Gasco Energy Acquires Additional Deep Rights in Uintah County

May 10, 2001 - Gasco Energy, Inc. (OTC BB: GASE), ) - has acquired natural gas leasehold rights in approximately 22,000 gross acres in the Natural Buttes/Riverbend Areas of Uintah County, Utah. This acquisition adds substantially to Gasco's holdings in the Uinta Basin, where the company already has interests in more than 30,000 gross acres.

"I am very pleased with this acquisition that includes rights in a 640 acre
parcel adjacent to the drilled and completed Federal #31-29 well." stated
Mark Erickson, President of Gasco. "The increase in gas prices and concerns with reserves have caused a resurgence in deep drilling. This purchase enhances our acreage position in this prolific area."

The Rocky Mountain basins are in the top of the United States land sources for new natural gas supplies. The Potential Gas Committee estimates the most likely natural gas resources in the Rocky Mountain area at 235 trillion cubic feet (Tcf). As part of Gasco's strategy, the company is focusing on acquiring and developing properties within this area.

About Gasco Energy

Gasco Energy is a Denver based natural gas and oil exploration and
development company that focuses in the Rocky Mountain area of the United States. The Company currently holds interests in properties located in the Uinta Basin of northeastern Utah, which are being developed pursuant to an agreement with Phillips Petroleum.

 

--30--