C501 CREW OFF ASE RWY 33 ON IFR FLT PLAN TAKE EVASIVE ACTION TO AVOID A FALCON JET INBOUND TO THE OPPOSITE RWY.

Narrative

BEFORE TKOF; WE WERE CLRED FOR THE LINDZ 4 DEP OUT OF ASPEN; CO; ENRTE TO OUR DEST OF SAN ANTONIO; TX. WE PROCEEDED TO TAKE OFF AND CLB ON A 340 DEG HDG AS THE DEP SPECIFIES. AT THIS TIME; THERE WAS AN ACFT INBOUND FOR LNDG IN THE OPPOSITE DIRECTION. THE OPPOSITE DIRECTION ACFT WAS VISUAL FOR RWY 15 AND SEEMED TO BE HIGH ON THE VISUAL APCH. OUR CLB PERFORMANCE WAS SLOWER THAN ANTICIPATED AND BOTH ACFT HAD EACH OTHER IN SIGHT. THE DEP STATES THAT YOU MUST STAY ON A 340 DEG HDG UNTIL 8700 FT MSL; THEN INITIATE A TURN WBOUND TO A HDG OF 270 DEGS OUTBOUND. I INITIATED THE TURN (SLOWLY) AT 8500 FT BECAUSE IT LOOKED LIKE OUR TURN AT 8700 FT WOULD CONFLICT WITH THE INCOMING TFC. WE WRE VMC THE WHOLE TIME WITH EACH OTHER IN SIGHT. BECAUSE I TOOK THIS ACTION; ATC BECAME ALARMED NOT KNOWING WE WERE BOTH VISUAL. SINCE WE WERE IN AN ATC RADAR ENVIRONMENT; THERE MAY HAVE BEEN A LOSS OF SEPARATION BECAUSE THE ATC CTLR MAY NOT HAVE KNOWN WE HAD THE TFC IN SIGHT. BEFORE TAKING ACTION; I SHOULD HAVE QUESTIONED ATC ABOUT THE INCOMING ACFT'S PROX TO OUR ACFT. ASPEN ARPT'S ARRS AND DEPS COME VERY CLOSE TO EACH OTHER AT TIMES AND I BECAME ALARMED IN THIS SIT. IN THE FUTURE; I WILL BE VERY ALERT TO INCOMING ACFT AS WELL AS THE PUBLISHED DEP PROC FOR THIS ARPT.