Gasco
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Enegy
News Release / For Release at 9:00 AM EST on Thursday, November 6, 2003
GASCO UPDATES RIVERBEND PROJECT OPERATIONS
DENVER - (PR Newswire) - November 6, 2003 - Gasco Energy, Inc. (OTCBB: GASE)
today announced the commencement of completion operations on two wells in its
Riverbend Project; the Lytham Federal 22-22 and the Federal 32-31. The wells'
completion costs have been reduced by as much as 40% from historical levels.
Gasco is financing a portion of the completion costs of these wells. Gasco's
interests in the production streams from the two wells are expected to be
approximately 70% and 80%, respectively, depending on its proportionate share of
the actual final costs for the completed wells.
Gasco has also scheduled two recompletions to commence in mid-November. The
Federal 42-29 & Federal 23-21 will be recompleted uphole in the upper Mesaverde
and Wasatch formations which were not perforated during the initial completions.
Gasco owns a 30% working interest in each of these wells.
"We have spent the last few months carefully working on transactions intended to
strengthen Gasco's balance sheet and accelerate development of our Riverbend
project," said Mark Erickson, Gasco's President and CEO. "We ended October with
$4.7 million in cash and we are excited to be able to begin investing these
monies in new production. This activity will further demonstrate the success we
are enjoying in Utah. We look forward to updating investors on the results of
these operations as well as our drilling plans for 2004."
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.
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.