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                 U.S. SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549
 

                               FORM 10-QSB
 

            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


                 For the quarterly period ended March 31, 1999

                       Commission File Number: 0-21241




                              ASPEN CAPITAL, INC.
        ----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


          Nevada                                      84-1349555
-------------------------------           ---------------------------------
(State of other jurisdiction of           (IRS Employer Identification No.)
 incorporation or organization)


           5770 South Beech Court, Greenwood Village, Colorado 80121
          ----------------------------------------------------------
          (Address of principal executive offices including zip code)


                              (303) 221-7376
                        --------------------------
                        (Issuer's telephone number)


Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the preceding 12 months (or for such
shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.

                            Yes X             No___

As of March 31, 1999, 1,250,000 shares of common stock, $.0001 par value per
share, were outstanding.

Transitional Small Business Disclosure Format (check one): Yes__    No X


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                                     INDEX

                                                          Page
                                                         Number

Part I.   Financial Information

     Item I.   Financial Statements
 
               Balance Sheets as of March 31, 1999
                 (Unaudited) and December 31, 1998         3

               Statements of Operations, Three Months
                 Ended March 31, 1999 and March 31,
                 1998 (Unaudited)                          4

               Statements of Cash Flows, Three Months
                 Ended March 31, 1999 and March 31,
                 1998 (Unaudited)                          5
 
               Notes to Financial Statements               6

     Item 2.   Management's Discussion and Analysis of
                 Financial Conditions and Results of
                 Operations                                6

Part II.  Other Information                                7




                                   2
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                             ASPEN CAPITAL, INC.
                               BALANCE SHEETS
                                (Unaudited)


                                   ASSETS

                                              March 31       December 31
                                                1999            1998
                                             -----------     -----------
Current Assets
 Cash                                        $       436      $      462
                                             -----------      ----------
  Total Current Assets                               436             462

Organization costs, net of amortization              113             125
                                             -----------      ----------
  Total Assets                               $       549      $      587
                                             ===========      ==========


             LIABILITIES AND STOCKHOLDERS' (DEFICIT)

Current Liabilities:
     Accounts payable                        $     2,207      $    1,537
     Advances payable, related parties             4,500           4,500
                                             -----------      ----------
  Total Current Liabilities                        6,707           6,037
                                             -----------      ----------

Stockholders' (Deficit):
     Preferred Stock, $.0001 par value,
          5,000,000 shares authorized
          none issued and outstanding                  -               -
     Common Stock, $.0001 par value,
          100,000,000 shares authorized
          1,250,000 shares issued and
          outstanding                                125             125
     Additional paid-in capital                   12,375          12,375
     Accumulated deficit                         (18,658)        (17,950)
                                             -----------      ----------
Total Stockholders' (Deficit)                     (6,158)         (5,450)
                                             -----------      ----------
Total Liabilities and
      Stockholders' (Deficit)                $       549      $      587
                                             ===========      ==========








The accompanying notes are an integral part of the financial statements.


                                   3
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                            ASPEN CAPITAL, INC.
                          STATEMENTS OF OPERATIONS
                               (Unaudited)

                                  Three Months        Three Months
                                     Ended               Ended
                                    March 31,           March 31,
                                      1999                1998
                                  -----------         -----------

Revenues                          $         -         $         -
                                  -----------         -----------

Operating Expenses:
     Professional fees                    670               1,484
     Other                                 38                  42
                                  -----------         -----------
       Total Operating Expenses           708               1,526
                                  -----------         -----------
Net Loss                          $      (708)        $    (1,526)
                                  ===========         ===========

Per Share                         $       nil         $       nil
                                  ===========         ===========

Weighted Average Number
 of Shares Outstanding              1,250,000           1,250,000
                                  ===========         ===========


























The accompanying notes are an integral part of the financial statements.


