Aspen Group completes sale of US assets

By OGJ editors

HOUSTON, Oct. 28 -- Aspen Group Resources Corp., Oklahoma City, has completed the sale of its US oil and gas reserves to private Crusader Energy Corp. for $22 million cash.

The transaction is retroactive to June 1, 2004. Aspen allocated $2.7 million to Crusader for closing adjustments and June 1-Oct. 15 production returns. About $8.7 million of the sale proceeds was used to retire Aspen's outstanding bank debt.

Aspen's United Cementing and Acidizing Co. was not included in the sale, and Aspen will retain 350 boe/day of production from its Canadian properties.