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<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>UNITED STATES<BR>
</FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">WASHINGTON, D.C. 20549 <BR>
______________________</FONT></B></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>FORM 8-K</FONT></B></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT</FONT></B></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 <BR>
<BR>
Date of Report: <BR>
<BR>
November 30, 2009</FONT></B></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>ASPEN EXPLORATION CORPORATION<BR>
</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Exact name of registrant as specified in its charter)</FONT></P>
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     <TD width="27%"></TD>
     <TD width="2%"></TD>
     <TD width="41%"></TD>
     <TD width="2%"></TD>
     <TD width="27%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Delaware</FONT></U></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">0-9494</FONT></U></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">84-0811316</FONT></U></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>State of</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Commission File</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>IRS Employer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Incorporation</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Number</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Identification No.</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
<P align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2050 S. Oneida St., Suite 208, Denver, CO 80224-2426<BR>
</FONT></U></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Address of principal executive offices</FONT></P>
<P align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">303-639-9860<BR>
</FONT></U></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Telephone number, including Area code</FONT></P>
<P align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Not applicable<BR>
</FONT></U></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Former name or former address if changed since last report</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>
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<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings>&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Written communications pursuant to Rule 425 under the Securities Act</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings>&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings>&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</FONT> </TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=Wingdings>&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
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<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 5.02,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Effective December 2, 2009, the Board of Directors of Aspen Exploration Corporation (&#147;Aspen&#148;) appointed R.V. Bailey, currently chief executive officer, vice president &#150; exploration and administration, and chairman of Aspen&#146;s Board of Directors, as Aspen&#146;s president. Mr. Bailey was appointed to the position of president as a result of Robert Cohan&#146;s (Aspen&#146;s former president) resignation for health and personal reasons on November 18, 2009.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mr. Bailey is the founder of Aspen and has been an officer and director since its inception. He served as Aspen&#146;s vice president until January 2008 when he was appointed as Aspen&#146;s chief executive officer as a result of Mr. Cohan&#146;s stroke. Mr. Bailey obtained a Bachelor of Science degree in Geology from the University of Wyoming in 1956. He has approximately 45 years experience in exploration and development of mineral deposits, primarily gold, uranium, coal, and oil and gas. His experience includes basic conception and execution of mineral exploration projects. Mr. Bailey is a member of several professional societies, including the Society for Mining and Exploration, the Society of Economic Geologists and the American Association of Petroleum Geologists, and has written a number of papers concerning mineral deposits in the United States. He is the co-author of a 542-page text, published in 1977, concerning applied exploration for mineral deposits. On March 25, 2009 (but effective as of January 1, 2009), and as amended on July 21, 2009, Aspen entered into an employment agreement with Mr. Bailey, the material terms of which are described in Aspen&#146;s annual report on Form 10-K for the year ended June 30, 2009. Mr. Bailey is not a director of any other public company.</FONT></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 8.01 &#150; Other Events</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">On November 30, 2009, Aspen held its annual meeting of stockholders in Greenwood Village, Colorado. Two proposals were submitted to the stockholders for approval as set forth in Aspen&#146;s definitive proxy statement dated October 19, 2009. A total of 5,965,534 shares (approximately 70% of the total outstanding as of the record date) were present at the meeting in person or by proxy. The votes on each proposal were cast as described below.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The first proposal submitted to Aspen&#146;s stockholders was the election of directors. The names of the directors elected, and the number of votes cast for and withheld were as follows:</FONT></P>
<DIV align=center>
<TABLE style="WIDTH: 962px; HEIGHT: 147px" cellSpacing=0 cellPadding=0 width=962 border=0>
<TR>
     <TD width="40%"></TD>
     <TD width="2%"></TD>
     <TD width="25%"></TD>
     <TD width="2%"></TD>
     <TD width="30%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">WITHHOLD</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Name and Class</FONT></U></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Votes FOR</FONT></U></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Authority To Vote</FONT></U></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD></TD>
     <TD noWrap align=center></TD>
