New CEO, Chairman At Gasco Energy

By Denver Business Journal

Gasco Energy Inc. has completed its previously announced leadership changes, with CEO Charles B. "Chuck" Crowell stepping down from that post.

Also, W. King Grant, previously Gasco's president and CFO, has succeeded Crowell as CEO. Grant, who has been an executive with Gasco since 2001, joined the board last September.

Crowell has succeeded Mark A. Bruner as board chairman.

The changes at the Arapahoe County-based oil and gas company (NYSE Amex: GSX) took effect Saturday.

"Under King's leadership and direction, Gasco and its shareholders can expect continued sound management of the company's financial position and its assets," Crowell said in a statement.

Other Gasco executives: Mike Decker, COO; Chuck Wilson, vice president of operations; and Peggy Herald, vice president and treasurer, who will now serve as Gasco's principal financial officer.

Gasco is focused mainly on Utah's Uinta Basin and also has California oil projects.

"Chuck and I will continue to work together to generate new oilfield opportunities for Gasco, while maintaining the fiscal discipline that is essential to our success," Grant said. "Mike Decker and I plan to improve the company's visibility on the Street by actively participating in industry conferences and by interacting with analysts and investors to further the Gasco story in 2011."

Gasco reported a third-quarter 2010 net loss of $5.3 million, or 5 cents a share, versus a loss of $2.9 million, or 3 cents a share, a year earlier. But it posted a profit of $12.9 million, or 12 cents a share, for the first three quarters of 2010.

Gasco, which had been notified in 2009 that it was out of compliance with NYSE Amex listing rules that set minimum stockholder equity levels and maximum numbers of recent fiscal years with net losses, said last November that it had regained compliance with NYSE Amex for continued listing.

The stock opened Monday at 35 cents. Shares have been trading at under $1 a share since October 2008, down from a high of $7.09 in early 2006.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/denver/news/2011/01/03/gasco.html?ana=thestreet

Copyright bizjournals.com 2010

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