Phillips Petroleum Drilling Two More Wells at
Gasco's Riverbend Project

June 21, 2001 - Gasco Energy, Inc. (OTC BB: GASE), ) - announced that Phillips Petroleum Company is currently drilling one well and will soon spud a second in Gasco Energy's Riverbend Project in Uintah County, Utah. The Uinta Basin of northeastern Utah is recognized as being one of the remaining significant undeveloped natural gas resources in North America. Gasco holds a significant acreage position in the basin.

Phillips has commenced drilling an exploratory well, the Federal 24-7. This well, located in Gasco's Riverbend Prospect in Uintah County, will be drilled to 12,700' and targets the Mesaverde and Mancos formations.

Phillips will also spud the Federal 34-29 by the end of June. This is a confirmation well to the Federal 31-29, the initial well in the Gasco/Phillips program. This well will also be drilled to 12,700', and targets the Wasatch, Mesaverde and Mancos formations. The Federal 31-29 is completed and waiting on pipeline.

Both wells are being drilled per the December, 2000 agreement between Phillips Petroleum and Gasco Energy, in which Gasco retains a 15% working interest in the production from the targeted zones.

"It's exciting to see these wells being drilled in our Riverbend Project, " commented Gasco Energy President, Mark Erickson. "We anticipate that the first well in the program, the Federal 31-29, will come on line some time in November."

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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