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Gasco
Energy Provides Additional Riverbend Activity Update
DENVER,
Dec. 23 /PRNewswire-FirstCall/ -- Gasco Energy, Inc.
(OTC Bulletin Board: GASE -News ) today provided an
interim operational update on oil and gas activities
on its Riverbend Project in Utah's Uinta Basin.
Federal 42-29 (Gasco-operated: 30% WI)
The 42-29 has had additional pay successfully completed
in five stages in the Wasatch and Lower and Upper Mesaverde
(Dark Canyon) formations. The well is cleaning up and
is flowing gas to sales while it is flowing back frac
fluid. The completion utilized flow thru frac plugs
and coiled tubing as a cost-effective program that individually
treated the pay sands. Two more Wasatch frac jobs will
be completed in the wellbore in early January. Gas production
rates will be provided when the clean up is completed.
Federal 23-21 (Gasco-operated: 30% WI)
Additional pay was completed in two stages in the Lower
Wasatch and the Upper Mesaverde formations. The well
is currently producing to sales while it is flowing
back and cleaning up. These two stages were completed
in the more traditional style utilizing flow thru frac
plugs and gels. Potentially three to five additional
zones are possible in the Wasatch depending on the results
of the initial Wasatch completion. Gas production rates
will be provided when the clean up is completed.
Gasco Gate Canyon State 31-21 (Gasco-operated: 100%
WI)
Gasco's re-entry of the Gate Canyon State 31-21 in southern
Duchesne Co., Utah is scheduled to be spudded on December
27, 2003. The rig is currently moving to the location.
For Gate Canyon details, please see attached locator
map at http://www.gascoenergy.com/gatecanyon.html .
This earning well is permitted to 11,500 feet total
depth and will test natural gas potential of three important
potentially productive intervals, the Wasatch, Mesaverde
and Blackhawk formations.
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 Part I, Item 1 of the Company's latest Annual Report
on Form 10-K filed with the Securities and Exchange
Commission. Source: Gasco Energy, Inc.
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