ASRG - still at bargain prices, IMHO
Here's today's PR:
Aspen Group Announces Record Growth - Recaps Investor Conference Call
Highlights
- Annual Revenue Increases $3,195,571 - Annual Oil and Gas Sales Increase 1,300% - General & Administrative Expense Decreases 58% - Annual Operating Income Increased $13,667,461 - Annual Net Earnings Increase 122,967%
September 28, 2000 10:11 AM Eastern Time
OKLAHOMA CITY, Sept. 28 /PRNewswire/ -- Jack E. Wheeler, Chairman, President and CEO of Aspen Group Resources Corporation, ASRG , hosted a Shareholder and Investor Conference Call following a morning presentation to 44th Canadian Oil Producers Investor Conference on Wednesday September 27, 2000. During the presentation and in the conference call, Mr. Wheeler addressed a number a number of issues including:
-- Oil and Gas Sales increased from $266,232 to $3,461,803, which is an
annual increase of $3,195,571 or 1,300%.
-- G&A decreased from $1,498,795 to $629,576, which is an annual decrease
of $869,219 or 58%.
-- Annual Operating Income increased from a 1999 loss of $13,324,068 to a
gain of $343,375, which is an increase of $13,667,461 or 39,803%.
-- Net Earnings increased from a 1999 loss of $11,479,086 to a gain of
$94,116, which is an increase of $11,573,202 or 122,967%.
-- Fourth consecutive quarter of Operating Earnings.
-- Proved Developed Reserves of $109 Million, which equates to a per
share value of $0.86.
-- Production Improvement since the beginning of the fiscal year from
4 BOE/day to 1400 BOE/day.
"During this past year since the change in Management, Aspen has developed an exceptional record," stated Mr. Wheeler. "Our increased Revenue, Earnings, and Engineered Reserves combined with our decreased G&A costs represent the first true picture of Aspen Group Resources for our Shareholders and the Investment Community. Having accomplished this dramatic turnaround of the financial condition of Aspen Group, we are now positioned for Revenue to approach $20 Million by December 2001 and Cash Flow to approach $15 Million, or $0.12 - 0.14 per Share.
"I am very proud of the Management Team and Staff we have assembled at Aspen Group," Mr. Wheeler continued. "They have enabled us to reach record levels of performance. Having exceeded all the goals established at Aspen's last Shareholder Meeting, we look forward maintaining these levels of performance and continue to deliver shareholder value."
For those unable to participate in the Conference Call, a taped rebroadcast will be available to listeners from September 27 until midnight on October 4, 2000. To access the rebroadcast, dial 1-800-558-5253 access code 16470065.
Aspen Group Resources Corporation is an Oil and Gas Exploitation, Production and Development company based in Oklahoma City. The Company currently owns interests in over 1200 wells located in ten states with a predominant focus in Oklahoma, Kansas and Texas.
Additional information on Aspen Group Resources Corporation is available from:
Kevin O'Connor Investor Relations 877-775-8734 ko@interlog.com
Or visit the Company website @ www.asgrc.com
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. |
