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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</FONT></B></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">WASHINGTON, D.C. 20549</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">______________________</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>FORM 8-K</FONT></B></TD></TR></TABLE></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</FONT></B></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Date of Report:</FONT></B><BR>
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<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">March 31, 2009</FONT></B></TD></TR></TABLE></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 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>
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     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>State of</FONT>&nbsp; </TD>
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     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Commission File</FONT>&nbsp; </TD>
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     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>IRS Employer</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Incorporation</FONT>&nbsp; </TD>
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     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Number</FONT>&nbsp; </TD>
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     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Identification No.</FONT>&nbsp; </TD></TR></TABLE><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><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>
<P><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face=Wingdings>&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Written communications pursuant to Rule 425 under the Securities Act<BR>
<FONT face=Wingdings>x</FONT>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act&nbsp;<BR>
</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face=Wingdings>&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act <BR>
</FONT><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif"><FONT face=Wingdings>&#168;</FONT><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</FONT></P>
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<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">As described in a current report on Form 8-K dated February 18, 2009 (and filed on February 19, 2009), Aspen Exploration Corporation (&#147;Aspen&#148; or &#147;Company&#148;) has agreed to sell its California oil and gas assets to Venoco, Inc. (&#147;Venoco&#148;). The completion of that transaction is subject to a number of conditions, including obtaining stockholder approval. Unless and until that transaction is completed, Aspen intends to carry on its normal business operations. Should the sale of the California assets be completed, the Company intends to distribute substantially all of the net, after-tax proceeds from the asset sale to its stockholders and then use its remaining resources to consider other opportunities, which may include an acquisition of assets or business operations,&nbsp;or a merger or other business combination.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">On March 6, 2009, Aspen filed a preliminary proxy statement with the Securities and Exchange Commission (&#147;SEC&#148;) for the upcoming special shareholders&#146; meeting to consider the Venoco transaction (&#147;Proxy Statement&#148;). Aspen intends to file a revised proxy statement in the near future. The revised proxy statement will explain that Aspen currently intends to hold its annual stockholders&#146; meeting to elect directors and consider other actions (including a proposal for dissolution) in late October or November 2009 (subject to preparation of the necessary materials for the annual meeting and regulatory review).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Recently, Aspen received two stockholder demands. Aspen has responded to both stockholders advising that their respective demands were not in proper form and did not meet the statutory or regulatory requirements. Even though their demands were not in proper form and did not meet the statutory or regulatory requirements, Aspen also advised each of the stockholders that it intended to substantially comply with the requests for stockholder consideration contained in their letters.</FONT></P>
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<LI><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The first stockholder demand requested that Aspen hold an annual shareholders&#146; meeting</FONT> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">to elect directors at or prior to the special meeting to vote on the Venoco transaction.</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Aspen informed the stockholder that, as set forth in the Proxy Statement as originally</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">filed, Aspen intends to hold its annual meeting during the 2010 fiscal year, and the annual </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">meeting will include proposals for the election of directors and may also include other </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">matters.<BR>
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<LI><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Another Aspen stockholder filed a stockholder demand that Aspen consider dissolution</FONT> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">as an alternative. Aspen intends to present a proposal to its stockholders to consider the possibility of dissolution&nbsp;at the annual meeting</FONT><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">.</FONT> </LI></UL>
