EXHIBIT 99.2
PRESS RELEASE DATED DECEMBER 23, 2003
GASCO
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ENERGY
NEWS RELEASE / FOR RELEASE AT 9:15 AM EST ON TUESDAY, DECEMBER 23, 2003
GASCO ENERGY PROVIDES ADDITIONAL RIVERBEND ACTIVITY UPDATE
DENVER - (PR Newswire) - December 23, 2003 - Gasco Energy, Inc. (OTC BB: GASE)
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)
Additonal 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.
Contact for Gasco Energy, Inc.: Investor Relations: 800-645-9254
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