| MARK ONE                                                                          |
|-----------------------------------------------------------------------------------|
| [ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)                 |
| OF THE SECURITIES EXCHANGE ACT OF 1934                                            |
|                                                                              |
| For the quarterly period ended March 31, 2010                                     |
|                                                                              |
| OR                                                                                |
|                                                                              |
| [   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) |
| OF THE SECURITIES EXCHANGE ACT OF 1934                                            |
|                                                                              |

| Delaware                                 |   | 84-0811316                |
|------------------------------------------|--------|---------------------------|
| (State or other jurisdiction of          |   | (IRS Employer             |
| incorporation or organization)           |   |  Identification No.) |
|                                     |   |                      |
| Suite 208, 2050 S. Oneida St.,           |   |                      |
| Denver, Colorado                         |   | 80224-2426                |
| (Address of Principal Executive Offices) |   | (Zip Code)                |
|                                     |   |                      |

| Class                         | Outstanding at May 1, 2010 |
|-------------------------------|----------------------------|
|                          |                       |
| Common stock, $.005 par value | 7,259,622                  |
|                          |                       |

----

|                                                                                                                                    |      |
|-----------------------------------------------------------------------------------------------------------------------------------------|-----------|
|                                                                                                                                    |      |
|                                                                                                                                    | Page      |
| Part I – Financial Information                                                                                                    |      |
|                                                                                                                                    |      |
| Item 1.        Financial Statements                                                                  |      |
|                                                                                                                                    |      |
| Condensed Consolidated Balance Sheets                                                                                                   | 3         |
|                                                                                                                                    |      |
| Condensed Consolidated Statements of Operations                                                                                         | 5         |
|                                                                                                                                    |      |
| Condensed Consolidated Statements of Cash Flows                                                                                         | 6         |
|                                                                                                                                    |      |
| Notes to Condensed Consolidated Financial Statements                                                                                    | 7         |
|                                                                                                                                    |      |
| Item 2.       Management’s Discussion and Analysis of Financial Condition and Results of Operations | 14        |
|                                                                                                                                    |      |
| Item 3.       Quantitative and Qualitative Disclosures about Market Risk                                  | 17   |
|                                                                                                                                    |      |
| Item 4T.     Controls and Procedures                                                                                | 17   |
|                                                                                                                                    |      |
|                                                                                                                                    |      |
| Part II                                                                                                                                 |      |
|                                                                                                                                    |      |
| Item 1.       Legal Proceedings                                                                           |  18  |
|                                                                                                                                    |      |
| Item 2.       Unregistered Sales of Equity Securities and Use of Proceeds                                 |   18 |
|                                                                                                                                    |      |
| Item 3.       Defaults Upon Senior Securities                                                             |   18 |
|                                                                                                                                    |      |
| Item 4.       Reserved                                                                                    |   18 |
|                                                                                                                                    |      |
| Item 5.       Other Information                                                                           |   18 |
|                                                                                                                                    |      |
| Item 6.        Exhibits                                                                              |   19 |

----

|                          |   | March 31,   |      |   | June 30, |   |
|-------------------------------|--------|-------------|-----------|--------|----------|--------|
|                          |   | 2010        |      |   | 2009     |   |
|                          |   | (unaudited) |      |   |     |   |
| ASSETS                        |   |
|                          |   |        |      |   |     |   |
| Current assets:               |   |        |      |   |     |   |
| Cash and cash equivalents     |   | $           | 3,147,950 |   |     | $      | 10,478,774 |   |
| Marketable securities         |   |        | 244,831   |   |     |   | 228,319 |   |
| Account and trade receivables |   |        | 532       |   |     |   | 602,270 |   |
| Deferred income taxes, net    |   |        | 255,000   |   |     |   | 29,000 |   |
| Other current assets          |   |        | 46,219    |   |     |   | 289,429 |   |
|                          |   |        |      |   |     |   |   |   |
| Total current assets          |   |        | 3,694,532 |   |     |   | 11,627,792 |   |
|                          |   |        |      |   |     |   |   |   |
| Property and equipment        |   |        |      |   |     |   |   |   |
| Support equipment             |   |        | 18,581    |   |     |   | 96,560 |   |
|                          |   |        |      |   |     |   |   |   |
|                          |   |        | 18,581    |   |     |   | 96,560 |   |
| Accumulated depreciation      |   |        | (17,142   | )      |     |   | (29,933 | ) |
|                          |   |        |      |   |     |   |   |   |
| Net property and equipment    |   |        | 1,439     |   |     |   | 66,627 |   |
|                          |   |        |      |   |     |   |   |   |
| Total assets                  |   | $           | 3,695,971 |   |     | $      | 11,694,419 |   |
|                          |   |        |      |   |     |   |   |   |