                                   4
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                             ASPEN CAPITAL, INC.
                           STATEMENTS OF CASH FLOWS
                                 (Unaudited)

                                  Three Months        Three Months
                                     Ended               Ended
                                    March 31,           March 31,
                                      1999                1998
                                   ----------         ----------

Cash Flows Operating Activities:
     Net (loss)                    $     (708)        $   (1,526)
     Amortization                          12                 13
     Increase in accounts payable         670              1,484
                                   ----------         ----------

  Net Cash (Used in) Operating
   Activities                             (26)               (29)
                                   ----------         ----------

Cash Flows from Investing
 Activities                                 -                  -
                                   ----------         ----------
Cash Flows from Financing
 Activities                                 -                  -
                                   ----------         ----------

(Decrease) in Cash                        (26)               (29)
                                   ----------         ----------

Cash, Beginning of Period                 462                 63
                                   ==========         ==========

Cash, End of Period                $      436         $       34
                                   ==========         ==========

Interest Paid                      $        -         $        -
                                   ==========         ==========

Income Taxes Paid                  $        -         $        -
                                   ==========         ==========













The accompanying notes are an integral part of the financial statements.


                                   5
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                             ASPEN CAPITAL, INC.
                        NOTES TO FINANCIAL STATEMENTS
                          March 31, 1999 (Unaudited)



(1)  Condensed Financial Statements

The financial statements included herein have been prepared by Aspen Capital,
Inc. without audit, pursuant to the rules and regulations of the Securities
and Exchange Commission.  Certain information and footnote disclosures
normally included in the financial statements prepared in accordance with
generally accepted accounting principles have been condensed or omitted as
allowed by such rules and regulations,and Aspen Capital, Inc. believes that
the disclosures are adequate to make the information presented not misleading.
It is suggested that these financial statements be read in conjunction with
the December 31, 1998 audited financial statements and the accompanying notes
thereto.

While management believes the procedures followed in preparing these financial
statements are reasonable, the accuracy of the amounts are in some respect's
dependent upon the facts that will exist, and procedures that will be
accomplished by Aspen Capital, Inc. later in the year.

The management of Aspen Capital, Inc. believes that the accompanying unaudited
condensed financial statements contain all adjustments (including normal
recurring adjustments) necessary to present fairly the operations and cash
flows for the periods presented.

(2)   Subsequent Event

The Company has received a letter of intent whereby the Company will acquire
all of the issued and outstanding common stock of an entity from its
shareholders.


                                   6
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                                   ITEM 2

             MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                    CONDITION AND RESULTS OF OPERATIONS


Aspen Capital, Inc. (the "Company") was organized as a Colorado corporation on
June 14, 1996, in order to evaluate, structure and complete a merger with, or
acquisition of, prospects consisting of private companies, partnerships of
sole proprietorships.  The Company may seek to acquire a controlling interest
in such entities in contemplation of later completing an acquisition.  The
Company is not limited to any operation or geographic area in seeking out
opportunities.  Management has not identified any particular business or
industry within which the Company will seek an acquisition or merger.  The
Company has not conducted, nor have others made available to it, market
research supporting the viability of the Company's proposed operations.

The Company generated no revenues during the quarter ended March 31, 1999, and
management does not anticipate any revenues until following the conclusion of
a merger or acquisition, if any, as contemplated by the Company's business
plan.

The Company's capital is limited.  The Company anticipates operational costs
will be limited until such time as significant evaluation work is undertaken
regarding prospective mergers or acquisitions.

At March 31, 1999, the Company had no material commitments for capital
expenditures.

YEAR 2000 COMPLIANCE

The Company is aware of the issues associated with the programming code in
existing computer systems as the year 2000 approaches.  The Company has
assessed these issues as they relate to the Company, and since the Company
currently has no operating business and does not use any computers, and since
it has no customers or supplier, it does not believe that there are any
material year 2000 issues to disclose in this Report.



                                   7
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                         PART II. OTHER INFORMATION


Item 1.   Legal Proceedings.  None.

Item 2.   Changes in Securities.  None.

Item 3.   Defaults upon Senior Securities.  None.

Item 4.   Submission of Matters to a Vote of Security Holders.  None.

Item 5.   Other Information.  None.

Item 6.   Exhibits and Reports on Form 8-K.  None.



                                   8
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                                  SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                   ASPEN CAPITAL, INC.



Date: May 14, 1998                 By:/s/ Timothy J. Brasel
                                      Timothy J. Brasel, President



                                   9
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                               EXHIBIT INDEX
EXHIBIT                                              METHOD OF FILING
-------                                              ----------------

  27.    FINANCIAL DATA SCHEDULE               Filed herewith electronically