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<A NAME="A001"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>UNITED
STATES</B></FONT></FONT> </P>

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<A NAME="A002"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></FONT></P>

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<A NAME="A003"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>Washington,
DC 20549</B></FONT></FONT></P>


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<A NAME="A004"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>FORM
8-K</B></FONT></FONT></P>

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<A NAME="A005"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>CURRENT
REPORT</B></FONT></FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>Date of
Report (Date of earliest event reported): &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 10, 2005</B></FONT></FONT> </P>


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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>ASPEN
EXPLORATION CORPORATION</B></FONT></FONT><BR><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">
(Exact name of registrant as specified in charter)</FONT></FONT> </P>


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  <TR vAlign=bottom>
    <TH colSpan=2><FONT face="Times New Roman, Times, Serif" size=2></FONT></TH>
    <TH colSpan=2><FONT face="Times New Roman, Times, Serif" size=2></FONT></TH>
    <TH colSpan=2><FONT face="Times New Roman, Times, Serif"
  size=2></FONT></TH></TR>
  <TR vAlign=bottom>
    <TD align=left width="37%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Delaware</B></FONT></TD>
    <TD align=left width="4%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="30%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>00-9494</B></FONT></TD>
    <TD align=left width="4%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="23%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>84-0811316</B></FONT></TD>
    <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>(State or
      other jurisdiction</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>(Commission File Number)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>(I.R.S.
      Employer</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
      Incorporation)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
size=2></FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification No.)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR></TABLE><BR><BR>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>2050 S. Oneida St., Suite 208, Denver, CO 80224</B><BR>(Address of Principal Executive Offices)
(Zip Code)</FONT></FONT> </P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Registrant&#146;s telephone number, including area code: <B>303-639-9860</B></FONT></FONT> </P>

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<A NAME="A007"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>N/A</B><BR>(Former Name or Former Address, if Changed Since Last Report)</FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">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 (see General
Instruction A.2. below):</FONT></FONT> </P>

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<TR VALIGN="TOP">
     <TD WIDTH="3%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">[
&nbsp;]  Written communications pursuant to Rule 425 under the Securities Act</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN="TOP">
     <TD WIDTH="3%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">[
&nbsp;]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="3%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">[
&nbsp;]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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     <TD WIDTH="3%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">[
&nbsp;]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<HR align=center width="100%" color=#999999 SIZE=3>


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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Item 3.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Unregistered Sales of Equity Securities</U></B></FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The
following sets forth the information required by Item 701 of Regulation S-B with
respect to the unregistered sale of equity securities:</FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">(a)
The transaction was completed on March 10, 2005. An accredited investor,
Tripower Resources, Inc., exercised warrants (the &#147;Initial Warrants&#148;)
for the purchase of 300,000 shares of our common stock at an exercise price of
$1.10 per share for a total offering price of $330,000. The terms of the Initial
Warrants included a provision that if the accredited investor exercised the
Initial Warrants by March 31, 2005, we would issue to the accredited investor
additional warrants for the purchase of 300,000 shares of common stock.
Accordingly, on March 10, 2005, we issued to the accredited investor warrants
for the purchase of 300,000 shares of our common stock. The warrants are
exercisable at $1.25 per share and will expire unless exercised by June 30,
2006. When we issued the Initial Warrants and completed the transaction with
Tripower in June 2004, our stock was trading at approximately $0.93 per share
and, therefore, we considered the transaction to be "above market."</FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">(b) No
underwriter, placement agent, or finder was involved in the transaction. There
was only a single accredited investor named in paragraph (a), above.</FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">(c)
The total offering price was $330,000 which was paid in cash. No underwriting
discounts or commissions were paid. There was no placement agent or underwriter
for the transaction or the original transaction that took place in fiscal year
2004, and we did not publicly offer any securities.</FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">(d) We
relied on the exemption from registration provided by Sections 4(2) and 4(6)
under the Securities Act of 1933 for this transaction and Regulation D for the
issuances. We did not engage in any public advertising or general solicitation
in connection with this transaction, and we provided the accredited investor
with disclosure of all aspects of our business, including providing the
accredited investor with our reports filed with the Securities and Exchange
Commission, our press releases, access to our auditors, and other financial,
business, and corporate information. Based on our investigation, we believe that
the accredited investor obtained all information regarding Aspen Exploration it
requested, received answers to all questions it (and its advisors) posed, and
otherwise understood the risks of accepting our securities for investment
purposes.</FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">(e)
The common stock issued to the accredited investor is not convertible or
exchangeable for other securities. Each common stock warrant issued in this
transaction is exercisable to purchase one share of common stock at an exercise
price of $1.25 per share and expires on June 30, 2006. The warrants include
normal anti-dilution provisions. The warrants may only be exercised to the
extent that there is an exemption available for the exercise at the time of the
exercise. If the accredited investor exercises all of the warrants before June
30, 2006, we will receive an additional $375,000 ($1.25 per share).</FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">We
have the right to redeem the warrants issued at any time for the payment of
$0.10 per warrant provided there is an effective registration statement for the
resale of the shares underlying the warrant at the time of the redemption, and
provided further that the market price of our common stock has equaled or
exceeded $2.50 per share for at least twenty of the thirty consecutive trading
days preceding the date we give notice of our intention to redeem the warrants.
There are no other registration rights associated with the securities issued to
the accredited investor.</FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">(f)
Not applicable.</FONT></FONT> </P>


