Aspen to Extend Expiry Date of Warrants

CALGARY, ALBERTA -- (MARKET WIRE) -- 05/23/08 -- Aspen Group Resources Corporation ( TSX:ASR) ("Aspen" or the "Company") today announced that it intends to extend the expiry date of share purchase warrants ("Warrants") Aspen issued as part of a unit financing on November 29, 2006. Aspen had issued 9,311,750 Warrants, and each Warrant entitles the holder to acquire one common share at an exercise price of $0.22 until May 29, 2008. Aspen proposes to extend the expiry date a further 6 months, until November 29, 2008 (the "Extension").

For holders of Warrants at arm's length to Aspen, the Extension will be effective on June 7, 2008 and no such Warrants may be exercised after May 29, 2008 and prior to that date. For the insiders holding Warrants, the Extension is only effective upon receipt of disinterested shareholder approval, which Aspen proposes to obtain at its upcoming annual and special shareholders meeting scheduled for June 25, 2008. Warrants held by insiders may not be exercised after May 29, 2008 until disinterested shareholder approval is obtained. In the event disinterested shareholder approval is not obtained, the Warrants held by insiders would expire effective May 29, 2008.

Aspen currently has 84,074,787 common shares outstanding.

Aspen Group Resources Corporation is an independent energy company engaged in the acquisition, exploration, development and operations of oil and gas properties with a geographic focus in North America. Aspen's shares trade on the Toronto Stock Exchange under the symbol "ASR".