Gasco Energy, Inc. Agrees to Acquire New Energy West Corporation

Denver, Colorado - March 28, 2001 - Gasco Energy, Inc. (OTC BB: GASE) announces that it has entered into a Memorandum of Understanding with New Energy West Corporation, (NEC-CDNX) pursuant to which Gasco will exchange five million common shares of Gasco for all of the issued and outstanding shares of New Energy. Gasco, formerly San Joaquin Resources Inc., is an independent oil and gas exploration company. The Memorandum of Understanding is subject to formal documentation being executed on or before April 20, 2001. In addition, the transaction is subject to normal due diligence and other terms and conditions usual in transactions of this nature as well as the approval of the directors of both companies, the shareholders of New Energy and the applicable regulatory authorities, including the CDNX. On closing, New Energy will become a wholly owned subsidiary of Gasco. On a fully diluted basis immediately prior to closing there will be approximately 28,000,000 shares of Gasco and 36,500,000 shares of New Energy outstanding. Canaccord Capital is acting as financial advisor on this transaction.

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.

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