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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
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.
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."
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 EnergyDenver-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
Mancos, Dakota and
Morrison formations. To learn more, visit Gasco's website at
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.