----

|                                                   |   | March 31,   |      |   | June 30, |   |
|--------------------------------------------------------|--------|-------------|-----------|--------|----------|--------|
|                                                   |   | 2010        |      |   | 2009     |   |
|                                                   |   | (unaudited) |      |   |     |   |
|                                                   |   |        |      |   |     |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                   |   |
|                                                   |   |        |      |   |     |   |
| Current liabilities:                                   |   |        |      |   |     |   |
| Accounts payable                                       |   | $           | 85,286    |   |     | $      | 1,398,863 |   |
| Income tax payable                                     |   |        | -         |   |     |   | 924,985 |   |
|                                                   |   |        |      |   |     |   |   |   |
| Total current liabilities                              |   |        | 85,286    |   |     |   | 2,323,848 |   |
|                                                   |   |        |      |   |     |   |   |   |
| Stockholders' equity:                                  |   |        |      |   |     |   |   |   |
|                                                   |   |        |      |   |     |   |   |   |
| Common stock, $.005 par value:                         |   |        |      |   |     |   |   |   |
|   Authorized: 50,000,000 shares              |   |        |      |   |     |   |   |   |
|   Issued and outstanding: At March 31, 2010, |   |        |      |   |     |   |   |   |
|   and June 30, 2009, 7,259,622 shares        |   |        | 36,298    |   |     |   | 36,298 |   |
| Capital in excess of par value                         |   |        | 4,554,934 |   |     |   | 7,676,458 |   |
| Accumulated other comprehensive (loss)                 |   |        | (509,787  | )      |     |   | (520,186 | ) |
| Retained earnings:                                     |   |        |      |   |     |   |   |   |
| Accumulated prior to the development stage             |   |        | -         |   |     |   | 2,178,001 |   |
| (Deficit) accumulated during the development stage     |   |        | (470,760  | )      |     |   | - |   |
|                                                   |   |        |      |   |     |   |   |   |
| Total stockholders' equity                             |   |        | 3,610,685 |   |     |   | 9,370,571 |   |
|                                                   |   |        |      |   |     |   |   |   |
| Total liabilities and stockholders' equity             |   | $           | 3,695,971 |   |     | $      | 11,694,419 |   |
|                                                   |   |        |      |   |     |   |   |   |

