OPERATIONS | Nevada
At December 31, 2009, Gasco's leasehold interest in eastern Nevada was approximately 115,762 gross (114,380 net acres) covering nine exploration prospects within White Pine and Elko Counties Nevada. The Company entered into a farm-out with an industry partner for the development of these prospects. Under the terms of the agreement, the industry partner had the right to earn up to 80% of Gasco's interest in these properties. Two wells were drilled in this area during 2007, both were dry holes. The industry partner did not satisfy its earning obligations. The Company is actively marketing these prospects to attract new drilling partners for the development of this area.
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