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ASPEN GROUP RESOURCES CORPORATION (OTC/BB: ASRG); formerly Cotton Valley Resources OTC/BB KTNV. ** Fully Reporting (formerly AMEX listed) ** Profitable last 2 quarters under new, highly experienced management who has turned company around (see resumes below) ** Own or has interests in about 500 PRODUCING properties ** Stock is currently trading at 35-50% of breakup value, (as of 4/17/00) far below the industry norm (see Dominick and Dominick report below) ** Stock is currently trading at a Price to Book ratio of .5X compared to industry average of 3.4x (Source: Market Guide/ProVestor Plus Company Report 2/4/2000) SECTION 1: RESEARCH REPORT ON ASPEN RESOURCES : "BUY" Rating Prepared by Dominick & Dominick Securities Inc. Members of the Toronto, Vancouver & Alberta Stock Exchanges and the Investment Dealers Association of Canada, 150 York Street, Suite 1174, Toronto, Ontario M5H 3S5 - Telephone (416) 363-0201 Fax: (416) 366-8279 asgrc.com Note: this is prior to additional acquisitions that have added to their net worth SECTION 2: QUOTES FROM JACK WHEELER' S RECENT SHAREHOLDER SPEECH: ** GROWTH FROM 10 TO 500 PRODUCING PROPERTIES IN JUST A FEW MONTHS ** "On September 16, 1999, prior to the merger with East Wood Equity Venture, Cotton Valley Resources had less than Ten (10) Producing Oil or Gas Wells. Aspen Group Resources today has approximately 500 Producing Oil and Gas Properties located in Alabama, Arkansas, California, Louisiana, Mississippi, Montana, Oklahoma, Texas and Wyoming. Among the 500 Producing Properties we hold title to, Aspen Group Resources percentage of ownership interest ranges from 1% to 100%." ** EXCELLENT DRILLING SUCCESS OF BETTER THAN 98% ** "In fact, we have been commercially successful on 58 of 59 Wells since our beginning including 18 of 18 last year and already I am proud to report we are Four (4) for Four (4) in this Millenium. Aspen Group Resources continues this strategy today. We are currently evaluating nine drilling proposals offsetting our present production." ** VALUATION OF ABOUT $100 MILLION WILL GROW WITH SMART ACQUISITONS ** "Almost Five (500) Hundred Producing Oil and Gas Properties and an equivalent number of offset locations have been added to Aspen Group Resources Inventory which can be conservatively valued at up to $100 Million. What our Shareholders have seen is an increase of almost $100 million over the net worth of Cotton Valley prior to the acquisition of East Wood Equity Venture effective July 1, 1999." "Management has identified and begun negotiations on Seven (7) Acquisition Candidates which are estimated to cost approximately $20 Million with a potential future value to Aspen Group of more than $100 Million. ** BUSINESS PLAN FEATURES REDUCED RISK YET EXCELLENT GROWTH ** "We believed we could control other risks of the business and enhance our earnings by spreading our Ownership Interest among a large number of Wells and distributing our value among many Wells rather than concentrating value in a few. We believed we could attract Investors, Public and Private, with this steady, conservative, and profitable Business Philosophy and Plan, and with their help, grow this Company into a major power in the Oil and Gas Industry." ** MAXIMIZING SHAREHOLDER VALUE IS TOP PRIORITY ** "Most importantly, we must continue to work to MAXIMIZE SHAREHOLDER VALUE. As you can see, we are already well into our Strategic Plan for 2000 and we are hard at work planning and budgeting for 2001 and beyond. One of the most important, and often the most misunderstood, jobs for the Management Team of a publicly owned company is communicating with Shareholders and Investment Professionals. Aspen Group Resources is committed to timely, meaningful and above all, accurate communication with our Shareholders, Stock Brokers, Analysts and Fund Managers. You have already seen the start of our commitment." ** SUCCESSFUL DEBT REDUCTION OF OLD MANAGEMENT ** "The debt burden inherited from previous management has been significantly reduced. I am also proud to report that on February 25TH, we executed a Global Settlement Agreement with Palisades Asset Holding Company, L.L.C. which relieves Aspen Group Resources of any future liability related to their prior claims against Cotton Valley. Fixed operating costs have been reduced and economizing efforts continue." The Process includes a cost avoidance / cost reduction program which has as its purpose to drive down and minimize our general and administrative expenses while freeing up capital necessary for acquisitions, mergers and the development of reserves. During our first five months at Cotton Valley, we were able to cut general and administrative costs by more than $1 million annually from the prior historical average, reduce the size of our administrative staff and significantly reduce the debt. Peter Lucas, our Vice President and Chief Financial Officer, a CPA with more than 20 years experience in Tax and Securities is responsible for overseeing this effort. Our Comptroller, Connie Garrett, who comes to us with more than 30 years of oil and gas industry experience, complements him. ** EMPHASIS ON BROKER AND SHAREHOLDER INTERACTION ** "Additionally, we are planning Broker and Shareholder Meetings in many of the major cities and areas of Aspen Group Resources Stock concentration in North America in order to keep all of you better informed on the success of the Company." ** RENEWED ENTHUSIASM FOR THE COMPANY ** "As our Shareholders and Investors have become acquainted with my Staff, our Business Strategy and our Business Plan, we have seen them once again begin to be enthusiastic Buyers of our Company's Stock. Additionally, as we have met with Brokers, Analysts, and Investment Bankers all across North America, we have been gratified by the reception we have received and their desire to help us continue our success. Based on these experiences, we are confident we can meet any requirement we may have for additional capital and we will continue to investigate different means of capital formation." Follow this link for entire speech: