Aspen Group Resources (ASRPF)

[Amaunet]

Calentine and Besler move to Cubacan

...which I think is a shell company or close. Kent and Notman have moved to Suite 101.

Kent let Cubacan sink almost into oblivion, what's Calentine and Besler doing there? Am


Cubacan Appoints New Directors
Monday May 26, 5:06 pm ET


CALGARY, ALBERTA--Cubacan Exploration Inc. ("Cubacan") announces that it has undergone a change of directors. As a result of this change, effective immediately, Allan J. Kent has resigned as Director, President and Chief Executive Officer, John Kehl has resigned as a Director, Grahame Notman has resigned as a Director, Richard Wojcik have resigned as a Director and Brad Hollingsworth has resigned as VP of International Affairs and Chief Financial Officer.

The following have been appointed directors in place and stead of the resigning directors. Mr. Dennis Besler, whom is also named as President, Mr. Robert Calentine and Mr. Brian Mracek. The appointment of these directors is pursuant to approval by the TSX Venture Exchange.

Mr. Besler is the Vice President of Operations of Aspen Group Resources Corp. ("Aspen"), the parent company of Aspen Endeavour Resources Inc. ("Endeavour"). Mr. Besler was a founder and President of Lyse Petroleum Ltd., a private oil and gas corporation. Prior thereto, from 1994 to 1995, Mr. Besler was President of Ridgestarr Petroleum Management Ltd., an engineering and oil and gas management corporation.

Mr. Calentine currently holds the position of director and interim Chief Executive Officer for Aspen. Mr. Calentine has been on the Board of Directors of Aspen since May 31, 2002, and was former CEO and founder of Custom Steel Inc., a leading supplier of custom fabricated steel products.

Brian Mracek is a Petroleum Engineer and is currently the consulting engineer for Endeavour. Mr. Mracek is also President of March Holdings Ltd. and prior thereto held the position of manager of drilling and completions for Baytex Energy ltd. from 1991 to 1998.

Cubacan also announces that pursuant to the inability of Cubacan to meet certain obligations and commitments prior to specific expiry dates, the interests held in Exploration Agreement No. 94030-01 ("EA94") and No. 98-0105-01 ("EA98") have been relinquished back to the Nova Scotia Department of Energy.

Cubacan is a Calgary based junior oil and gas exploration company.

Cubacan is listed on the TSX Venture Exchange with shares trading under the symbol "CCX.T".


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Contact:

Cubacan Exploration Inc.
Carla Driedger
Corporate Secretary
Phone: [phone]
Email: [e-mail]

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.



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