News 
Market Data 
Discover
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
GSXN Daily Chart___>
|
Followers
|
37
|
Posters
|
|
|
Posts (Today)
|
0
|
Posts (Total)
|
897
|
|
Created
|
10/16/05
|
Type
|
Free
|
| Moderators | |||
Denver-based Gasco Energy, Inc. (NYSE MKT: GSX) is a natural gas and oil exploitation and development company focused on natural-gas-rich prospects in the Rocky Mountain area of the United States, specifically in Utah's Uinta Basin. Additional exploration leasehold is located in California and Nevada.
The Company's principal business strategy is to enhance stockholder value by using technologies new to a specific area to generate and develop high-potential exploitation resources in this area. 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 currently focuses its efforts in the Riverbend Project located in the Uinta Basin of northeastern Utah, targeting the Wasatch, Mesaverde and Blackhawk, Mancos and Dakota/Morrison gas bearing formations and the oil-prone Green River Formation. As of December 31, 2011, Gasco held interests in 184,612 gross acres (86,178 net acres) located in Utah, California and Nevada.
The Rockies represent the largest untapped, drillable potential for natural gas supply in North America. The Potential Gas Committee (PGC) estimates ultimate recovery of total gas reserves in the Rockies at 230 trillion cubic feet, excluding coalbed methane. The PGC estimates the greatest potential for non-associated natural gas in the Rocky Mountain region is concentrated in southwestern and south-central Wyoming, adjacent northwestern Colorado and northeastern Utah. This region includes the Uinta, Piceance and Greater Green River Basins.
ABOUT GASCO ENERGY | Management
Gasco's highly qualified management and technical team has extensive industry experience and a proven track record in oil and gas exploitation and development. The team has successfully developed several "early stage" oil and gas companies in the U.S. and Canada.
ABOUT GASCO ENERGY | Directors
Gasco Energy is committed to providing expertise to enhance the reputation and governance of the company through its Board of Directors.
| Charles B. Crowell | ||||||||||||
Chairman of the Board of Directors
|
| Denver-based Gasco Energy (NYSE MKT: GSX) is an independent exploitation and production company focused on developing tight gas sands in the United States Rocky Mountains. The Company's primary project is in the prolific hydrocarbon-bearing Uinta Basin of Utah. SEC-defined proved reserves at December 31, 2011 were 19.9 Bcfe, 100% of which were in Utah, 92% were natural gas and 100% were proved developed.
Gasco's 2012 initial capital expenditure budget ("Capex") is $5.0 million for oil and gas activities. In the Uinta Basin, the Company is allocating approximately $3.6 million for the drilling and completion of seven gross (1.3 net) new Green River Formation oil wells and six gross (2.0 net) new-drill natural gas wells. The Uinta drilling program is expected to commence during the third quarter of 2012.
The Company has allocated an additional $1.4 million to progress its exploration program, principally focusing on its California projects, including ongoing leasing and seismic acquisition. The Company expects that the Capex budget will be funded primarily from cash on hand and cash flow from operations. The 2012 Capex budget is subject to market conditions, drilling results, oilfield service availability, and commodity prices. The 2012 Capex does not include any promotes or carries in its California projects. |
In December 2011, Gasco began drilling two 50% working interest wells to test the productive potential of the oil-prone Green River Formation. The Federal 34-19 was successfully completed in three stages and the Federal 23-30 was successfully completed in four stages. The Federal 34-19G and the Federal 23-30G had initial seven-day average rates of 67 BOPD and 50 BOPD, respectively. The wells continue to produce as expected.
Based on the early success of these Green River wells, Gasco plans to drill seven gross (1.3 net) new Green River wells in its 2012 capital expenditure program.| As of December 31, 2011, Gasco's leasehold interest in the San Joaquin Basin is approximately 37,959 gross acres (14,603 net) in Kern and San Luis Obispo Counties of Southern California. Leasehold rental payments and geological expenses are current in order to preserve the acreage positions. The Company is actively marketing these prospects to attract drilling partners for further exploration of the area. The project is in close proximity to the Midway-Sunset and Belgian Anticline oil fields which combined have cumulative production in excess of 2 billion barrels of oil.
Below is a description of the various projects in this area as of April 2012: Northwest McKittrick. The operator of this shallow oil prospect continues to work with the applicable California state agencies to acquire the appropriate permits. Progress has been slowed due to California state budget issues and forced furloughs affecting the regulatory agencies. While some progress has been made, final approval is still pending from Federal and California agencies. Willow Springs. The operator of this oil prospect has drilled and reached total depth on the initial well. The operator has run a seven inch liner to total depth with the intent of testing the well. It is anticipated that the well will be tested within the next 45 to 60 days. Antelope Valley. The operator of these oil and liquids-rich prospects is currently processing and interpreting the 3-D seismic data over the Antelope Valley prospects. Our agreement with the operator requires that the initial earning well be spud during the first half of 2012. S.W. Cymric. In Q1-12, the S.W. Cymric prospect, featuring both shallow and deep oil and gas potential pay horizons, was sold for a prospect fee of $750,000 and includes a best-efforts drilling commitment subject to seismic evaluation. Gasco will be carried for a 20% working interest in the first well. San Joaquin Basin. We continue to develop new prospects and acquire acreage along the west side of the San Joaquin Basin. The new prospects are a continuation of the structural and stratigraphic geologic model that we have been working on for the past nine years that has yielded recent success along the west side as demonstrated by discoveries and field development by other operators with similar geologic models. |
| Market Value1 | $12,255,949 | a/o Feb 01, 2013 |
| Shares Outstanding | 169,749,981 | a/o Nov 14, 2012 |
| Float | Not Available | |
| Authorized Shares | Not Available | |
| Par Value | 0.0001 |
| Shareholders of Record | 323 | a/o Mar 04, 2008 |
http://www.otcmarkets.com/stock/GSX/company-info
AI
