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

                                FORM 12b-25

                        NOTIFICATION OF LATE FILING
                               FOR FORM 10-Q

       For Period Ended                   Commission File No. 0-9261
      December 31, 2001                     CUSIP No. 492545 10 8

NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.

If the notification relates to a portion of a filing above, identify the
Item(s) to which the notification relates:

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PART I - REGISTRANT INFORMATION

                           KESTREL ENERGY, INC.
                         (Full Name of Registrant)

                        999 18th Street, Suite 2490
                          Denver, Colorado 80202
                  (Address of Principal Executive Office)

PART II - RULES 12b-25 (b) AND (c)

If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed.  (Check box if appropriate)  [X]

          (a)  The reasons described in reasonable detail in Part III of
               this form could not be eliminated without unreasonable
               effort or expense;

          (b)  The subject annual report, semi-annual report, transition
               report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or
               portions thereof, will be filed on or before the fifteenth
               calendar day following the prescribed due date; or the
               subject quarterly report or transition report on Form 10-Q,
               or portion thereof will be filed on or before the fifth
               calendar day following the prescribed due date; and

          (c)  The accountant's statement or other exhibit required by
               Rule 12b-25(c) has been attached if applicable.

PART III - NARRATIVE

State below in reasonable detail the reasons why the Forms 10-K, 20-F, 11-
K, 10-Q, N-SAR, or the transition report or portion thereof, could not be
filed within the prescribed time period.

     The Company's merger with Victoria Exploration, Inc. last year
     required the integration of the accounting data for the Company and
     Victoria.  Delays in that integration process have in turn delayed
     the completion of the Company's quarterly financial statements and
     other information required for the Form 10-Q.  Accordingly, the
     Company cannot file the subject report within the prescribed time
     period without incurring unreasonable effort or expense.

PART IV - Other Information

(1)  Name and telephone number of person to contact in regard to this
notification.

     Barry D. Lasker     (303) 295-0344

(2)  Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Act of
1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed?  If answer is
no, identify report(s).

     [X]  Yes       [ ]  No

(3)  Is it anticipated that any significant change in results of operation
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or portion
thereof?
     [ ]  Yes       [X]  No

                           Kestrel Energy, Inc.
               (Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.



Date:  February 14, 2002                By:/s/Mark A. Boatright
                                           Mark A. Boatright,
                                           Chief Financial Officer