Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
BAILEY ROBERT V
   2. Issuer Name and Ticker or Trading Symbol
ASPEN EXPLORATION CORP [ASPN] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Executive Officer and VP
(Last)
(First)
(Middle)
C/O ASPEN EXPLORATION CORP, 2050 S ONEIDA ST SUITE 208		 3. Date of Earliest Transaction (Month/Day/Year)
09/30/2009
(Street)

DENVER, CO 80224-2426		 4. If Amendment, Date Original Filed(Month/Day/Year)
03/10/2008		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock - $.005 Par Value               1,241,776 D  
Common Stock - $.005 Par Value               32,000 I By Trust
Common Stock - $.005 Par Value               16,320 I (1) By Wife

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option $ 2.67             01/01/2006 01/01/2010 Common Stock 65,000   65,000 D  
Option (2) $ 2.14 09/30/2009   J     66,667 09/30/2008(2) 02/27/2013 Common Stock 66,667 (2) $ 0 101,240 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BAILEY ROBERT V
C/O ASPEN EXPLORATION CORP
2050 S ONEIDA ST SUITE 208
DENVER, CO 80224-2426		   X   X   Chief Executive Officer and VP  

Signatures

 /s/ R. V. Bailey   10/02/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) These shares are owned by Mieko Nakamura Bailey (wife).
(2) On February 27, 2008 Mr. Bailey was granted an option to purchase 200,000 of common stock pursuant to the Aspen Exploration Corporation 2008 Equity Plan. 1/3 of the shares were to vest on each September 30, of 2008, 2009, and 2010 if certain performance criteria are met. On September 30, 2008, 36,240 of the options were deemed earned (based on the 2008 fiscal year performance criteria), and 30,427 were deemed unearned; on September 30, 2009 66,667 of the options were deemed unearned (and thus did not vest); and as of the date of this filing 66,667 remain unvested and will only vest if certain company performance objectives are met during the 2010 fiscal year. The unvested options are not yet subject to the reporting requirements.

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