DENVER, Dec. 11, 2012 /PRNewswire/ -- Gasco Energy, Inc.
(NYSE MKT: GSX) ("Gasco" or the "Company") today announced that on
December 6, 2012, it received notice
from the NYSE MKT LLC (the "Exchange") indicating that the Company
does not satisfy the continued listing standards of the Exchange
set forth in Section 1003(f)(v) of the NYSE MKT LLC Company Guide
(the "Company Guide") because the Company's common stock has traded
at a low price per share for a substantial period of time.
The Company has not yet determined what action, if any, it will
take in response to this notice. In the notice, the Exchange
predicates the Company's continued listing on the Exchange on the
Company effecting a reverse stock split of its common stock by
June 6, 2013.
There can be no assurance that the Company will be able to
achieve compliance with the Exchange's continued listing standards
within the required time frame. If the Company is not able to
regain compliance with the continued listing standards by the end
of the specified period, the Company will be subject to delisting
procedures as set forth in the Company Guide.
About Gasco Energy
Denver-based Gasco Energy, Inc.
is a natural gas and petroleum exploitation, development and
production company engaged in locating and developing hydrocarbon
resources, primarily in the Rocky Mountain region and in
California's San Joaquin
Basin. Gasco's principal business is the acquisition of
leasehold interests in petroleum and natural gas rights, either
directly or indirectly, and the exploitation and development of
properties subject to these leases. Gasco focuses its
drilling efforts in the Riverbend Project located in the Uinta
Basin of northeastern Utah,
targeting the oil-bearing Green River Formation and the natural
gas-prone Wasatch, Mesaverde,
Blackhawk, Mancos, Dakota and Morrison formations. To learn more,
visit http://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 meaning 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
Gasco's future compliance with the Exchange's continued listing
standards, are forward-looking statements. These statements
express, or are based on, management's current expectations and
forecasts about future events. In addition, forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "may," "will," "should,"
"would," "could," "expect," "intend," "project," "estimate,"
"anticipate," "plan," "believe," "foresee," or "continue" or the
negative thereof or similar terminology.
Although any forward-looking statements contained in this press
release or otherwise expressed by us are to the knowledge and in
the judgment of management, believed to be reasonable when made,
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 and may be affected
by inaccurate assumptions, and known and unknown risks and
uncertainties (some of which are beyond Gasco's control), that may
cause Gasco's actual actions, performance and financial results in
future periods to differ materially from any expectation,
projection, estimate or forecasted result. Some of the key
factors that may cause actual results to vary from those Gasco
expects include Gasco's ability to maintain adequate cash flow from
operations or obtain adequate financing to fund its operations and
meet working capital needs and its related ability to continue as a
going concern; the ability to pursue strategic restricting,
refinancing or other transactions; the ability to remain in
compliance with the terms and conditions of our outstanding
convertible senior notes and warrants; the ability to maintain
relationships with suppliers and customers; volatility and recent
declines in Gasco's stock price; overall demand for natural gas and
oil in the United States;
the 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; competition from other companies with greater resources;
environmental and other government regulations, including new or
proposed legislation; defects in title to properties; increases in
Gasco's cost of borrowing or inability or unavailability of capital
resources or cash flow from operations to fund capital
expenditures; changes in general economic conditions in
the United States; Gasco's ability
to manage interest rate and commodity price exposure; the condition
of credit and capital markets in the
United States; and other risks described in (1) Part I,
"Item 1A–Risk Factors," "Item 7–Management's Discussion and
Analysis of Financial Condition and Results of Operations," "Item
7A–Quantitative and Qualitative Disclosure About Market Risk" and
elsewhere in Gasco's Annual Report on Form 10-K for the year ended
December 31, 2011 and (2) Gasco's
other reports and registration statements filed from time to time
with the SEC, including its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2012.
Any of these factors could cause Gasco's actual actions or
results to differ materially from those implied by these or any
other forward-looking statements made by Gasco. Gasco cannot
assure you that its future actions and results will meet its
expectations. When you consider these forward-looking
statements, you should keep in mind these factors. All
subsequent written and oral forward-looking statements attributable
to Gasco are expressly qualified in their entirety by these
factors. Gasco's forward-looking statements speak only as of
the date made. Gasco assumes no duty to update or revise its
forward-looking statements based on changes in internal estimates
or expectations or otherwise.
SOURCE Gasco Energy, Inc.