----

|                                                            |   | Three Months Ended |      |   | Nine Months Ended |   |
|-----------------------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
|                                                            |   | March 31,          |      |   | March 31,         |   |
|                                                            |   | 2010               |      |   | 2009              |   |   | 2010 |   |   | 2009 |   |
| Operating expenses:                                             |   |               |      |   |              |   |   |   |   |   |   |   |
| Selling, general and administrative                             |   | $                  | 187,737   |   |              | $      | 149,923 |   |   | $ | 651,321 |   |   | $ | 516,271 |   |
| Depreciation expense                                            |   |               | 207       |   |              |   | 5,319 |   |   |   | 1,793 |   |   |   | 10,638 |   |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |               | 187,944   |   |              |   | 155,242 |   |   |   | 653,114 |   |   |   | 526,909 |   |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Operating loss                                                  |   |               | (187,944  | )      |              |   | (155,242 | ) |   |   | (653,114 | ) |   |   | (526,909 | ) |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expenses)                                         |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Interest and other income                                       |   |               | 4,009     |   |              |   | 3,784 |   |   |   | 29,245 |   |   |   | 17,477 |   |
| Interest and other (expenses)                                   |   |               | -         |   |              |   | (81,943 | ) |   |   | (6,550 | ) |   |   | (107,681 | ) |
| Gain on sale of marketable securities                           |   |               | -         |   |              |   | 12,049 |   |   |   | - |   |   |   | 12,049 |   |
| (Loss) on sale of equipment                                     |   |               | -         |   |              |   | (36,289 | ) |   |   | - |   |   |   | (24,240 | ) |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Total other income (expenses)                                   |   |               | 4,009     |   |              |   | (102,399 | ) |   |   | 22,695 |   |   |   | (102,395 | ) |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Loss from continuing operations                                 |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| before income taxes                                             |   |               | (183,935  | )      |              |   | (257,641 | ) |   |   | (630,419 | ) |   |   | (629,304 | ) |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Income tax benefit                                              |   |               | 60,362    |   |              |   | 103,063 |   |   |   | 210,090 |   |   |   | 248,861 |   |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) from continuing operations                               |   |               | (123,573  | )      |              |   | (154,578 | ) |   |   | (420,329 | ) |   |   | (380,443 | ) |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued operations                                         |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from discontinued operations                      |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| (net of applicable income taxes of $0 and $1.3 million)         |   |               | -         |   |              |   | (900,680 | ) |   |   | - |   |   |   | (1,913,415 | ) |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Loss on disposal of oil & gas operations                    |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| (net of applicable income taxes of $22,000 and $875,000)        |   |               | (5,070    | )      |              |   | (1,282,000 | ) |   |   | (50,431 | ) |   |   | (1,282,000 | ) |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss)                                                      |   | $                  | (128,643  | )      |              | $      | (2,337,258 | ) |   | $ | (470,760 | ) |   | $ | (3,575,858 | ) |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Basic net (loss) per share                                      |   | $                  | (0.02     | )      |              | $      | (0.32 | ) |   | $ | (0.06 | ) |   | $ | (0.49 | ) |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of  common shares outstanding |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |
| used to calculate basic net (loss) per share :                  |   |               | 7,259,622 |   |              |   | 7,259,622 |   |   |   | 7,259,622 |   |   |   | 7,259,622 |   |
|                                                            |   |               |      |   |              |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                |   | Nine Months Ended March 31, |       |
|---------------------------------------------------------------------|--------|-----------------------------|------------|
|                                                                |   | 2010                        |       |   | 2009 |   |
|                                                                |   |                        |       |   |   |   |
| Cash Flows from Operating Activities:                               |   |                        |       |   |   |   |
| Net (loss)                                                          |   | $                           | (470,760   | ) |   | $ | (3,575,858 | ) |
| Adjustments to reconcile net (loss) to net cash provided            |   |                        |       |   |   |   |   |   |
|   by (used in) operating activities:                      |   |                        |       |   |   |   |   |   |
| Accretion and depreciation, depletion, and amortization             |   |                        | 1,793      |   |   |   | 1,340,238 |   |
