Gasco Energy Announces Amended Credit Agreement
July 07 2009 - 4:15PM
PR Newswire (US)
DENVER, July 7 /PRNewswire-FirstCall/ -- Gasco Energy (NYSE Amex:
GSX) today announced an amendment to its Credit Agreement led by
JPMorgan. Amended Credit Agreement On July 6, 2009 Gasco entered
into the Fourth Amendment to the Company's Credit Agreement with
the lenders (the "Lenders") thereunder pursuant to which the Credit
Agreement was amended, among other things, to delay the special
redetermination of the Company's borrowing base previously
scheduled to occur on or about June 30 2009, to on or about August
31, 2009. Should there be a borrowing base deficiency after the
special redetermination, the Company will have 30 days to eliminate
any such deficiency. The scheduled special redetermination is in
addition to the regular redeterminations and special
redeterminations available at the request of the Company or the
Lenders. The Company's borrowing base of $35 million was unaltered
by the Fourth Amendment. About Gasco Energy Denver-based Gasco
Energy, Inc. is natural gas and petroleum exploitation, development
and production company engaged in locating and developing
hydrocarbon resources, primarily in the Rocky Mountain region.
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 currently focuses its drilling
efforts in the Riverbend Project located in the Uinta Basin of
northeastern Utah, targeting the 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 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 Gasco'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 Gasco, 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 Gasco'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 Gasco 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; fluctuations in natural gas and oil
prices; pipeline constraints; overall demand for natural gas and
oil in the United States; changes in general economic conditions in
the United States; our ability to manage interest rate and
commodity price exposure; changes in the Company's borrowing
arrangements; the condition of credit and capital markets in the
United States; and other risks described under "Risk Factors" in
Item 1 of the Company's Annual Report on Form 10-K for the year
ended December 31, 2008 filed with the Securities and Exchange
Commission on March 4, 2009. Any of these factors could cause our
actual results to differ materially from the results implied by
these or any other forward-looking statements made by us or on our
behalf. We cannot assure you that our future results will meet our
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 the Company, or
persons acting on its behalf, are expressly qualified in their
entirety by these factors. Our forward-looking statements speak
only as of the date made. The Company assumes no duty to update or
revise its forward-looking statements based on changes in internal
estimates or expectations or otherwise. DATASOURCE: Gasco Energy,
Inc. CONTACT: Investor Relations of Gasco Energy, Inc.,
+1-303-483-0044 Web Site: http://www.gascoenergy.com/
Copyright