asgrc.com SECTION 3: MANAGEMENT REPRESENTS EXPERIENCE AND QUALITY ** Jack E. Wheeler was elected as Chairman of the Board, President and Chief Executive Officer in September 1999. A founding partner of Crown Partners L.L.C. Minerals Division (the predecessor to East Wood), Mr. Wheeler has more than 25 years experience managing oil and gas property acquisition, exploration and development. He is a former vice-president of business development and assistant general counsel of Sonat Exploration Company where he was responsible for the acquisition of over $1.6 billion of oil and gas property acquisitions. As a vice president of the St. Paul Companies, Mr. Wheeler had primary responsibility of developing, overseeing and later divesting St. Paul's $70 million oil and gas investment portfolio. Mr. Wheeler received bachelor's degrees from Lon Morris College and Texas A&M University, a Master's degree from the University of Colorado and Juris Doctorate from the University of Houston. He served with the Fifth Special Forces in Vietnam. Twice nominated for the Congressional Medal of Honor, Mr. Wheeler was awarded the Silver Star, Purple Heart, Vietnamese Cross of Gallantry, Soldiers Medal, Bronze Star for Valor, Army Commendation Medal for Valor, the Air Medal and the Combat Infantryman's Badge. ** Bruce J. Scambler was elected Senior Vice-President and Chief Financial Officer in September 1999. He has over 20 years experience in financial management of public companies in the US and UK. As the finance and business planning manager of OGE Energy Corp, Mr. Scambler coordinated development of a strategic program in 1995 which achieved the #1 ranking in the U.S. for least and highest value provider for one of OGE's coal fired electric generation plants. He has also served as business information manager with the UK's national Grid Company, as financial controller of the Consumers Association and finance director of High Advantage PLC. After early training with KPMG London, Mr. Scambler held the positions of finance manager of Kingsway Ventures Ltd. and financial controller of Ecico International Group. A certified public accountant, Mr. Scambler is a Fellow of the Chartered Institute of Management Accountants. ** Ron Mercer was elected Vice President for Operations and Acquisitions in September 1999. With more than 28 years oil and gas operations experience, Mr. Mercer has most recently been responsible for the formation and day-to-day operations of Mercer Oil and Gas Co. and Armer L.L.C. He also founded Oklahoma Oil and Gas Management, Inc.,which operated over 300 wells. Mr. Mercer has served as contract property manager for The Ram Group and vice president for property management for Continental Illinois Bank. He was also vice president for contract drilling and drilling manager for Santa Fe Minerals, and one of its acquisitions, Andover Oil Company. Mr. Mercer holds a Bachelor of Science degree in petroleum engineering from Texas Tech University and is a registered professional engineer in Texas and Oklahoma. ** James E. Hogue became President, Chief Operating Officer and a director of Cotton Valley in July 1996 and he served as Chairman of CV Energy from February 1995 to January 1996 and Chairman of CV Trading from May 1995 to January 1996. He became President of CV Energy and CV Operating in January 1996. Mr. Hogue also has been director, President and major shareholder of Third Coast Capital, Inc., a venture capital company, since 1988. Since 1991, Mr. Hogue has served as President of Martex Oil and Gas, Inc. In 1983, Mr. Hogue formed Mayco Petroleum, Inc., for which he served as President until 1988. Early in his career, Mr. Hogue served as a driller for Leatherwood Company and as a core engineer for Sargent Diamond Bit, Inc. Subsequently, Mr. Hogue became President and major shareholder of a diamond bit manufacturing company. In the late 1970s, Mr. Hogue served for four years as President of Union Crude Oil Company, an exploration and drilling company, and for two years as Vice President of Independent Producers Marketing Company, a crude oil supply and transportation company. Mr. Hogue has participated in drilling or furnishing services for over 3,000 wells in Texas, Oklahoma, New Mexico, Louisiana and Colorado. ** Sam Hammons was elected Vice President and General Counsel in September 1999. He has served two Oklahoma Governors as an administrative assistant, the assistant for energy and natural resources, director of the Oklahoma State Department of Energy, and for six years as Oklahoma's official representative to the Interstate Oil Compact Commission. He also served as chairman of the Energy Council of the Oklahoma State Chamber of Commerce and chairman of the 17-state Southern States Energy Board. Mr. Hammons was a partner of the Ram Group, acting as director of gas contracts, as well as the founder of Clinton Gas Transmission, Inc. He also served as president of the law firm of Hammons & Vaught. Mr. Hammons graduated from Oklahoma Baptist University and holds a Masters in International Relations and Juris Doctorate from Oklahoma University. ** Wayne T. Egan is a partner in the law firm of Weir and Foulds and serves in the securities law section of said firm. He holds an L.L.B. from Queen's University and a Bachelor of Commerce from the University of Toronto, and is a member of the Canadian Bar Association. Weir and Foulds serves as the Company's Canadian Securities Counsel. ** Anne L. Holland is a co-founder, and, since 1982, President of Mayco Petroleum Company. Mayco Petroleum is a crude oil purchasing and marketing company and the exclusive marketing arm of the Great Western Drilling of Ft. Worth. Anne Holland has been associated with the oil and gas industry for over 20 years, and with the crude marketing, drilling and exploration business. *** For more information, please contact us CONTACT: Investor Relations - SmartStockAdvisor.com, Phone: 760-728-9401, Brian Connolly E-mail: smartstockadvisor@yahoo.com Disclaimer for SmartStockAdvisor.com: Message 13408231 | ||||||||||||||
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