| Impairment of oil and gas properties                                |   |                        | -          |   |   |   | 3,550,000 |   |
| Deferred income taxes                                               |   |                        | (232,112   | ) |   |   | (2,494,881 | ) |
| Gain on conveyances of property                                     |   |                        | -          |   |   |   | 2,157,000 |   |
| Realized (gain) on marketable securities                            |   |                        | -          |   |   |   | (12,050 | ) |
| Loss on sale of equipment                                           |   |                        | 53,094     |   |   |   | 24,241 |   |
| Changes in assets and liabilities:                                  |   |                        |       |   |   |   |   |   |
| Decrease in current assets other than cash, cash                    |   |                        |       |   |   |   |   |   |
|    equivalents, and short-term marketable securities |   |                        | 844,948    |   |   |   | 1,410,303 |   |
| (Decrease) in current liabilities other than notes payable          |   |                        |       |   |   |   |   |   |
|    and asset retirement obligation                   |   |                        | (2,238,562 | ) |   |   | (2,253,165 | ) |
|                                                                |   |                        |       |   |   |   |   |   |
| Net Cash Provided by (Used in) Operating Activities                 |   |                        | (2,041,599 | ) |   |   | 145,828 |   |
|                                                                |   |                        |       |   |   |   |   |   |
| Cash Flows from Investing Activities:                               |   |                        |       |   |   |   |   |   |
| Sale of oil and gas properties                                      |   |                        | -          |   |   |   | 918,078 |   |
| Deposits on sale of gas property                                    |   |                        | -          |   |   |   | 2,401,100 |   |
| Additions to oil and gas property                                   |   |                        | -          |   |   |   | (212,310 | ) |
| Sales of marketable securities                                      |   |                        | -          |   |   |   | 322,165 |   |
| Sale of property and equipment                                      |   |                        | 10,300     |   |   |   | 10,875 |   |
|                                                                |   |                        |       |   |   |   |   |   |
| Net Cash Provided by Investing Activities                           |   |                        | 10,300     |   |   |   | 3,439,908 |   |
|                                                                |   |                        |       |   |   |   |   |   |
| Cash Flows from Financing Activities:                               |   |                        |       |   |   |   |   |   |
| Payment of long-term debt                                           |   |                        | -          |   |   |   | (202,590 | ) |
| Payment of cash dividends                                           |   |                        | (5,299,525 | ) |   |   | - |   |
|                                                                |   |                        |       |   |   |   |   |   |
| Net Cash (Used in) Financing Activities                             |   |                        | (5,299,525 | ) |   |   | (202,590 | ) |
|                                                                |   |                        |       |   |   |   |   |   |
| Net Increase (Decrease) in Cash and Cash Equivalents                |   |                        | (7,330,824 | ) |   |   | 3,383,146 |   |
|                                                                |   |                        |       |   |   |   |   |   |
| Cash and Cash Equivalents, beginning of period                      |   |                        | 10,478,774 |   |   |   | 1,595,150 |   |
|                                                                |   |                        |       |   |   |   |   |   |
| Cash and Cash Equivalents, end of period                            |   | $                           | 3,147,950  |   |   | $ | 4,978,296 |   |
|                                                                |   |                        |       |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                  |   |                        |       |   |   |   |   |   |
| Interest paid                                                       |   | $                           | 6,550      |   |   | $ | 30,670 |   |
|                                                                |   |                        |       |   |   |   |   |   |
| Supplemental non-cash activity                                      |   |                        |       |   |   |   |   |   |
| Increase in fair value of marketable securities                     |   |                        |       |   |   |   |   |   |
|  (net of income taxes of $6,118 and $(182,570), respectively)  |   | $                           | 10,399     |   |   | $ | 281,297 |   |
|                                                                |   |                        |       |   |   |   |   |   |
| Note receivable on sale of oil & gas properties                 |   | $                           | -          |   |   | $ | 75,000 |   |
|                                                                |   |                        |       |   |   |   |   |   |
| Note payable relieved on sale of oil & gas properties           |   | $                           | -          |   |   | $ | 222,410 |   |
|                                                                |   |                        |       |   |   |   |   |   |
| Increase (decrease) in asset retirement obligation                  |   | $                           | -          |   |   | $ | (206,105 | ) |
|                                                                |   |                        |       |   |   |   |   |   |

