Gasco Energy Provides Second Quarter 2009 Operations Update
July 13 2009 - 8:30AM
PR Newswire (US)
DENVER, July 13 /PRNewswire-FirstCall/ -- Gasco Energy, Inc. (NYSE
Amex: GSX) today provided an interim operations update on its
Riverbend Project in Utah's Uinta Basin. Quarterly Production
Estimated cumulative net production for the quarter ended June 30,
2009 was 1,197 million cubic feet equivalent (MMcfe), a decrease of
8.3% over second quarter 2009 production of 1,306 MMcfe. The
year-over-year decline is normal production decline expected from
existing wells. Gasco Energy Net Production Detail Three-months
Six-months Ended Ended June 30, June 30, % June 30, June 30, %
2009* 2008 Change 2009* 2008 Change Natural Gas / MMcf 1,120 1,233
(9.2%) 2,349 2,271 3.4% Oil / MBbls 12.8 12.1 5.8% 23.0 19.8 16.2%
Natural Gas Equivalents / MMcfe 1,197 1,306 (8.3%) 2,486 2,390 4.0%
*Includes preliminary production estimates for the second quarter
of 2009 Drilling and Completion Activity During the quarter, Gasco
did not spud any new wells, conducted no initial completion
operations and did not re-enter any behind-pipe pay zones. The
Company did perform limited workover operations on certain Green
River Formation oil wells to enhance oil production during the
improved oil prices received during the quarter. At June 30, 2009,
Gasco operated 130 gross wells. The Company currently has an
inventory of 32 operated wells with up-hole recompletions and has
four Upper Mancos wells awaiting initial completion activities. Due
to low gas prices in the Rockies, for 2009 the Company is delaying
completion and recompletion operations until natural gas prices
improve. Gate Canyon State #23-16 The Gate Canyon State #23-16
well, which has been producing for more than four months, came on
at an initial production rate of 5.7 million cubic feet of natural
gas per day (MMcf/d) flowing up 5 1/2" casing while cleaning up
frac fluid. The well averaged 3.2 MMcf/d and 2.6 MMcf/d for the
first 30 and 60 days, respectively. After four months, the well is
still averaging 1.2 MMcf/d. Second Quarter 2009 Financial and
Operating Results Gasco expects to announce its second quarter
results after the close of trading on August 4, 2009. The Company
will schedule a conference call to discuss second quarter
operational and financial results on August 5, 2009, the details of
which will be announced at a later date. 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 forwardlooking 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, forwardlooking 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 each of 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/
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