DENVER – (PR Newswire) – April 6, 2005
– Gasco Energy, Inc. (AMEX: GSX) today provided
an interim production and operations update on its
Riverbend Project in Utah’s Uinta Basin.
Quarterly and Monthly Production
Estimated cumulative net production for the quarter
ended March 31, 2005 was 142.1 million cubic feet
equivalent (MMcfe), a sequential increase of 7.6%
over the fourth quarter of 2004 (132.1 MMcfe) and
4.5% above first quarter 2004’s production of
135.9 MMcfe.
Estimated cumulative monthly net production for March
2005 was 54.0 MMcfe, or 210 MMcfe gross. This is a
25% increase from February net production of 43.3
MMcfe and a 27% increase from February gross production
of 166.0 MMcfe. Production increases are attributed
to completion of new wells during the month partially
offset by normal production declines in existing wells.
Drilling Activity
During the first quarter Gasco spudded five gross
wells (2.9 net) and reached total depth on five gross
wells (2.9 net). During March, Gasco reached total
depth on two wells, the Lamb Trust 24-14 (30% WI)
and the Gate Canyon 41-20 (100% WI). In addition,
two wells were spudded in March, the Gate Canyon 41-20
(100% WI) and the Lamb Trust 24-22 (30% WI).
Completion Activity
Gasco conducted initial completion operations on five
wells during 2005’s first quarter and re-entered
four wells to complete pay zones that were behind
pipe. March 2005 activity accounted for two of the
initial completions and three of the re-entries. Exiting
March, Gasco had 24 gross wells on production, a 118%
increase from the same date last year, with two more
gross wells awaiting completion. The Company currently
has three drilling rigs operating in its Uinta Basin
Riverbend project area. Management expects 2005 drilling
and completion activity in the Company’s key
operating areas will be greater than the prior year’s
mark.
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 1. of the Company’s 2004
Form 10- K filed with the Securities and Exchange
Commission on March 16, 2005.
Contact for Gasco Energy, Inc.: Investor Relations:
303-483-0044
