Gasco
Energy, Inc. Announces Update on Federal #31-29 Well
in Uintah County, Utah
April
23, 2001 - Gasco Energy, Inc. (OTC BB: GASE),
)announces today that the Federal #31-29 well has
reached a total depth of 12,498 feet. The well is
the first drilled by Phillips Petroleum pursuant to
its agreement with Gasco Energy, Inc. Production casing
has been run and cemented and completion has commenced.
Results on this well are being kept confidential due
to activity in the area.
According to Gasco President, Mark Erickson "Phillips
has done an outstanding job in drilling the well without
problems. We are optimistic about the potential productivity
of the well, pending the outcome of testing."
Gasco currently has an average of 87.5% working interest
in up to 130 potential Wasatch development locations
in this area. Additionally, the Company has a 15%
to 20% working interest at the Mesaverde in approximately
30,000 acres being operated by Phillips.
The recently released report by the United States
Potential Gas Committee, entitled Potential Supply
of Natural Gas in the U.S. dated December 31, 2000
states that "… the greatest potential for
non-associated natural gas remains concentrated in
southwestern and south-central Wyoming and adjacent
northwestern Colorado and northeastern Utah. This
region includes the Uinta, Piceance and Greater Green
River basins. …. Uinta and Piceance basins dominate
because only 25 to 30 percent of the potentially productive
area has been adequately tested through the Cretaceous
section…." The Report also noted that these
basins have a total of 31.0 trillion cubic feet of
estimated remaining natural gas resource potential,
making them the basins with the highest remaining
resource potential in the Rocky Mountain area. These
basins are almost double the next highest area of
potential located in the Greater Green River basin
with an estimated remaining potential resource of
17.6 trillion cubic feet of natural gas, according
to the Report.
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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