SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Imperato Douglas P (Last) (First) (Middle) 2050 S. ONEIDA STREET SUITE 208 (Street) DENVER CO 80224 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 12/09/2008	3. Issuer Name and Ticker or Trading Symbol ASPEN EXPLORATION CORP [ ASPN ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3,000	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option(1)	09/30/2008	02/27/2013	Common stock	21,197	$2.14	D

Explanation of Responses:

1. On February 27, 2008 Mr. Imperato was granted an option to purchase 25,000 of common stock pursuant to the Aspen Exploration Corporation 2008 Equity Plan. On September 30, 2008, 4,530 of the options were deemed earned as a result of the Company meeting specific performance goals for the year ended June 30, 2008, 3,803 were deemed unearned, and 16,667 remain unvested, subject to meeting performance goals as of September 30, 2009 and 2010. This transaction was exempt from Section 16(b) as a result of Rule 16b-3(d).

	/s/ Douglas P. Imperato	12/17/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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