; padding-right:4.8px; text-indent:-24px; font-family:Garamond; font-size:16px" align=justify>(a)</P>
<P style="line-height:18.667px; margin:0px; padding-left:96px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>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 known to us by others within those entities, particularly during the period in which the interim filings are being</P>
<P style="line-height:18.667px; margin:0px; padding-left:96px; font-family:Garamond; font-size:16px">prepared; and</P>
<P style="line-height:18.667px; margin-top:19.2px; margin-bottom:-18.667px; padding-left:96px; padding-right:4.8px; text-indent:-24px; font-family:Garamond; font-size:16px" align=justify>(b)</P>
<P style="line-height:18.667px; margin:0px; padding-left:96px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>designed such internal control over financial reporting, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP; and</P>
<P style="line-height:18.667px; margin-top:16.8px; margin-bottom:-18.667px; padding-right:4.8px; font-family:Garamond; font-size:16px" align=justify>5.</P>
<P style="line-height:18.667px; margin:0px; padding-right:4.8px; text-indent:48px; font-family:Garamond; font-size:16px" align=justify>&nbsp;I have caused the issuer to disclose in the interim MD&amp;A any change in the issuer's internal control over financial reporting that occurred during the issuer's most recent interim period that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting.</P>
<P style="line-height:26.667px; margin-top:21.6px; margin-bottom:2.4px; padding-left:9.6px; font-family:Garamond; font-size:16px">DATED November 10, 2006</P>
<P style="line-height:18.667px; margin:0px; padding-left:244.8px; padding-right:2.867px; font-size:16px"><FONT FACE="Times New Roman">ASPEN GROUP RESOURCES CORPORATION</FONT></P>
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<P style="line-height:18.667px; margin:0px; padding-left:297.6px; font-family:Garamond; font-size:16px"><FONT FACE="Garamond">/S/ ALLAN THORNE </FONT></P>
<P style="line-height:18.667px; margin:0px; padding-left:297.6px; font-family:Garamond; font-size:16px">Chief Financial Officer</P>
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