Gasco Acquires Significant Green River Basin Acreage Position In All-Stock Transaction
GASE Now 50/50 Partner in GGRB AMI

DENVER, April 24 /PRNewswire-FirstCall/ -- Gasco Energy, Inc. (OTC Bulletin Board: GASE - news) today announced its execution of an agreement for the largest single mineral acreage acquisition, 62,276 net acres, in the Company's history. This acquisition brings Gasco's Wyoming net acreage position in the gas prolific Greater Green River Basin (GGRB) to 128,175 net acres. The all-stock transaction now makes Gasco a 50/50 partner in its GGRB Area of Mutual Interest (AMI) with Burlington Resources (NYSE: BR - news). Gasco will have an average working interest of 76% in the approximately 169,000 acres the companies have under lease. Additionally, Gasco has the right to earn an additional 8,160 acres by drilling a well. A closing in late May 2002 is anticipated.

In consideration for the 62,266 net acres plus other assets and consideration, Gasco will issue 9.50 million (9,500,000) shares of Gasco common stock to the seller, Shama Zoe Limited Partnership, a private oil and gas company that was the previous 25% partner in the GGRB AMI. At a price of$1.93 per share the transaction is valued at $18,335,000. At closing, Shama Zoe will hold approximately 22.9% of the outstanding common stock of Gasco. This all-stock deal replaces a previously announced cash option structure and eliminates a $300,000 per month option payment as referred to in the Company's recently filed Form 10-K.

``For a company of Gasco's size to acquire high-potential, core-area acreage in an all-stock transaction is truly remarkable,'' stated Mark Erickson, Gasco's president and CEO. ``The ability to use our stock as currency is an endorsement of both our business plan and Gasco's capable team of oil and gas finders. Increasing our position in a world-class basin without incurring debt or saddling the Company with a protracted option payment schedule is simply good business. Gasco, in one transaction, achieves swift and efficient growth in our core area and soundly increases shareholder value. Our next step will be to accelerate exploitation by seeking additional industry support to monetize our sizable acreage positions in the Green River and/or Uinta basins.''

The acquisition properties, located in Sublette County, Wyoming substantially increase Gasco's working interest in the area. Gasco estimates gross unrisked natural gas resource potential of 500 Bcf net to this acreage transaction providing more than 700 possible net drilling locations based on 80 acre spacing. There is no current production associated with the acquisition, which includes two well bores. Multi-pay potential to the Fort Union, Lance, Mesaverde and deeper formations is the target.

``We are sending a message that Gasco is emerging as a prominent player in the Rocky Mountain Region. With ANWR being firmly defeated by the U.S. Senate, we believe that, now, more than ever, the Rockies will become a valuable source of domestic energy.''

The General Partner of Shama Zoe (dba Alpine Gas Company), states, ``I have spent many years amassing these Wyoming properties, and now it's time to work the acreage. Gasco's management team has significant experience in exploiting this type of resource. I have watched Gasco's dynamic growth, and admire their business ethic as well as their technical and geologic abilities. I concur with and believe in Gasco's and Burlington's plans for developing the Greater Green River Basin AMI. I see this investment as the best way to gain further upside from these valuable properties.''

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 owns more than 120,000 gross acres in Utah and approximately 94,000 gross acres in the Greater Green River Basin of Wyoming. Go to www.gascoenergy.com to learn more about Gasco Energy, Inc.

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 Part I, Item 1 of the Company's latest Annual Report on Form 10-K filed with the Securities and Exchange Commission. Contact for Gasco Energy, Inc.

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