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Gasco Energy Management Discusses Q2 2012 Results - Earnings Call Transcript

Existing and prospective investors are cautioned not to place undue reliance on forward-looking statements, which only speak as of the date hereof. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Now, I'll turn the call over to King Grant, our CEO and President, for some introductory remarks.

W. King Grant

Thank you, Peggy. Good morning, everyone, and thanks for participating in today's conference call. Peggy and I are joined by Mike Decker, our Chief Operating Officer, who will cover operations.

With the closing of our Uinta Basin transaction and unlining of our derivative contract and maturity and retirement in our revolving line of credit, our financial business unit is out with Gasco. Our cash position was $5.1 million at June 30, 2012. Our working capital was $6.8 million. Since June 30, our cash has increased $1 million to $6.1 million today.

Our long-term debt consists solely of the $45 million 5 1/2% convertible notes due 2015. We plan to replace our recently matured revolving line of credit, which is a reserve back line with the new facility, which we're currently working to identify.

We are gearing up our drilling program, which as we previously described is weighted towards the second half of the year. We opted to delay drilling, especially for natural gas until gas prices shows some indication of recovery.

Our Green River oil program is in permitting, and we are optimistic that we'll be able to spud the first 6 wells early in the fourth quarter.

With respect to the natural gas markets, we are seeing signs of price recovery. The second quarters are some of the lowest prices we received in the past 12 months for sales of our natural gas.

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