-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 Doc2ywq+qzSyK0J6IF2AUsQv1ZK0QYGQ8wWy9pp+8A6dCtdgMLRJR13VO0DQoj+R
 5Y7ANoy7dzc9/wN6UWw27g==

<SEC-DOCUMENT>0000932384-04-000312.txt : 20040810
<SEC-HEADER>0000932384-04-000312.hdr.sgml : 20040810
<ACCEPTANCE-DATETIME>20040810105021
ACCESSION NUMBER:		0000932384-04-000312
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040224
FILED AS OF DATE:		20040810

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LASKER BARRY D
		CENTRAL INDEX KEY:			0001229009

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-09261
		FILM NUMBER:		04963342

	MAIL ADDRESS:	
		STREET 1:		45 BROWN SADDLE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77057

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KESTREL ENERGY INC
		CENTRAL INDEX KEY:			0000312842
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				840772451
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		1726 COLE BOULEVARD
		STREET 2:		SUITE 210
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80401
		BUSINESS PHONE:		3032951939

	MAIL ADDRESS:	
		STREET 1:		1726 COLE BOULEVARD
		STREET 2:		SUITE 210
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TPEX EXPLORATION INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TANNER PRUIT EXPLORATION INC
		DATE OF NAME CHANGE:	19810126
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>kestrel_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-02-24</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000312842</issuerCik>
        <issuerName>KESTREL ENERGY INC</issuerName>
        <issuerTradingSymbol>KEST</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001229009</rptOwnerCik>
            <rptOwnerName>LASKER BARRY D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1502 AUGUSTA DRIVE, SUITE 316</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77057</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Former Officer and Director</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-07-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>9000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.65</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>32100</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-07-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2100</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.63</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>30000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Convertible Note</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.40</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-02-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>500000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2003-05-05</value>
            </exerciseDate>
            <expirationDate>
                <value>2005-05-05</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>500000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On May 5, 2003, the Reporting Person entered into a Revolving Credit Loan Agreement to loan the
Issuer up to $200,000, and a Revolving Credit Master Note, pursuant to which any principal and
unpaid interest were immediately convertible at the Reporting Person's option into shares of the
Issuer's common stock at a conversion price of $0.40 per share, or currently 500,000 shares based on
the principal. The Agreement and Note were transferred to Samson Exploration N.L., an affiliate of
the Issuer, on February 24, 2004, in exchange for $200,000, the current outstanding principal
balance at the time of transfer.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Barry D. Lasker</signatureName>
        <signatureDate>2004-07-30</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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