Replies to post #3006 on Aspen Group Resources (ASRPF)

[Amaunet]

Kansas and Wintering Hills were sold in the first quarter per the press release of February 24, 2003. Northfield said we have 1700 BOEPD as of June 2003 in the second quarter.

I have never spoken to anyone at Northfield, but unless I am doing the math wrong our oil and gas sales should have been a lot higher with the approximate 1700 BOEPD that Northfield claims we have. An energy-equivalent of 6:1, $5 gas equates to $30 oil, times 1700 does not match.

I have printed Northfield’s page,

Right now it seems misleading.

OT: Did you hear about Harold R. Wankmilker, a resident of Nevada who accidentally got on the ballot when he attempted to pay a California speeding ticket by mail? Am

[Amaunet]

Revenue from oil and gas sales went from $2,469,941 in the first quarter to $1,473,502 in the second quarter. That is approximately a million dollar drop and has to be, I would think, reflective of not only the February sale of non-core assets but a subsequent much larger drop in production. I was expecting a good quarter because of the Northfield 1700 BOEPD estimate.

Cash flow went from net earnings of $6,140 to a loss of $210,282 in the second quarter. They are supposed to be using cash flow to increase production. How then is Northfield “confident that Aspen is now in a position to begin a period of production growth.”?

There were a few bright spots when looking at the six month comparison. This quarter, however, was just plain bad and a big step in the wrong direction.

Unless we are missing something Northfield’s text is very misleading. Even in the Annual Report how do they get off stating “Aspen is pursuing a number of exploration prospects at Atlee, Cessford and Virginia Hills, Alberta along with prospects in north east British Columbia.”? Exploration is costly.

Maybe Besler should be put in charge of the U.S. along with Canada.

It is imperative that Calentine addresses these issues at the shm because this is a difficult situation.