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<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Aspen will be furnishing the proxy statement for both the consideration of the Venoco transaction and the annual meeting to be scheduled during its 2010 fiscal year. Certain of Aspen&#146;s directors and executive officers may, under the rules of the SEC, be deemed to be &#147;participants&#148; in the solicitation of proxies from its stockholders in connection with the proposed transaction. Information concerning the interests of the persons who may be &#147;participants&#148; in the solicitation is set forth in Aspen&#146;s annual reports on Form 10-K (including any amendments thereto), previously filed with the SEC, and in the preliminary proxy statement relating to the transaction and other relevant materials to be filed with the SEC when they become available.</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">The preliminary proxy statement is available free of charge online through the EDGAR filings maintained by the Securities and Exchange Commission at www.sec.gov. The Purchase and Sale Agreement between Venoco and Aspen is available free of charge online at www.aspenexploration.com/venoco.htm. Additional information can be obtained on Aspen&#146;s website at www.aspenexploration.com or by sending a request by mail to Aspen at 2050 S. Oneida St., Suite 208, Denver, CO 80224-2426. ASPEN SHAREHOLDERS SHOULD READ THE ENTIRE PRELIMINARY PROXY STATEMENT AND THE DEFINITIVE PROXY STATEMENT (WHEN AVAILABLE) AND THE </FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ACCOMPANYING MATERIALS AS THEY CONTAIN IMPORTANT INFORMATION. Aspen anticipates disseminating the definitive proxy statement in mid-April 2009.</FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">For more information, contact R. V. Bailey, CEO, in Aspen&#146;s Denver office at 303-639-9860. Aspen invites interested parties to visit Aspen&#146;s website at www.aspenexploration.com and be sure to register in the contact box for updated news releases and other information.</FONT></P>
<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 31</FONT><SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">st </FONT></SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">day of March 2009.</FONT></P>
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     <TD width="40%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Aspen Exploration Corporation</FONT></B>&nbsp; </TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/&nbsp;&nbsp; R.V. Bailey</FONT>&nbsp; </TD></TR>
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     <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>
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aspen3318k.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:
March 31, 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
x
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 8.01 – Other Events
As described in a current report on Form 8-K dated February 18, 2009 (and filed on February 19, 2009), Aspen Exploration Corporation ("Aspen" or "Company") has agreed to sell its California oil and gas assets to Venoco, Inc. ("Venoco"). The completion of that transaction is subject to a number of conditions, including obtaining stockholder approval. Unless and until that transaction is completed, Aspen intends to carry on its normal business operations. Should the sale of the California assets be completed, the Company intends to distribute substantially all of the net, after-tax proceeds from the asset sale to its stockholders and then use its remaining resources to consider other opportunities, which may include an acquisition of assets or business operations, or a merger or other business combination.
On March 6, 2009, Aspen filed a preliminary proxy statement with the Securities and Exchange Commission ("SEC") for the upcoming special shareholders' meeting to consider the Venoco transaction ("Proxy Statement"). Aspen intends to file a revised proxy statement in the near future. The revised proxy statement will explain that Aspen currently intends to hold its annual stockholders' meeting to elect directors and consider other actions (including a proposal for dissolution) in late October or November 2009 (subject to preparation of the necessary materials for the annual meeting and regulatory review).
Recently, Aspen received two stockholder demands. Aspen has responded to both stockholders advising that their respective demands were not in proper form and did not meet the statutory or regulatory requirements. Even though their demands were not in proper form and did not meet the statutory or regulatory requirements, Aspen also advised each of the stockholders that it intended to substantially comply with the requests for stockholder consideration contained in their letters.
The first stockholder demand requested that Aspen hold an annual shareholders' meeting
to elect directors at or prior to the special meeting to vote on the Venoco transaction.
Aspen informed the stockholder that, as set forth in the Proxy Statement as originally
filed, Aspen intends to hold its annual meeting during the 2010 fiscal year, and the annual
meeting will include proposals for the election of directors and may also include other
matters.
Another Aspen stockholder filed a stockholder demand that Aspen consider dissolution
as an alternative. Aspen intends to present a proposal to its stockholders to consider the possibility of dissolution at the annual meeting
.
2
Aspen will be furnishing the proxy statement for both the consideration of the Venoco transaction and the annual meeting to be scheduled during its 2010 fiscal year. Certain of Aspen's directors and executive officers may, under the rules of the SEC, be deemed to be "participants" in the solicitation of proxies from its stockholders in connection with the proposed transaction. Information concerning the interests of the persons who may be "participants" in the solicitation is set forth in Aspen's annual reports on Form 10-K (including any amendments thereto), previously filed with the SEC, and in the preliminary proxy statement relating to the transaction and other relevant materials to be filed with the SEC when they become available.
The preliminary proxy statement is available free of charge online through the EDGAR filings maintained by the Securities and Exchange Commission at www.sec.gov. The Purchase and Sale Agreement between Venoco and Aspen is available free of charge online at www.aspenexploration.com/venoco.htm. Additional information can be obtained on Aspen's website at www.aspenexploration.com or by sending a request by mail to Aspen at 2050 S. Oneida St., Suite 208, Denver, CO 80224-2426. ASPEN SHAREHOLDERS SHOULD READ THE ENTIRE PRELIMINARY PROXY STATEMENT AND THE DEFINITIVE PROXY STATEMENT (WHEN AVAILABLE) AND THE
ACCOMPANYING MATERIALS AS THEY CONTAIN IMPORTANT INFORMATION. Aspen anticipates disseminating the definitive proxy statement in mid-April 2009.
For more information, contact R. V. Bailey, CEO, in Aspen's Denver office at 303-639-9860. Aspen invites interested parties to visit Aspen's website at www.aspenexploration.com and be sure to register in the contact box for updated news releases and other information.
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 31
st
day of March 2009.
Aspen Exploration Corporation
By:
/s/   R.V. Bailey
R.V. Bailey, Chief Executive Officer
3