DENVER,
March 7 /PRNewswire-FirstCall/ -- Gasco Energy, Inc.
(Amex: GSX - News) today provided an interim production
and operations update on its Riverbend Project in
Utah's Uinta Basin.
Monthly Production
Estimated cumulative monthly net production for February
2005 was 43.3 million cubic feet equivalent (MMcfe)
a 3% decrease from January 2005 net production of
44.8 MMcfe. On a comparable basis, after normalizing
to a 31-day month, production increased 7%. Gross
production for February 2005 was 166 MMcfe compared
to 182.5 MMcfe for January 2005, a 9% decline, or
a 1% increase on a normalized basis.
Drilling Activity
Gasco currently has three rigs operating in Utah.
During the month of February 2005 the Company spudded
one well, the Lamb Trust 24-14-9-19 (30% working interest
(WI)) and reached total depth on two wells, the Gate
Canyon Federal 41-19-11-16 (100% WI) and the State
24-16-9-19 (30% WI). Both wells were drilled to the
Blackhawk Formation and mark the Company's eighth
and ninth wells to have pipe run to the Blackhawk.
Completion Activity
During February 2005, Gasco completed the Blackhawk,
Mesaverde and Wasatch formations in the Federal 31-21-9-19
(30% WI). The well did not contribute significantly
to February production as it was cleaning up and flowing
back frac fluid.
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.
