FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Hensman Kevan Byron   2. Issuer Name and Ticker or Trading Symbol ASPEN EXPLORATION CORP [ASPN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 7905 REINA COURT 3. Date of Earliest Transaction (Month/Day/Year) 09/30/2010 (Street) BAKERSFIELD, CA 93309 4. If Amendment, Date Original Filed(Month/Day/Year) 03/10/2008 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option

$ 3.7

09/11/2006

09/11/2011

Common Stock

10,000

10,000

D

Option (1)

$ 2.14

09/30/2010

J

33,334

09/30/2008

02/27/2013

Common Stock

18,120

$ 0

28,120

D

Option (2)

$ 0.4125

07/27/2010

02/15/2015

Common Stock

75,000

103,120

D

Option (3)

$ 0.49

07/30/2010

07/30/2015

Common Stock

25,000

128,120 (4)

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Hensman Kevan Byron 7905 REINA COURT BAKERSFIELD, CA 93309	X

Signatures

Kevan B. Hensman		10/12/2010
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On February 27, 2008, Mr. Hensman was granted an option to purchase 100,000 of common stock pursuant to the 2008 Equity Plan. 1/3 of the shares were to vest on each September 30, 2008, 2009, and 2010 if certain performance criteria are met. On September 30, 2008, 18,210 of the options were deemed earned, and 15,213 were deemed unearned; on September 30, 2009 33,333 of the options were deemed unearned; and on September 30, 2010 33,334 of the options were deemed unearned. This option grant and the vesting as well and its vesting terms have been previously reported.
(2)	Options granted on February 15, 2010 pursuant to the 2008 Equity Plan. These options vested in full on July 27, 2010 when the Board of Directors determined that the vesting criteria were met.
(3)	Options granted on July 27, 2010 pursuant to the 2010 Stock Incentive Plan although the option exercise price was not established until July 30, 2010. This option vested in full on July 30, 2010.
(4)	The totals in column 9 reflect the cumulative number of derivative securities owned by Mr. Hensman based on each option grant. In total, as of October 8, 2010 Mr. Hensman beneficially owns derivative securities to acquire 128,120 shares of Aspen common stock.

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