EXHIBIT 99.1
2
Gasco
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Energy
For Release at 7:00 AM EST on Monday, January 24, 2005
GASCO ENERGY EXPECTS PRELIMINARY RESERVE ESTIMATES TO EXCEED
40 BILLION CUBIC FEET EQUIVALENT
DENVER - January 24, 2005 - Gasco Energy (AMEX: GSX) today announced that it
expects preliminary year-end 2004 reserve estimates to exceed 40 billion cubic
feet equivalent of natural gas. This compares to year-end 2003 proved reserves
of 14.2 Bcfe. Proved reserve estimates, engineered by Netherland Sewell and
Associates, Gasco's independent, third-party reservoir engineering consultants,
should be available in early February.
The preliminary reserve estimates are provided in advance of a Gasco marketing
trip during which management will be meeting with sell-side analysts and
institutional investors during the week of January 24, 2005. Slides used during
the presentations can be accessed at www.gascoenergy.com on the morning of
January 24, 2005.
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
Item 8.01 of the Company's Current Report on Form 8-K filed with the Securities
and Exchange Commission on October 14, 2004.
Contact for Gasco Energy, Inc.: Investor Relations: 303-483-0044
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