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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">SIGNATURE</FONT></FONT></P>

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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 11,
2005 </FONT></FONT> </P>


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     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">ASPEN
EXPLORATION CORPORATION</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">By: <U>/s/ Robert A. Cohan</U><BR><A NAME="A006"></A>Robert A. Cohan<BR>
President</FONT></FONT>
</P></TD>
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AutoCoded Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):      March 10, 2005
ASPEN
EXPLORATION CORPORATION
(Exact name of registrant as specified in charter)
Delaware
00-9494
84-0811316
(State or
      other jurisdiction
(Commission File Number)
(I.R.S.
      Employer
of
      Incorporation)
Identification No.)
2050 S. Oneida St., Suite 208, Denver, CO 80224
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
303-639-9860
N/A
(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 (see General
Instruction A.2. below):
[
 ]  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 3.02
Unregistered Sales of Equity Securities
The
following sets forth the information required by Item 701 of Regulation S-B with
respect to the unregistered sale of equity securities:
(a)
The transaction was completed on March 10, 2005. An accredited investor,
Tripower Resources, Inc., exercised warrants (the "Initial Warrants")
for the purchase of 300,000 shares of our common stock at an exercise price of
$1.10 per share for a total offering price of $330,000. The terms of the Initial
Warrants included a provision that if the accredited investor exercised the
Initial Warrants by March 31, 2005, we would issue to the accredited investor
additional warrants for the purchase of 300,000 shares of common stock.
Accordingly, on March 10, 2005, we issued to the accredited investor warrants
for the purchase of 300,000 shares of our common stock. The warrants are
exercisable at $1.25 per share and will expire unless exercised by June 30,
2006. When we issued the Initial Warrants and completed the transaction with
Tripower in June 2004, our stock was trading at approximately $0.93 per share
and, therefore, we considered the transaction to be "above market."
(b) No
underwriter, placement agent, or finder was involved in the transaction. There
was only a single accredited investor named in paragraph (a), above.
(c)
The total offering price was $330,000 which was paid in cash. No underwriting
discounts or commissions were paid. There was no placement agent or underwriter
for the transaction or the original transaction that took place in fiscal year
2004, and we did not publicly offer any securities.
(d) We
relied on the exemption from registration provided by Sections 4(2) and 4(6)
under the Securities Act of 1933 for this transaction and Regulation D for the
issuances. We did not engage in any public advertising or general solicitation
in connection with this transaction, and we provided the accredited investor
with disclosure of all aspects of our business, including providing the
accredited investor with our reports filed with the Securities and Exchange
Commission, our press releases, access to our auditors, and other financial,
business, and corporate information. Based on our investigation, we believe that
the accredited investor obtained all information regarding Aspen Exploration it
requested, received answers to all questions it (and its advisors) posed, and
otherwise understood the risks of accepting our securities for investment
purposes.
(e)
The common stock issued to the accredited investor is not convertible or
exchangeable for other securities. Each common stock warrant issued in this
transaction is exercisable to purchase one share of common stock at an exercise
price of $1.25 per share and expires on June 30, 2006. The warrants include
normal anti-dilution provisions. The warrants may only be exercised to the
extent that there is an exemption available for the exercise at the time of the
exercise. If the accredited investor exercises all of the warrants before June
30, 2006, we will receive an additional $375,000 ($1.25 per share).
We
have the right to redeem the warrants issued at any time for the payment of
$0.10 per warrant provided there is an effective registration statement for the
resale of the shares underlying the warrant at the time of the redemption, and
provided further that the market price of our common stock has equaled or
exceeded $2.50 per share for at least twenty of the thirty consecutive trading
days preceding the date we give notice of our intention to redeem the warrants.
There are no other registration rights associated with the securities issued to
the accredited investor.
(f)
Not applicable.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date:     March 11,
2005
ASPEN
EXPLORATION CORPORATION
By:
/s/ Robert A. Cohan
Robert A. Cohan
President