-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 NMvTRobpAP85MMcFui1rguWsahP7LFqyOVAE4tI8qMW6zf2WP29fNKCSbXWoTf04
 ProLrUo0kuaGQINMR6f5Kw==

<SEC-DOCUMENT>0000932384-03-000273.txt : 20031001
<SEC-HEADER>0000932384-03-000273.hdr.sgml : 20031001
<ACCEPTANCE-DATETIME>20031001124024
ACCESSION NUMBER:		0000932384-03-000273
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030930
FILED AS OF DATE:		20031001

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NICKERSON KEN
		CENTRAL INDEX KEY:			0001248650

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-09261
		FILM NUMBER:		03919744

	BUSINESS ADDRESS:	
		STREET 1:		10780 HANSON STREET
		CITY:			JOHANNESBURG
		STATE:			MI
		ZIP:			49761
		BUSINESS PHONE:		9897321285

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>zkestrel526744_ex.xml
<DESCRIPTION>NICKERSON 9-30-03
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-09-30</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000312842</issuerCik>
        <issuerName>KESTREL ENERGY INC</issuerName>
        <issuerTradingSymbol>KEST</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001248650</rptOwnerCik>
            <rptOwnerName>NICKERSON KEN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>10780 HANSON STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>JOHANNESBURG</rptOwnerCity>
            <rptOwnerState>MI</rptOwnerState>
            <rptOwnerZipCode>49761</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Options to Purchase Common stock</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>0.319</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-09-30</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>5000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2003-09-30</value>
      </exerciseDate>
      <expirationDate>
         <value>2013-09-30</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>5000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>65909</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <ownerSignature>
      <signatureName>Kenneth W. Nickerson</signatureName>
      <signatureDate>2003-09-30</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----