     <TD></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">R.V. Bailey &#150; Class III</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,194,332</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">871,202</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Robert A. Cohan &#150; Class III</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,187,160</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">878,374</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Kevan B. Hensman &#150; Class II</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,154,742</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">910,792</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Douglas P. Imperato &#150; Class I</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,197,835</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">867,699</FONT>&nbsp; </TD></TR></TABLE></DIV><BR>
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<A name="page_3"></A>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">For personal and health reasons Mr. Cohan resigned from Aspen&#146;s Board of Directors on November 18, 2009, and although he received a sufficient amount of votes to be elected to Aspen&#146;s Board of Directors Mr. Cohan will not serve on Aspen&#146;s Board. As such, Aspen&#146;s Board is now comprised of Messrs. Bailey, Hensman, and Imperato. Pursuant to Aspen&#146;s certificate of incorporation because Aspen has a staggered Board of Directors the directors elected are now scheduled to serve in the following classes and for the following terms:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">As a Class I director Mr. Imperato will serve until Aspen&#146;s annual meeting to be held during the fiscal year ending June 30, 2010;</FONT> </TD></TR>
<TR>
     <TD noWrap></TD>
     <TD width="100%" colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap></TD>
     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(ii)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">As a Class II director Mr. Hensman will serve until Aspen&#146;s annual meeting to be held during the fiscal year ending June 30, 2011; and</FONT> </TD></TR>
<TR>
     <TD noWrap></TD>
     <TD width="100%" colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap></TD>
     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(iii)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">As a Class III director Mr. Bailey will serve until Aspen&#146;s annual meeting to be held during the fiscal year ending June 30, 2012.</FONT> </TD></TR>
<TR>
     <TD noWrap></TD>
     <TD width="100%" colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">With regard to the second proposal Aspen&#146;s stockholders did not approve the resolution to grant Aspen&#146;s Board of Directors the discretion to dissolve the company. To be approved Delaware law required that this proposal be approved by a majority of shares outstanding and entitled to vote thereon. Although more stockholders voted in favor of the proposal than voted against it, only approximately 41% of the total shares outstanding and entitled to vote on the proposal voted in favor of its approval. As a result, Aspen currently intends to maintain its corporate status and explore other business opportunities. Should Aspen not identify and execute upon an appropriate opportunity Aspen&#146;s Board of Directors will likely later reevaluate Aspen&#146;s status and consider other courses of action for the company. The shares voted for, against and abstained on the proposal were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="97%" border=0>
<TR>
     <TD align=center width="10%"></TD>
     <TD align=center width="2%"></TD>
     <TD align=center width="17%"></TD>
     <TD align=center width="2%"></TD>
     <TD align=center width="13%"></TD>
     <TD align=center width="2%"></TD>
     <TD align=center width="17%"></TD>
     <TD align=center width="2%"></TD>
     <TD align=center width="13%"></TD>
     <TD align=center width="2%"></TD>
     <TD align=center width="16%"></TD>
     <TD align=center width="3%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">% of</FONT></B> </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">% of</FONT></B> </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">% of</FONT></B> </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Votes Entitled</FONT></B> </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Votes Entitled</FONT></B> </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Votes Entitled</FONT></B> </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">To be</FONT></B> </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">to be</FONT></B> </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">To be</FONT></B> </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FOR</FONT></U></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Cast</FONT></U></B> </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">AGAINST</FONT></U></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Cast</FONT></U></B> </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ABSTAIN</FONT></U></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Cast</FONT></U></B> </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=center></TD>
     <TD></TD>
     <TD noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD></TD>
     <TD noWrap align=center></TD>
     <TD></TD>
     <TD noWrap align=center></TD>
     <TD></TD>
     <TD noWrap align=center></TD>
     <TD></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,941,757</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">40.5</FONT> %</TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,913,637</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">26.4%</FONT> </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">210,140</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.9%</FONT> </TD>
     <TD noWrap align=center>&nbsp; </TD></TR></TABLE><BR>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SIGNATURES</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the&nbsp;2nd day of December 2009.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="97%" border=0>
<TR>
     <TD width="55%"></TD>
     <TD width="2%"></TD>
     <TD width="40%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Aspen Exploration Corporation</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R.V. Bailey</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">R.V. Bailey, Chief Executive Officer</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=2>

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aspen113009.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report:
November 30, 2009
ASPEN EXPLORATION CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
0-9494
84-0811316
State of
Commission File
IRS Employer
Incorporation
Number
Identification No.
