Gasco
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Eneryg

News Release / For Immediate Release on Thursday, October 23, 2003

                 GASCO ANNOUNCES $2.7 MILLION PRIVATE PLACEMENT

DENVER - (PR Newswire) - October 23, 2003 - Gasco  Energy,  Inc.  (OTCBB:  GASE)
today  announced  the sale  through a private  placement  of  approximately  4.7
million shares of common stock to a group of accredited previous investors.  The
Company  raised a total of $2.7  million at a common  share price of $0.58.  The
price was determined by taking 97 percent of the 20-day average closing price of
Gasco's  common  stock for the period  ending  October 17,  2003.  There were no
warrants or other  financial  instruments  attached to this  placement of common
shares.  Offering  expenses  totaled  $15,000 and were associated with legal and
administrative fees.

Proceeds from the private  placement will be used to accelerate the  development
and  exploitation  of Gasco's  Riverbend  Project  in the Uinta  Basin in Uintah
County, Utah, and for general corporate purposes.

The shares sold in this private  placement  have not been  registered  under the
Securities  Act of 1933  and may not be  offered  or sold in the  United  States
absent registration or an applicable exemption from registration requirements.

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 in the Greater  Green  River Basin of Wyoming.  To learn more,
visit www.gascoenergy.com.