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Decent production results in my opinion.

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OilStockReport   Monday, 11/08/10 01:35:04 AM
Re: OilStockReport post# 311
Post # of 897 



Decent production results in my opinion.


Quote:
Gasco furnished a detailed operations update on October 12, 2010. Year-to-date, the Company has successfully performed up-hole recompletions on 16 gross wells (4.7 net) wells and commenced initial completion operations on one Mancos well.

Estimated cumulative net production for the quarter-ended September, 30 2010 was 1,140 million cubic feet of natural gas equivalent (MMcfe), as compared to 1,044 MMcfe in the year-ago period, a 9% increase. Included in the third quarter 2010 equivalent calculation are 11,019 barrels of liquid hydrocarbons (BO), as compared to same-period 2009 volumes of 10,477 BO, a 5% increase. Sequentially, Gasco posted a1% decrease in net production when compared to second quarter 2010 net production of 1,152 MMcfe. Net production changes are attributed to normal production declines in existing wells, which are partially offset by the completion of new wells and recompletions of existing wells.

Estimated cumulative net production for the first nine months of 2010 was 3,292 MMcfe, as compared to 3,485 MMcfe in the year-ago period, a 6% decrease. Included in the 2010 nine-month period equivalent calculation is 32,378 BO, as compared to same-period 2009 volumes of 33,147 BO, a 2% decrease. Natural gas represented approximately 94% of Gasco’s product mix for both the 2010 third quarter and nine-month reporting periods, unchanged from the prior-year periods.



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