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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: stan_hughes who wrote (8996)	4/25/2002 12:44:11 PM
From: stan_hughes	Respond to of 24927

PMY/ASR marriage NFG - Aspen and ProMax Postpone Merger OKLAHOMA CITY, OK, CALGARY, AB, April 25 /CNW/ - ProMax Energy Inc. (TSX: PMY)("ProMax"), and Aspen Group Resources Corporation (TSX: ASR, OTCBB: ASPGF)("Aspen") today announced that they have postponed discussions to pursue the proposed business combination of ProMax and Aspen as outlined in the Letter of Intent signed February 6, 2002 by the two parties. After a thorough review of the pro forma operations and capital structure of the combined company, Aspen and ProMax's management jointly determined that the interests of their respective stakeholders would be best served by not proceeding with the proposed business combination at this time. Neither company is required to pay a cash penalty as a result of this decision. Aspen Group Resources Corporation is an independent Oil and Natural Gas Producer engaged in the Acquisition, Exploration, Production and Development of oil and natural gas properties in the Mid Continent Region in the US and Western Canada. Aspen's shares trade on The Toronto Stock Exchange under the symbol ASR and on the OTCBB under the symbol ASPGF. Promax Energy is a junior oil and gas exploration and production company focusing on natural gas in southeastern Alberta. It is well positioned to play a key role in the development of 500,000 acres of shallow gas in the Cessford area of Alberta including platform production from the Medicine Hat/Milk River zones and potential higher productivity from up to 15 other horizons including Coal Bed Methane.