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<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2><FONT size=3>UNITED STATES<BR>
<FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2><FONT size=3>SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549</FONT></FONT></FONT></FONT></B> <B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2><BR>
______________________</FONT></B></P>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2><FONT size=3>FORM 8-K</FONT></FONT></B></TD></TR></TABLE>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>CURRENT REPORT</FONT></B></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></B></P>
<P align=center>
<TABLE>
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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Date of Report:</FONT></B> <BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>January 16, 2008</FONT></B></TD></TR></TABLE>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2><FONT size=4><FONT size=5><FONT size=4><FONT size=5><FONT size=4><FONT size=5>ASPEN EXPLORATION CORPORATION</FONT></FONT></FONT></FONT></FONT></FONT></FONT></B></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Name of small business issuer as specified in its charter)</FONT></P>
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     <TD width="10%" background=""></TD>
     <TD width="2%">&nbsp;</TD>
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     <TD width="8%"></TD>
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     <TD width="2%"></TD>
     <TD width="22%"></TD></TR>
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     <TD>&nbsp;</TD>
     <TD noWrap align=left><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Delaware</FONT></U></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>0-9494</FONT></U></B>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>84-0811316</FONT></U></B>&nbsp;</TD></TR>
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     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>State of</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Commission File</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>IRS Employer</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left background=""></TD>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Incorporation</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Number</FONT>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD noWrap align=left><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" size=2>2050 S. Oneida St., Suite 208, Denver, CO 80224-2426</FONT></U></B></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Address of principal executive offices</FONT></P>
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     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>303-639-9860</FONT></U></B><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Telephone number, including</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Area code</FONT></TD></TR></TABLE>
<P align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Not applicable</FONT></U></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2></FONT></B></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Former name or former address if changed since last report</FONT></P>
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 5.02, 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 size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">On January 16, 2008, the Board of Directors of Aspen Exploration Corporation appointed R.V. Bailey, currently vice president and chairman of Aspen&#146;s
Board of Directors, as Aspen&#146;s interim chief executive officer, and Kevan B. Hensman, currently a director of Aspen, as Aspen&#146;s interim chief financial officer.  The Board also changed Mr. Bailey&#146;s title to vice president of
exploration and administration, and appointed Mr. Hensman as vice president of operations and finance. These changes were made because Robert A. Cohan, president of Aspen who formerly held those positions, has been stricken by a stroke. Mr. Cohan is
still participating in Aspen as a member of the board of directors and will work with Messrs. Bailey and Hensman and Aspen&#146;s consultants, as he is able, to ensure that Aspen&#146;s oil and gas operations continue. The board of directors has
determined that these appointments are temporary until such time as Mr. Cohan is able to resume his duties.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">R. V. Bailey, 75, (who was Aspen&#146;s president and chief executive officer from 1980 until 2003) obtained a Bachelor of Science degree in Geology from
the University of Wyoming in 1956. He has approximately 48 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. Mr. Bailey is the founder of Aspen and has been an officer and director since
its inception. Effective May 1, 2003, and as amended September 21, 2004, we entered into an employment agreement with Mr. Bailey, the material terms of which are described in our annual report on Form 10-KSB for the year ended June 30, 2007, and
filed with the Securities and Exchange Commission on September 28, 2007. Mr. Bailey is not a director of any other public company</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Kevan B. Hensman, 51, became a director of Aspen Exploration Corporation on September 11, 2006. Since April 2002, except for a one-year position as
Manager of Paramount Citrus Association, Mr. Hensman has served as Director of Reporting and Analysis for Truxtun Radiology Medical Group, LP with the duties of providing financial analysis; performing special projects; and assisting the Practice
Administrator in performing various duties and assignments. Mr. Hensman has more than 24 years in the oil and gas industry, including more than two years (through November 2001) as Energy Portfolio Consultant for Aera Energy, LLC where his duties
included providing an analysis of gas pricing and supply to upper management and the operation departments, the administration and negotiation of all gas purchase/sales contracts and gas pipeline transportation contracts and agreements, advising
business partners on current Governmental regulations and legislation; managing the fuel budget; preparing month-, quarter- and year-end reports, and partnering with department heads to prepare the annual plan and budget forecasts. Mr. Hensman also
