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To: joepcf who wrote (98787)	1/3/2002 11:58:10 AM
From: DADEPFAN	Read Replies (1) \| Respond to of 150070

ASPG News... Aspen Takes Up 80% of Endeavour Resources in Initial Closing January 03, 2002 09:10:00 AM ET OKLAHOMA CITY, Okla.--(BUSINESS WIRE)--Jan. 3, 2002--Aspen Group Resources Corporation, (TSE: ASR, OTCBB: ASPG) (Aspen), today announced that all of the conditions to its previously announced Offer for the common shares and special warrants of Endeavour Resources Inc. (CDNX:ERU) (Endeavour) have been satisfied or waived and, as a result, on December 31, 2001 Aspen took up the 39,314,048 common shares of Endeavour and the 3,750,000 purchase warrants of Endeavour that had been validly tendered to the Offer. Since each of the holders of special warrants of Endeavour exercised such special warrants prior to December 31, 2001, on such date there were 49,293,942 outstanding common shares of Endeavour. Accordingly, the shares taken up by Aspen represent approximately 79.8% of the outstanding common shares of Endeavour. Aspen will pay for the securities of Endeavour taken up under the Offer by issuing and delivering certificates for Aspen common shares and warrants to the depositing former Securityholders of Endeavour as provided in the Offer. As previously announced on December 28, 2001, Aspen has extended its bid for the remaining shares of Endeavour until 5:00P.M. EST January 31, 2002 and intends to take up and pay for any additional shares of Endeavour validly deposited under the Offer. Aspen also announced that as part of the Endeavour transaction, it will change its fiscal year end from June 30 to December 31 effective 2001. As a result, the Company will file a transition form 10-KSB for the six months ended December 31, 2001, including audited financial statements, within 90 days after the December 31 yearend. About Endeavour Endeavour is a Calgary based oil and gas company actively engaged in the Exploration and Development of oil and natural gas in Western Canada and Southern United States. Endeavour is listed on the Canadian Venture Exchange (CDNX) and trades under the symbol "ERU". About Aspen Aspen Group Resources Corporation is independent Oil and Natural Gas Producer engaged in the Acquisition, Exploitation, Production and Development of oil and natural gas properties. Aspen has production and land holdings in eleven states in the US, with core operations focused primarily in Oklahoma, Kansas and Texas. Aspen's shares trade on The Toronto Stock Exchange under the symbol ASR and on the NASDAQ OTC under the symbol ASPG. Additional information on Aspen Group Resources Corporation is available from: Kevin O'Connor Director of Corporate Communications 877-775-8734 koconnor@asgrc.com Or visit the Company's website at www.asgrc.com Portions of this News Release may include certain "forward-looking statements" made pursuant in the "Safe Harbor" Provision of the Private Securities Litigation Reform Act of 1995. These statements are based on Management's current expectations are subject to uncertainty and changes in circumstances. Actual results may vary materially from management's expectations and projections expressed in this document. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's Annual Report on Form 10-KSB and other Reports filed with the Securities and Exchange Commission. Contact Information: Aspen Group Resources Corporation Kevin O'Connor, 877/775-8734 koconnor@asgrc.com © 2002 BusinessWire