Aspen Group Resources (ASRPF)

[Amaunet]

MacDonald Oil Exploration Ltd.


STL, this just appeared. You get all the good night stuff when you live in California.

Carla Driedger is also corporate secretary to Jeff Chad of Endeavour and probably everyone else in the treehouse. This company is a real confidence builder.


Thursday January 24, 6:38 pm Eastern Time
Press Release
SOURCE: MacDonald Oil Exploration Ltd.

MacDonald Oil Exploration Ltd. - OSC Temporary Order
TORONTO, Jan. 24 /CNW/ - MacDonald Oil Exploration Ltd. advises that an audit of its financial statements for the year ended August 31, 2001 remains to be completed. The Company will, prior to January 31, 2002, file management's unaudited financial statements for the period. The Company requested that trading in its shares on the CDNX be halted until dissemination of this news release. Today, the Ontario Securities Commission issued a Temporary Order cease trading the Company for the reason that "Audited annual financial statement for the year ended August 31, 2001 have not been filed with the Commission". This Temporary Order is for a period of 15 days from this date pending a hearing to be held on February 5, 2002.
The Company continues to await a decision by the Quebec Securities Commission on the Company's application for a determination that the shareholders resolution of Bresea Resources Ltd. to approve a Plan of Arrangement and Settlement Agreement, was invalid because information provided to shareholders was incomplete and violates the Quebec securities laws and, accordingly, no effect should be given to that resolution. MacDonald Oil has also appealed approval of the Plan of Arrangement to the Alberta Court of Appeal.

In the interim, in the United States, an application by Bresea for approval of the Settlement Agreement in the class action against Bre-X, Bresea and others, was declined by the Texas Court because the terms of the Settlement did not comply with United States rules on settlement of class actions.

Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this release.


For further information

John P. Sanderson, Q.C., Chairman, Telephone: [phone]
Carla Driedger, Corporate Secretary, Telephone: [phone], Facsimile: [phone], e-mail:[e-mail]