served as the Planner/Gas Analyst from November 1997 to May 1999 for Texaco Exploration and Production Company. Mr. Hensman is not a director of any other public company. In 1999, Mr. Hensman received a Bachelor of Science degree in finance from
California State University Bakersfield (CSUB).</FONT></P>
<P align="center">2</P>

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     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>SIGNATURES</FONT></B></TD></TR></TABLE>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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 16</FONT><SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>th</FONT></SUP> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>day of January 2008.</FONT></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2></FONT></B>&nbsp;</P>
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     <TD width="49%" background=""></TD>
     <TD width="1%" background=""></TD>
     <TD width="50%" background=""><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Aspen Exploration Corporation</FONT></B></TD></TR>
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     <TD background=""></TD>
     <TD background=""></TD>
     <TD background=""></TD></TR>
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     <TD background=""></TD>
     <TD background=""></TD>
     <TD background=""></TD></TR>
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     <TD background=""></TD>
     <TD background=""></TD>
     <TD background=""></TD></TR>
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     <TD></TD>
     <TD></TD>
     <TD><FONT face="Times New Roman"><FONT size=2>By:&nbsp;</FONT></FONT>&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><U>/s/&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;R.V. Bailey</U></FONT></TD></TR>
<TR>
     <TD background=""></TD>
     <TD background=""></TD>
     <TD background=""><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>R.V. Bailey, Chief Executive Officer</FONT>&nbsp;</TD></TR>
<TR>
     <TD background=""></TD>
     <TD background=""></TD>
     <TD background=""></TD></TR>
<TR>
     <TD background=""></TD>
     <TD background=""></TD>
     <TD background=""><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><BR>
</FONT></TD></TR></TABLE><BR>
<P align=center>3</P>
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{"company-data": {"conformed-name": "ASPEN EXPLORATION CORP", "cik": "0000319458", "assigned-sic": "1311", "irs-number": "840811316", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-09494", "film-number": "08539581"}, "business-address": {"street1": "2050 S. ONEIDA STREET", "street2": "SUITE 208", "city": "DENVER", "state": "CO", "zip": "80224", "phone": "303-639-9860"}, "mail-address": {"street1": "2050 S. ONEIDA STREET", "street2": "SUITE 208", "city": "DENVER", "state": "CO", "zip": "80224"}}
aspen8k1162008.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:
January 16, 2008
ASPEN EXPLORATION CORPORATION
(Name of small business issuer 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
Item 5.02, Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
On January 16, 2008, the Board of Directors of Aspen Exploration Corporation appointed R.V. Bailey, currently vice president and chairman of Aspen's
Board of Directors, as Aspen's interim chief executive officer, and Kevan B. Hensman, currently a director of Aspen, as Aspen's interim chief financial officer.  The Board also changed Mr. Bailey's title to vice president of
exploration and administration, and appointed Mr. Hensman as vice president of operations and finance. These changes were made because Robert A. Cohan, president of Aspen who formerly held those positions, has been stricken by a stroke. Mr. Cohan is
still participating in Aspen as a member of the board of directors and will work with Messrs. Bailey and Hensman and Aspen's consultants, as he is able, to ensure that Aspen's oil and gas operations continue. The board of directors has
determined that these appointments are temporary until such time as Mr. Cohan is able to resume his duties.
R. V. Bailey, 75, (who was Aspen's president and chief executive officer from 1980 until 2003) obtained a Bachelor of Science degree in Geology from
the University of Wyoming in 1956. He has approximately 48 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. Mr. Bailey is the founder of Aspen and has been an officer and director since
its inception. Effective May 1, 2003, and as amended September 21, 2004, we entered into an employment agreement with Mr. Bailey, the material terms of which are described in our annual report on Form 10-KSB for the year ended June 30, 2007, and
filed with the Securities and Exchange Commission on September 28, 2007. Mr. Bailey is not a director of any other public company
Kevan B. Hensman, 51, became a director of Aspen Exploration Corporation on September 11, 2006. Since April 2002, except for a one-year position as
Manager of Paramount Citrus Association, Mr. Hensman has served as Director of Reporting and Analysis for Truxtun Radiology Medical Group, LP with the duties of providing financial analysis; performing special projects; and assisting the Practice
Administrator in performing various duties and assignments. Mr. Hensman has more than 24 years in the oil and gas industry, including more than two years (through November 2001) as Energy Portfolio Consultant for Aera Energy, LLC where his duties
included providing an analysis of gas pricing and supply to upper management and the operation departments, the administration and negotiation of all gas purchase/sales contracts and gas pipeline transportation contracts and agreements, advising
business partners on current Governmental regulations and legislation; managing the fuel budget; preparing month-, quarter- and year-end reports, and partnering with department heads to prepare the annual plan and budget forecasts. Mr. Hensman also
served as the Planner/Gas Analyst from November 1997 to May 1999 for Texaco Exploration and Production Company. Mr. Hensman is not a director of any other public company. In 1999, Mr. Hensman received a Bachelor of Science degree in finance from
California State University Bakersfield (CSUB).
2
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 16
th
day of January 2008.
Aspen Exploration Corporation
By:
/s/      R.V. Bailey
R.V. Bailey, Chief Executive Officer
3