----

----

----

----

----

|                                                                                 |   | 2010   |     |   | 2009   |   |
|--------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                                                 |   |   |     |   |   |   |
| Accumulated other comprehensive loss, July 1                                         |   | $      | (520,186 | )      |   | $      | (281,849 | ) |
| Unrealized gains (losses) on available-for-sale securities, net                      |   |   | 10,399   |   |   |   | (281,296 | ) |
|    Less: reclassification adjustment for gains realized in net income |   |   | -        |   |   |   | (2,901 | ) |
|                                                                                 |   |   |     |   |   |   |   |   |
| Accumulated other comprehensive loss, March 31                                       |   | $      | (509,787 | )      |   | $      | (566,046 | ) |
|                                                                                 |   |   |     |   |   |   |   |   |

|                                                        |   | Three Months Ended |     |   | Nine Months Ended |   |
|-------------------------------------------------------------|--------|--------------------|----------|--------|-------------------|--------|
|                                                        |   | March 31,          |     |   | March 31,         |   |
|                                                        |   | 2010               |     |   | 2009              |   |   | 2010 |   |   | 2009 |   |
|                                                        |   |               |     |   |              |   |   |   |   |   |   |   |
| Net income (loss)                                           |   | $                  | (470,760 | )      |              | $      | (2,337,258 | ) |   | $ | (470,760 | ) |   | $ | (3,575,858 | ) |
| Unrealized gains (losses) on available-for-sale securities, |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| net of income tax of $6,118 and $(187,520), respectively.   |   |               | 9,547    |   |              |   | (7,425 | ) |   |   | 10,399 |   |   |   | (281,296 | ) |
|                                                        |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Other Comprehensive Income (loss)                           |   | $                  | (461,213 | )      |              | $      | (2,344,683 | ) |   | $ | (460,361 | ) |   | $ | (3,857,154 | ) |
|                                                        |   |               |     |   |              |   |   |   |   |   |   |   |   |   |   |   |

----

|                          |    | Fair Value Measurements at Reporting Date Using                     |
|-------------------------------|---------|---------------------------------------------------------------------|
|                          |    |                                                                |   |   |   |   |   |   |   |   |   |
|                          |    |                                                                |   |   | Quoted Prices |   |   |   |   |   |   |
|                          |    |                                                                |   |   | In Active |   |   | Significant |   |   |   |
|                          |    |                                                                |   |   | Markets for |   |   | Other |   |   | Significant |
|                          |    |                                                                |   |   | Identical |   |   | Observable |   |   | Unobservable |
|                          |    |                                                                |   |   | Assets/Liabilities |   |   | Inputs |   |   | Inputs |
|                          |    | Fair Value                                                          |   |   | (Level 1) |   |   | (Level 2) |   |   | (Level 3) |
|                          |    |                                                                |   |   |   |   |   |   |   |   |   |
| Available-for-sale securities | $  |           244,831 |   | $  |          244,831 |   | $  |                        - |   |  $  |                      - |
|                          |    |                                                                |   |   |   |   |   |   |   |   |   |

|                                                            |   | Nine Months Ended |      |
|-----------------------------------------------------------------|--------|-------------------|-----------|
|                                                            |   | March 31,         |      |
|                                                            |   | 2010              |      |   | 2009 |   |
|                                                            |   |              |      |   |   |   |
| Oil and gas sales                                               |   | $                 | -         |   |   | $ | 2,606,637 |   |
| Oil and gas production                                          |   |              | -         |   |   |   | (940,452 | ) |
| Accretion, depreciation,                                        |   |              |      |   |   |   |   |   |
|   depletion and amortization                          |   |              | -         |   |   |   | (4,879,600 | ) |
| net of related income taxes                                     |   |              | -         |   |   |   | 1,300,000 |   |
|                                                            |   |              |      |   |   |   |   |   |
| Income from discontinued operations                             |   |              | -         |   |   |   | (1,913,415 | ) |
|                                                            |   |              |      |   |   |   |   |   |
| Loss on conveyance of property (Montana)                        |   |              | -         |   |   |   | (2,157,000 | ) |
| Loss on California asset sale                                   |   |              | (72,431   | ) |   |   | - |   |
| Plus related income tax benefit                                 |   |              | 22,000    |   |   |   | 875,000 |   |
|                                                            |   |              |      |   |   |   |   |   |
|                                                            |   |              |      |   |   |   |   |   |
| Loss on disposal of oil & gas operations                    |   |              | (50,431   | ) |   |   | (1,282,000 | ) |
|                                                            |   |              |      |   |   |   |   |   |
| (Loss) from discontinued operations                             |   | $                 | (50,431   | ) |   | $ | (3,195,415 | ) |
|                                                            |   |              |      |   |   |   |   |   |
| Basic net (loss) per share                                      |   | $                 | (0.01     | ) |   | $ | (0.44 | ) |
|                                                            |   |              |      |   |   |   |   |   |
| Weighted average number of  common shares outstanding |   |              |      |   |   |   |   |   |
| used to calculate basic net (loss) per share :                  |   |              | 7,259,622 |   |   |   | 7,259,622 |   |
|                                                            |   |              |      |   |   |   |   |   |

