Replies to post #1978 on Aspen Group Resources (ASRPF)

[Amaunet]

They all have BankOne connections, that’s their address.

Aspen Group Resources Corporation
3300 BankOne Center
100 North Broadway
Oklahoma City, Oklahoma 73102

I think it was Bank of Oklahoma Jack mentioned, but not positive. They are located in Tulsa,but may have a branch in BankOne Center.

Wayne T. Egan knows this.

Cudney seems to be connected, but they all look good on paper. It’s what’s hidden that gets you.

BTW ,Congrats on the Angels!

Don’t mention the America’s Cup again. Stinking Italians can’t find the start line ahead of their opponent, and the only reason they can find the finish line is because it is in front of the yacht they are following!

But be kind, if Christopher Columbus while searching for a new route to India hadn’t gotten lost we wouldn’t be here.


"wherever you go, there you are", Am

[Amaunet]

STL, regarding Canadians and sound conventional banking connections, the following is somewhat related.

The board of directors of Northfield has authorized management to make investments from time to time to a maximum aggregate amount of $1 million. As at June 30, 2002, the Company had cash and marketable securities of $2.6 million and a positive working capital of $2.6 million. – Annual Information Form for the Year Ended December 31,2001

Wouldn’t even a fraction of $1 million go a long way to fend off a bank default until Aspen can increase her average production and with our present higher commodity prices put the loan back in good standing as soon as possible?

According to Aspen the Company expects increased production utilizing additional cash flow to be felt in our present, fourth quarter, or yearend and therefore would only need to buy some time with the bank.

And according to Northfield’s filing the Canadians have the money but refused to help. They either, as I posted, wanted the default in order to get rid of JW and/or they could not understand why Aspen was showing such poor numbers, and were reluctant to throw good money after bad.

Aspen can show profit with natural gas prices as low as $1.50 or oil as low as $8.00 to $10.00 a barrel. – Jack Wheeler

http://www.investorshub.com/boards/read_msg.asp?message_id=189603

Val posted on RB:
I know someone who spoke with him. Jack told him that Calentine has bwen pushing for this for a long time, and Jack finally just let them have the company. He will resurface with a private concern soon, IMHO.

http://ragingbull.lycos.com/mboard/boards.cgi?board=ASPG&read=35180

‘For a long time’ Aspen has been performing under par even with their supposedly attractive margins or since Jack was being pressured into leaving money seems to have been lost. This last quarter will be the most telling as it would be more difficult to lose enough money to cause a bank to issue a notice of default during a period of high commodity prices. The BOD might have been just as puzzled as we were. Jack did not just give them the Company. They may have something on him. I am anxious to learn what kind of compensation if any is involved.

Some of this may be close to what the OSC was questioning regarding East Wood.

All speculation, Am

Reference:

Press Release:
In order to reverse the decline in cash flow and earnings, management has initiated a cost reduction and realignment program that targets a minimum 35% reduction in salary expenses, a 25% reduction of long-term debt through the disposition of marginal or non-core assets. Further, the
Company estimates that with the additional cash flow generated through the program, it can increase its average production by yearend. - Aug. 15, financial results for the second quarter.