Monday March 20, 8:53 am Eastern Time
Company Press Release
SOURCE: Aspen Group Resources Corporation
Aspen Group Resources Corporation Completes Merger With East Wood Equity Venture, Inc.
OKLAHOMA CITY, March 20 /PRNewswire/ -- 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
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More Quotes and News: Cotton Valley Resources Corp (OTC BB:KTNV.OB - news)
Related News Categories: oil/energy
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