DENVER, June 6, 2012 /PRNewswire/ -- Gasco Energy, Inc.
(NYSE Amex: GSX) today provided an interim operations update on its
California projects in the
San Joaquin Basin.
California Projects Update
Willow Springs
In Gasco's Willow Springs Prospect, the partners have completed
testing the deepest objective in this well bore which features
additional up-hole pay potential. Oil was produced from the
deepest objective, however, hydrocarbon quantities were deemed
uneconomic. There is a completion rig on location which is
preparing to move up the well bore to test the next potential pay
horizon. Testing of the deepest objective did confirm the
presence of a structure which helps confirm the Company's geologic
model. Initial wireline log analysis indicated potential
additional zones of interest uphole. Testing in the
next pay horizon should be undertaken in the near future.
Gasco looks forward to updating investors on the well's
progress when it receives further
information.
"The initial Willow Springs
exploratory well has the potential to encounter various pay
horizons," said King Grant, Gasco's
President and CEO. "The deep results do not condemn the
deeper horizon, instead they confirm a structural trap which is
consistent with our belief that hydrocarbons are present and exist
in structural traps in deeper parts of the San Joaquin Basin.
We are encouraged by the uphole pay potential in the current well
bore, and by the information gained from the initial well."
NW McKittrick
The operator of the NW
McKittrick shallow oil prospect has advanced the permitting
process with the applicable California state and US federal
agencies. Spudding of the first well, based upon final permit
approval, is expected to occur later this year.
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 Gasco's website at 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 financial position, potential resources, business
strategy, budgets, projected costs and plans and objectives of
management for future operations, are forward-looking statements.
These statements express, or are based on, management's
expectations about future events. In addition, forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "may," "will," "should,"
"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 are to the knowledge or in the judgment of the officers and
directors of Gasco, believed to be reasonable under the
circumstances, 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
assumptions which may be inaccurate, and known and unknown risks
and uncertainties (some of which are beyond Gasco's control), 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 the
consummation of recently announced asset sales or transactions on a
timely basis; 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 to fund capital expenditures; pipeline constraints;
overall demand for natural gas and oil in the United States; changes in general economic
conditions in the United States;
Gasco's ability to manage interest rate and commodity price
exposure; changes in Gasco's borrowing arrangements; 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 filed with the SEC
on March 28, 2012, and (2) Gasco's
reports and registration statements filed from time to time with
the SEC.
Any of these factors could cause Gasco's actual results to
differ materially from the results implied by these or any other
forward-looking statements made by Gasco or on its behalf.
Gasco cannot assure you that its future 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, or persons acting on its behalf, 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.