KTNV - ASPEN GROUP RESOURCES CORPORATION COMPLETES MERGER WITH EAST WOOD EQUITY
VENTURE, INC.
OKLAHOMA CITY, Mar 20, 2000 /PRNewswire via COMTEX/ -- Jack E.
Wheeler, Chairman, President and CEO of Aspen Group Resources
Corporation, (OTC Bulletin Board: KTNV; CDN: CVZC), today announced the
completion of the merger between Aspen Group Resources Corporation,
successor to Cotton Valley Resources Corporation (the "Company"), and
East Wood Equity Venture, Inc., successor to Crown Partners L.L.C.
Minerals Division. The Shareholders of the Company approved the name
change to Aspen Group Resources Corporation at the Annual Shareholders
Meeting held February 28, 2000.
Mr. Wheeler confirmed that all required approvals have been received to
complete the acquisition of the remaining 50% of East Wood Equity
Venture. Under the terms of the acquisition, the Company issued 26,230,
897 Shares and a six-month promissory note for $3 million.
Authorization for the Company to enter into this transaction was also
received at the Annual Shareholders Meeting.
Following completion of these transactions, the Company has a total of
approximately 106,000,000 shares outstanding.
"The successful completion of the merger gives Aspen Group the
strongest financial position in the Company's History," explained Mr.
Wheeler. "Our Shareholders can now look forward to a continuation of
sustained revenue and earnings growth begun in the First Quarter of
Fiscal 2000."
Aspen Group Resources Corporation is an oil and gas exploitation,
production and development company based in Oklahoma City. The Company
currently owns interests in approximately 500 wells and an equivalent
number of offset locations in eight states with a predominant focus in
Oklahoma and Texas.
The information in this news release includes certain forward-looking
statements as defined in the "Safe Harbor" provision of the Private
Securities Litigation Reform Act of 1995. These statements are based
upon assumptions that are subject to significant risks and
uncertainties. Although the Company believes that the expectations
reflected in forward-looking statements are reasonable, it can give no
assurance that the expectations of any of its forward-looking
statements will prove to be correct.
SOURCE Aspen Group Resources Corporation
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
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CONTACT: Jack E. Wheeler, Chairman, President and CEO, 405-606-8500, or
877-504-8500; or Michael A. Branch, Director of Communications,
405-767-9185,
both of Aspen Group Resources Corporation
WEB PAGE: asgrc.com |
