Exhibit 99.1


                  First Ecom.com Inc. Acquires Shares in Gasco
            First Ecom to pursue petroleum and natural gas prospects

HONG KONG, July 13, 2001 - First Ecom.com, Inc. (NASDAQ: FECC, BSX: FECC, FECC
BH), today announced that it had entered into a definitive agreement to move
into the gas exploitation and development business by acquiring an equity
interest in Gasco Energy, Inc., (NASD-OTC-BB: GASE), a company that acquires and
exploits petroleum and natural gas properties in the United States.

The interest entitles First Ecom to 26% of the voting power of Gasco, which will
not be diluted by further issuances of common stock. First Ecom's interest is by
far the largest outstanding voting block of Gasco stock. First Ecom is entitled
to a seat on Gasco's board of directors and a position on the executive
committee, which will be largely responsible for operating the business of
Gasco. First Ecom's shares also are entitled to vote as a class on certain
extraordinary matters such as a merger or other acquisition. First Ecom is
paying $19 million to acquire preferred shares that are convertible into 9.5
million shares of Gasco's common stock. Subject to exceptions for extraordinary
circumstances, First Ecom has agreed not to dispose of its stake for three
years. In the future, First Ecom plans to transform itself into a gas
exploitation and development business. The previously announced merger with
Gasco is no longer being planned, having been replaced with the equity
investment described above.

As previously announced, First Ecom is continuing with the process of
restructuring and spinning off its historical electronic payment business, which
it anticipates will be completed later this fall. First Ecom expects to be able
to announce its new business strategy for the electronic payment business in the
near future.

In addition, Mr. Marc Bruner, Chairman of the Board of Gasco, has agreed to join
the Board of First Ecom as an independent director. Mr. Gregory M. Pek, co-Chief
Executive Officer of First Ecom, has joined the board of directors of Gasco.

"After considering the merger between First Ecom and Gasco, as previously
announced, the directors believe that this transaction positions First Ecom in
the petroleum and natural gas business through Gasco and enables it to develop
its own petroleum and natural gas business independent from that of Gasco" said
Gregory Pek, president and co-CEO of First Ecom. "The addition of Marc Bruner to
the First Ecom board of directors will be the first step that First Ecom will
take to strengthen the Company's expertise in the petroleum and natural gas
industry."

Mr. Pek added, "Although it will focus in the future on developing its petroleum
and natural gas business, First Ecom is continuing in the electronic payment
industry. We will soon be announcing a revised strategy and the nature of the
business, which is to be spun off. To this end First Ecom will be strengthening
both its payments industry management



team as well as the product and service offerings. The recent acquisition of the
remaining share of First Ecommerce Data Services Limited (FEDS) is just one
important step in our plans. While doing all of this we are continuing to keep
our costs to a minimum"

Mr. Marc Bruner stated, "I am happy both to see First Ecom acquire this interest
in Gasco as the funding will enable Gasco to develop and exploit its properties,
thus giving shareholders a positive return and also that First Ecom has decided
to pursue other initiatives in the petroleum and natural gas business. I am also
pleased to see that First Ecom will continue it payment processing business with
a new and strengthened approach. I look forward to being able to contribute to
the board of First Ecom."

About First Ecom.com
In the future, First Ecom will focus on the acquisition, development and
exploitation of petroleum and natural gas properties.

As a global provider of electronic payment processing, First Ecom.com provides
secure, easy-to-implement and low-cost online payment processing services and
solutions to banks and their merchants worldwide. Through strategic partnerships
with banks, ISPs, e-commerce product suppliers, system integrators and
storefront solution providers, First Ecom.com will process electronic payment
transactions in multiple currencies, either domestically or offshore in a
tax-neutral jurisdiction. In addition, First Ecom provides end-to-end solutions
to enable banks to process internally.

For more information, visit http://www.firstecom.com or contact First Ecom.com
at +(852) 2801-5181 or by e-mail at info@firstecom.com.

About Gasco Energy
Gasco Energy, Inc. is a Denver based natural gas and oil exploration company,
trading on the NASD-OTC BB under the symbol GASE 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, as well as
properties in California.

For more information about Gasco please contact John Foulkes or Peter Forward
toll free at 800-645-9254 or visit http://www.gascoenergy.com.

Certain statements contained herein are "forward-looking" statements (as such
term is defined in the Private Securities Litigation Reform Act of 1995).
Because such statements include significant risks and uncertainties, actual
results may differ materially from those expressed or implied by such
forward-looking statements