----

|   |                                         |   |                      |   |
|--------|----------------------------------------------|--------|---------------------------|--------|
|   | Name and Title                               |   | Number of Options Granted |   |
|   |                                         |   |
|   | R.V. Bailey                             |   |                      |   |
|   | (Chief Executive Officer, President     |   | 100,000              |   |
|   | and Chairman of the Board)              |   |                      |   |
|   |                                         |   |
|   | Kevan Hensman                           |   |                      |   |
|   | (Chief Financial Officer and Director)  |   | 75,000               |   |
|   |                                         |   |
|   | Douglas Imperato                        |   |                      |   |
|   | (Director)                              |   | 75,000               |   |

----

----

|   | 1. | The company does not intend to be engaged in the business of investing or reinvesting in securities notwithstanding the fact that it may meet the investment company definition at the present time because of the large amount of cash it has available or for other reasons; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | The board of directors adopts an appropriate resolution, disclaiming investment company intent; and |
|--------|----|-----------------------------------------------------------------------------------------------------|

|   | 3. | The time period for investing its assets into an operating business, thereby removing the company from the definition of an investment company, is one year. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |                                         |   |                      |   |
|--------|----------------------------------------------|--------|---------------------------|--------|
|   | Name and Title                               |   | Number of Options Granted |   |
|   |                                         |   |
|   | R.V. Bailey                             |   |                      |   |
|   | (Chief Executive Officer, President     |   | 100,000                   |   |
|   | and Chairman of the Board)              |   |                      |   |
|   |                                         |   |
|   | Kevan Hensman                           |   |                      |   |
|   | (Chief Financial Officer and Director)  |   | 75,000                    |   |
|   |                                         |   |                      |   |
|   | Douglas Imperato                        |   | 75,000                    |   |
|   | (Director)                              |   |                      |   |

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|        |   |                                                                                                                                                                                                              |
|-------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Exhibit No. |   | Document                                                                                                                                                                                                          |
| 10.1        |   | Employment Agreement Extension effective as of April 1, 2010, between Aspen Exploration Corporation and R.V. Bailey. (1)                                                                                          |
|        |   |                                                                                                                                                                                                              |
| 31.1        |   | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (R. V. Bailey, Chief Executive Officer).                                                                                             |
|        |   |                                                                                                                                                                                                              |
| 31.2        |   | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Kevan B. Hensman, Chief Financial Officer).                                                                                         |
|        |   |                                                                                                                                                                                                              |
| 32          |   | Certification Pursuant to 18 U.S.C. §1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (R. V. Bailey, Chief Executive Officer, and Kevan B. Hensman, Chief Financial Officer). |

|                          |                                                                      |
|-------------------------------|---------------------------------------------------------------------------|
|                          | ASPEN EXPLORATION CORPORATION                                             |
|                          |                                                                      |
|                          |                                                                      |
|                          |                                                                      |
|                          |                                                                      |
| Date:  May 11, 2010 | /s/ R. V. Bailey                                                          |
|                          | R. V. Bailey, Chief Executive Officer and principal executive officer     |
|                          |                                                                      |
|                          |                                                                      |
|                          |                                                                      |
| Date:  May 11, 2010 | /s/ Kevan B. Hensman                                                      |
|                          | Kevan B. Hensman, Chief Financial Officer and principal financial officer |

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