2050 S. Oneida St., Suite 208, Denver, CO 80224-2426
Address of principal executive offices
303-639-9860
Telephone number, including Area code
Not applicable
Former name or former address if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
Item 5.02,      Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Effective December 2, 2009, the Board of Directors of Aspen Exploration Corporation ("Aspen") appointed R.V. Bailey, currently chief executive officer, vice president – exploration and administration, and chairman of Aspen's Board of Directors, as Aspen's president. Mr. Bailey was appointed to the position of president as a result of Robert Cohan's (Aspen's former president) resignation for health and personal reasons on November 18, 2009.
Mr. Bailey is the founder of Aspen and has been an officer and director since its inception. He served as Aspen's vice president until January 2008 when he was appointed as Aspen's chief executive officer as a result of Mr. Cohan's stroke. Mr. Bailey obtained a Bachelor of Science degree in Geology from the University of Wyoming in 1956. He has approximately 45 years experience in exploration and development of mineral deposits, primarily gold, uranium, coal, and oil and gas. His experience includes basic conception and execution of mineral exploration projects. Mr. Bailey is a member of several professional societies, including the Society for Mining and Exploration, the Society of Economic Geologists and the American Association of Petroleum Geologists, and has written a number of papers concerning mineral deposits in the United States. He is the co-author of a 542-page text, published in 1977, concerning applied exploration for mineral deposits. On March 25, 2009 (but effective as of January 1, 2009), and as amended on July 21, 2009, Aspen entered into an employment agreement with Mr. Bailey, the material terms of which are described in Aspen's annual report on Form 10-K for the year ended June 30, 2009. Mr. Bailey is not a director of any other public company.
Item 8.01 – Other Events
On November 30, 2009, Aspen held its annual meeting of stockholders in Greenwood Village, Colorado. Two proposals were submitted to the stockholders for approval as set forth in Aspen's definitive proxy statement dated October 19, 2009. A total of 5,965,534 shares (approximately 70% of the total outstanding as of the record date) were present at the meeting in person or by proxy. The votes on each proposal were cast as described below.
The first proposal submitted to Aspen's stockholders was the election of directors. The names of the directors elected, and the number of votes cast for and withheld were as follows:
WITHHOLD
Name and Class
Votes FOR
Authority To Vote
R.V. Bailey – Class III
4,194,332
871,202
Robert A. Cohan – Class III
4,187,160
878,374
Kevan B. Hensman – Class II
4,154,742
910,792
Douglas P. Imperato – Class I
4,197,835
867,699
For personal and health reasons Mr. Cohan resigned from Aspen's Board of Directors on November 18, 2009, and although he received a sufficient amount of votes to be elected to Aspen's Board of Directors Mr. Cohan will not serve on Aspen's Board. As such, Aspen's Board is now comprised of Messrs. Bailey, Hensman, and Imperato. Pursuant to Aspen's certificate of incorporation because Aspen has a staggered Board of Directors the directors elected are now scheduled to serve in the following classes and for the following terms:
(i)
As a Class I director Mr. Imperato will serve until Aspen's annual meeting to be held during the fiscal year ending June 30, 2010;
(ii)
As a Class II director Mr. Hensman will serve until Aspen's annual meeting to be held during the fiscal year ending June 30, 2011; and
(iii)
As a Class III director Mr. Bailey will serve until Aspen's annual meeting to be held during the fiscal year ending June 30, 2012.
With regard to the second proposal Aspen's stockholders did not approve the resolution to grant Aspen's Board of Directors the discretion to dissolve the company. To be approved Delaware law required that this proposal be approved by a majority of shares outstanding and entitled to vote thereon. Although more stockholders voted in favor of the proposal than voted against it, only approximately 41% of the total shares outstanding and entitled to vote on the proposal voted in favor of its approval. As a result, Aspen currently intends to maintain its corporate status and explore other business opportunities. Should Aspen not identify and execute upon an appropriate opportunity Aspen's Board of Directors will likely later reevaluate Aspen's status and consider other courses of action for the company. The shares voted for, against and abstained on the proposal were as follows:
% of
% of
% of
Votes Entitled
Votes Entitled
Votes Entitled
To be
to be
To be
FOR
Cast
AGAINST
Cast
ABSTAIN
Cast
2,941,757
40.5
%
1,913,637
26.4%
210,140
2.9%
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 2nd day of December 2009.
Aspen Exploration Corporation
By:
/s/      R.V. Bailey
R.V. Bailey, Chief Executive Officer