Gasco Energy Provides Production and Operations Update
January 04 2005 - 9:00AM
PR Newswire (US)
Gasco Energy Provides Production and Operations Update Sequential
Monthly Production Rises 20% DENVER, Jan. 4 /PRNewswire-FirstCall/
-- Gasco Energy, Inc. (AMEX:GSX) today provided an interim
production and operations update on its Riverbend Project in Utah's
Uinta Basin. Monthly Production Estimated cumulative monthly
production for December 2004 was 200.2 million cubic feet
equivalent (MMcfe) gross, or 49.9 MMcfe net. This is a 20.0%
increase from November cumulative gross production of 166.8 MMcfe
and a 20.2% increase from November net production of 41.5 MMcfe.
Production increases, partially offset by normal production
declines in existing wells, are attributed to the completion of a
new well as described below, and to the November completion of the
Riverbend gathering system expansion and compression upgrades.
Drilling Activity Gasco is currently drilling its twelfth well
spudded during fiscal year 2004, the Federal 31-21 (GSX: 22.5% -
30% WI). It is the final well spudded in 2004 and is being drilled
with the company's third rig, which was recently contracted from
Nabors Industries. The Federal 31-21 is located in Gasco's
Riverbend Area and is intended to test the Wasatch, Mesaverde and
the Blackhawk formations to a proposed total depth of 12,890 feet.
In addition, Gasco's other two drilling rigs are moving onto
location to commence drilling the Gate Canyon 41-19 (GSX: 75% -
100% WI) well and the State 24-16 (GSX: 30% WI). Both wells are
intended to test the Wasatch, Mesaverde and Blackhawk formations.
Completion Activity During December 2004, Gasco completed one well,
the Federal 21-6 which was completed in the Blackhawk Formation. At
the end of December 2004, two wells, the Federal 22-30 and the
Federal 41-3, awaited completion. 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
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 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. 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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