DENVER – (PR Newswire) – January 4, 2005
– Gasco Energy, Inc. (AMEX: GSX) today provided
an interim production and operations update on its
Riverbend Project in Utah’s Uinta Basin.
Monthly Production
Estimated cumulative monthly production for December
2004 was 200.2 million cubic feet equivalent (MMcfe)
gross, or 49.9 MMcfe net. This is a 20.0% increase
from November cumulative gross production of 166.8
MMcfe and a 20.2% increase from November net production
of 41.5 MMcfe. Production increases, partially offset
by normal production declines in existing wells, are
attributed to the completion of a new well as described
below, and to the November completion of the Riverbend
gathering system expansion and compression upgrades.
Drilling Activity
Gasco is currently drilling its twelfth well spudded
during fiscal year 2004, the Federal 31-21 (GSX: 22.5%
- 30% WI). It is the final well spudded in 2004 and
is being drilled with the company’s third rig,
which was recently contracted from Nabors Industries.
The Federal 31-21 is located in Gasco's Riverbend
Area and is intended to test the Wasatch, Mesaverde
and the Blackhawk formations to a proposed total depth
of 12,890 feet.
In addition, Gasco’s other two drilling rigs
are moving onto location to commence drilling the
Gate Canyon 41-19 (GSX: 75% - 100% WI) well and the
State 24-16 (GSX: 30% WI). Both wells are intended
to test the Wasatch, Mesaverde and Blackhawk formations.
Completion Activity
During December 2004, Gasco completed one well, the
Federal 21-6 which was completed in the Blackhawk
Formation. At the end of December 2004, two wells,
the Federal 22-30 and the Federal 41-3, awaited completion.
About Gasco Energy
Gasco Energy, Inc. is a Denver-based natural gas and
oil exploitation and development company that focuses
on natural-gas-rich prospects in the Rocky Mountain
area of the United States. The Company currently is
active in the Uinta Basin in Utah and controls acreage
in the Greater Green River Basin of Wyoming. To learn
more, visit www.gascoenergy.com.
Forward-looking statements
Certain statements set forth in this press release
relate to management’s future plans, objectives
and expectations. Such statements are forward-looking
within the meanings of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. All statements other
than statements of historical facts included in this
press release, including, without limitation, statements
regarding the Company’s future financial position,
potential resources, business strategy, budgets, projected
costs and plans and objectives of management for future
operations, are forward-looking statements. In addition,
forward-looking statements generally can be identified
by the use of forward-looking terminology such as
“may,” “will,” “expect,”
“intend,” “project,” “estimate,”
“anticipate,” “believe,” or
“continue” or the negative thereof or
similar terminology. Although any forward-looking
statements contained in this press release are to
the knowledge or in the judgment of the officers and
directors of the Company, believed to be reasonable,
there can be no assurances that any of these expectations
will prove correct or that any of the actions that
are planned will be taken. Forward-looking statements
involve known and unknown risks and uncertainties
that may cause the Company’s actual performance
and financial results in future periods to differ
materially from any projection, estimate or forecasted
result. Some of the key factors that may cause actual
results to vary from those the Company expects include
inherent uncertainties in interpreting engineering
and reserve or production data; operating hazards;
delays or cancellations of drilling operations because
of weather and other natural and economic forces;
fluctuations in oil and natural gas prices in response
to changes in supply; competition from other companies
with greater resources; environmental and other government
regulations; defects in title to properties; increases
in the Company’s cost of borrowing or inability
or unavailability of capital resources to fund capital
expenditures; and other risks described under “Risk
Factors” in Item 8.01 of the Company’s
Current Report on Form 8-K filed with the Securities
and Exchange Commission on October 14, 2004.
Contact for Gasco Energy, Inc.: Investor Relations:
303-483-0044
