DENVER
– November 14, 2005 – (PRNewswire) –Gasco
Energy (AMEX: GSX) today announced the approval by
its Board of Directors of an initial budget of $80
million for its 2006 capital expenditure (Capex) program.
The program will primarily cover the drilling and
completion of approximately 32 gross wells (15 net
wells) on Gasco’s Riverbend Project located
in the Uinta Basin and the drilling and completion
of up to three wells in Wyoming. The budget also includes
expenditures for the installation of associated pipeline
infrastructure, distribution facilities and geophysical
operations. In comparison, the Company announced on
November 3, 2005 a planned 2005 Capex budget of $50
million. The Company anticipates that at the conclusion
of the 2005 program it will have spudded 22 wells,
drilled and completed 20 wells (13 net) and conducted
completion operations on two additional wells.
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
“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 the Company’s Annual Report
on Form 10-K filed with the Securities and Exchange
Commission on March 16, 2005.
Contact for Gasco Energy, Inc.: Investor Relations:
303-483-0044
