Gasco Energy Acquires Interests in the Stone Cabin and Ouray Gas Prospects

May 15, 2001 - Gasco Energy, Inc. (OTC BB: GASE), ) - has reached an agreement with Sapient Energy Corp. to acquire a 25% interest in all the mineral rights in the Stone Cabin property. Additionally, Gasco has acquired interests in the Ouray gas prospect and a 100% interest in a producing Wasatch well.

The Stone Cabin Gas property comprises approximately 54,000 acres of federal and state acreage in the Carbon, Duchesne and Uintah counties of Utah. EOG Resources, Inc. (NYSE: EOG) owns the remaining 75% working interest. EOG Resources is among the largest independent (non-integrated) oil and gas companies in the United States, with operations and substantial reserves in the U.S., Canada and Trinidad.

Gasco has also acquired the rights to drill test the Wasatch formation in
the Ouray Gas prospect. Drilling by Gasco will earn the company up to
approximately 17,000 acres of Fee and Ute Tribal acreage under lease by
Petroglyph Energy. Additionally, Gasco became the operator and 100% working interest owner in the Ute Tribal #32-03 well, located on the Ouray gas prospect. This Wasatch well is producing natural gas at a rate of 60 to 80 mcf/d.

"The Stone Cabin property adds significantly to our acreage position in the
Uinta basin" stated Mark Erickson, Gasco's President. "The lands are in
close proximity to pipelines that provide access to some of the best US
markets. Our acreage position (120,000 gross acres), coupled with the
capital funding efforts supported by Canaccord Capital (Europe) Limited and the proposed merger with First Ecom, Inc., give Gasco the base we need to move aggressively forward in exploiting this potential major gas play. We will continue to seek additional North American oil and gas opportunities."

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.

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