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Gasco Energy Provides Update On Green River Oil Wells; Willow Springs Well To Spud Prior To Year-end

Stocks in this article: GSX

DENVER, Dec. 13, 2011 /PRNewswire/ -- Gasco Energy, Inc. (NYSE Amex: GSX) today provided an interim operations update on recent Green River oil well activity in its Riverbend Project in Utah's Uinta Basin.

Green River Oil Formation Drilling Activities

Gasco recently reached total depth of 5,574 feet in the Green River Formation on the Federal #34-19G-9-19 [100% working interest (WI) / 80% net revenue interest (NRI)].  The second Green River well, the Federal #23-30-G-9-19 (100% WI / 76.8% NRI), also recently reached total depth of 5,473 feet in the Green River Formation. 

Both wells, which are Gasco-operated, were successfully drilled in approximately five days and encountered oil shows while drilling and Green River Formation oil pay as anticipated by the Company.  Preliminary log analysis for both wells indicates reservoir quality sands within the Green River interval.  Production casing has been run on the first well and is currently being run on the second well.  Gasco will release the rig once casing operations are completed.     

Completion operations for the wells, which will be completed successively, are scheduled to commence in early January 2012.  The Company expects to announce the initial production rates of the two wells after it has fracture stimulated each of the wells and has completed production testing after flowing back frac fluids.

California Projects Update

Gasco also today announced that its partner in its Willow Springs Prospect has informed the Company that it intends to spud the first of two earning wells (Gasco carried for 20% WI) in December 2011.  The Willow Springs Prospect is a faulted anticline located below the McKittrick thrust fault, as interpreted from well data and reprocessed seismic lines.  Several wells with oil and gas shows have been drilled into the downdip portions of the anticline, but none have tested the traps near their structural highs. 

Management Comment

"We are pleased to have successfully reached total depth on our first two new-drill Green River oil wells," said King Grant, Gasco's CEO and President.  "Drilling operations were conducted efficiently and the oil shows and pay we encountered are typically positive indicators for commercial wells.  We can only determine the well's success and estimated ultimate recoveries once we have finished with our fracture stimulation and completion operations.  Given the overall tightness in fracture stimulation services, we are pleased to have secured our early January 2012 frac dates. 

"Having drilling activity in the Willow Springs Prospect is also a positive development for Gasco and its shareholders.  The high-graded location was selected after thorough 3-D seismic processing and interpretation to ensure the best chance for finding hydrocarbons in economic quantities."   

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