DENVER
- (PR Newswire) - October 4, 2004 - Gasco Energy,
Inc. (OTC BB: GASE) today provided an interim oil
and gas activities and operational update on its Riverbend
Project in Utah¡s Uinta Basin.
Drilling
Activity
In
September, Gasco ran pipe on two wells in the Riverbend
area. One well tested the Mesaverde and Wasatch formations
and the other tested the Blackhawk Formation. As a
result Gasco now has three wells awaiting completion
in the Riverbend area. Year to date, Gasco has drilled
eight gross wells, five of which have been completed
and are flowing to sales.
The
Company is also currently drilling its ninth and tenth
wells of this fiscal year. One of these wells is located
in the southern part of the Riverbend area and the
second is located to the west in the West Desert area.
Both wells will test the Wasatch, Mesaverde and Blackhawk
formations.
Production
Cumulative
monthly production for September 2004 was 150.6 million
cubic feet equivalent (MMcfe) gross, or 40.6 MMcfe
net. This is a 13.2% percent decrease from August¡s
cumulative gross production of 173.5 MMcfe.
Cumulative
net production for third quarter 2004 was 127.6 MMcfe.
This represents a 100% increase in net production
over the same period in 2003 and a 2.0% decrease over
the second quarter 2004
September¡s
decline in production is attributed to periodic well
shut-ins and well completion delays associated with
the construction of the Company¡s Riverbend gathering
system and to normal production decline. The construction
project is nearing completion. Gasco is also performing
routine well maintenance and workovers in advance
of anticipated higher demand for natural gas associated
with the winter heating season.
Management Comment
Commenting on the Riverbend Project, Gasco CEO and
President, Mark Erickson said: "We continue to
be encouraged with the potential of the Blackhawk
Formation and are increasing activity targeting this
objective. It is our belief that we are validating
the geology while we continue to improve drilling
phases of the project. Now additional focus is on
completion and production optimization as we analyze
longer-term production results.
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 is
active in the Uinta Basin in Utah and controls acreage
in the Greater Green River Basin of Wyoming. To learn
more, visit www.gascoenergy.com.
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 Àmay,” Àwill,” Àexpect,” Àintend,” Àproject,”
Àestimate,” Àanticipate,” Àbelieve,” or Àcontinue”
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 ÀRisk 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.: Investor Relations: 303-483-0044
