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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES ACT OF 1934
DATE OF REPORT NOVEMBER 22, 1995
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ASPEN EXPLORATION CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-9494 84-0811316
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
Incorporation)
Suite "A", 7925 East Harvard Avenue, Denver CO 80231
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Registrant's telephone number 303-337-3600
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N/A
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(Former name or former address, if changed since last report.)
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Item 5: Other Events
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Purchase and Sale Agreement with Capitol Oil Corporation (Capitol).
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Registrant entered into a prospective purchase and sale agreement with
Capitol Oil Corporation, an unaffiliated third party, to purchase all of
Capitol's interest in certain producing properties for cash. This agreement was
signed on November 9, 1995, effective November 1, 1995. Closing of the purchase
and sale agreement will be on January 10, 1996 subject to inspection and
approval of the assets being acquired. The acquired production consists of two
producing oil wells, one gas well, waiting on pipeline connection, and two shut
in wells located in Kern County, California.
The total purchase price of the acquired properties is $925,000, of which
Registrant has 20% of the working interest being acquired, or $185,000.
Based on an engineering estimate prepared by Registrant's in-house staff,
Capitol's net oil reserves to be acquired by Registrant were calculated to be
approximately 18,800 barrels of proved producing reserves and 33,800 BOE
(barrels oil equivalent) of proved behind pipe reserves. All behind pipe zones
are scheduled to commence production after depletion of the current producing
zone in each well.
Capitol held these producing properties and the equipment thereon for the
exploration and production of oil and gas for the revenues derived thereof.
Registrant intends to hold these properties and use them for the same purpose.
Item 7: Exhibits
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NONE
SIGNATURE
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 hereunto duly authorized.
ASPEN EXPLORATION CORPORATION
Date: November 22, 1995 /s/ R. V. BAILEY
By: R. V. Bailey, President
