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GSX!!!$$$ - Hey Dr.D GSX will most likely release the production data for the 4th quarter of 2012 sometime from Monday Jan 14th to Friday Jan 18th. Updates concerning permits for the Green River oil tests should be announced.
glty
This stock is moving! Wish I knew why. Any ideas? Have owned this since 2004 at $3.18. Added to my position lately, but, my average is still $0.40 (bloody hands). Sense that something is happening and this stock will continue up.
Dr. Doug
Looks like risk here are the convertibles. They might want to pop it first so they can really kill it ; )
Shoul do .11ish or so.. Risk is new lows
Does anyone have any ideas on what is going on with this stock? There was news on Ameritrade on GSX that I did not understand.
Dr. Doug
- Current report filing (8-K)
Print
Alert
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 6, 2012
GASCO ENERGY, INC.
(Exact name of registrant as specified in its charter)
Nevada
001-32369
98-0204105
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
7979 E. Tufts Avenue, Suite 1150, Denver, Colorado 80237
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (303) 483-0044
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On December 6, 2012, Gasco Energy, Inc. (the “Company”) received notice from NYSE MKT LLC (the “Exchange”) indicating that the Company does not satisfy the continued listing standards of the Exchange set forth in Section 1003(f)(v) of the NYSE MKT LLC Company Guide (the “Company Guide”) because the Company’s common stock has traded at a low price per share for a substantial period of time. The Company has not yet determined what action, if any, it will take in response to this notice. In the notice, the Exchange predicates the Company’s continued listing on the Exchange on the Company effecting a reverse stock split of its common stock by June 6, 2013.
There can be no assurance that the Company will be able to achieve compliance with the Exchange’s continued listing standards within the required time frame. If the Company is not able to regain compliance with the continued listing standards by the end of the specified period, the Company will be subject to delisting procedures as set forth in the Company Guide.
Item 7.01 Regulation FD Disclosure.
The Company issued a press release on December 11, 2012, announcing that it had received notice from the Exchange indicating that it does not satisfy the continued listing standards of the Exchange. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
In accordance with General Instruction B.2 of Form 8-K, the information presented herein under Item 7.01 and set forth in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information and Exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
Press Release dated December 11, 2012.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
Gasco Energy, Inc.
Date: December 12, 2012
By:
/s/ W. King Grant
Name:
W. King Grant
Title:
President and Chief Executive Officer
3
Exhibit Index
Exhibit No.
Description
99.1
Press Release dated December 11
Latest Gasco Energy, Inc., GSX Messag
You think?I think your wrong but that is only my opinion.
"With modest capital expenditures for our oil well workover program, field personnel are improving production in advance of our new-drill program and we have an additional 10 oil wells to workover," said King Grant, Gasco's president and CEO. "Our plans are dependent upon securing both a drilling rig and the necessary well permits to begin drilling our new-drill Green River program. We still expect the program to commence in late Q4-12, however, it could begin early in the first quarter 2013. Either way, we are benefitting from sustained strong oil prices and an improving natural gas market, each of which we expect to continue into 2013."
¨Crude oil volumes for Q3-12 represent a 15% increase, as compared to Q2-12 crude oil volumes. ¨
That's good
YOU, GOT THAT RIGHT, OLD PUKY.
Gasco Energy Provides Third Quarter 2012 Operations Update
- 15% Uinta Basin oil production growth from the prior quarter
Oct 23, 2012 4:18:00 PM
DENVER, Oct. 23, 2012 /PRNewswire/ -- Gasco Energy, Inc. (NYSE MKT: GSX) ("Gasco" or the "Company") today provided an interim operations update on its Riverbend Project in Utah's Uinta Basin and on its California projects in the San Joaquin Basin.
Riverbend Project Operations Update
Quarterly Production
Estimated cumulative net production for the quarter ended September 30, 2012 was 545 million cubic feet equivalent (MMcfe). By commodity for Q3-12, Gasco reported net crude oil volumes of 4,854 barrels and net natural gas volumes of 516 MMcf. Crude oil volumes for Q3-12 represent a 15% increase, as compared to Q2-12 crude oil volumes.
During Q1-12, Gasco conveyed a 50% interest in certain of its Uinta Basin properties to its joint venture partner concurrent with the March 22, 2012 closing of the joint venture. Q3-12 is the second full reporting period in which Gasco's Uinta Basin net production reflects this conveyance under the terms of the Gasco-operated joint venture. Due to the 50% interest conveyance, operational and financial results for the three-month and nine-month periods ended September 30, 2012 are not similarly comparable to the same periods ended September 30, 2011. The Uinta Basin accounts for 100% of Gasco's production.
Gasco Energy Net Production Detail*
Three-months
Ended
Nine-months
Ended
Period-over-Period Comparison
Sept.
30,
2012**
Jun.
30,
2012
Seq.
Quarterly
Chg.
Sept.
30,
2011
Sept.
30,
2012**
Sept.
30,
2011
Natural Gas / MMcf
516
563
-8%
880
1,911
2,824
Oil / Bbls
4,854
4,209
15%
8,424
18,484
28,902
Natural Gas Equivalents / MMcfe
545
588
-7%
930
2,022
2,997
*Due to the 50% interest conveyance, net production volumes for the three-month and nine-month periods ended September 30, 2012 are not similarly comparable to the same periods ended September 30, 2011.
**Includes preliminary production estimates for Q3-12 and the nine-month period ended September 30, 2012 and reflects Gasco's 50% interest in its Uinta Basin joint venture effective as of March 22, 2012.
Green River Oil Well Workover Program
During the third quarter 2012, Gasco implemented a workover program to target by-passed oil in older Wasatch / Mesaverde wells and Green River oil wells. Since the third quarter, Gasco engineers have performed five workovers in the Green River Formation which have yielded a per-well average of a 15% to 20% increase in net oil production, as compared to rates recorded prior to the well workovers. Average daily net oil production has improved by 43%, to recent rates of 76 barrels of oil per day (BOPD) in September 2012, from 53 BOPD in April 2012.
The workover program presents a low-cost opportunity to boost oil production in advance of the new-drill Green River oil program that is expected to commence later in the fourth quarter of 2012 or early first quarter of 2013, depending on rig availability. The Company continues to identify wells suitable for by-passed oil workovers, and has identified an additional 10 wells for workover activities and further production enhancement.
Q4-12 Drilling Plans
Gasco plans to commence its Uinta Basin drilling and completions program during the fourth quarter of 2012 or early first quarter of 2013. The six-well program is in the final stages of permitting and the Company expects to receive the permits during November. Gasco recently staked five additional, high-graded Green River oil well locations that are in process of having drilling applications submitted to the regulatory agencies. The Company is also in the process of permitting its Uinta Basin natural gas well program.
Management Comment
"With modest capital expenditures for our oil well workover program, field personnel are improving production in advance of our new-drill program and we have an additional 10 oil wells to workover," said King Grant, Gasco's president and CEO. "Our plans are dependent upon securing both a drilling rig and the necessary well permits to begin drilling our new-drill Green River program. We still expect the program to commence in late Q4-12, however, it could begin early in the first quarter 2013. Either way, we are benefitting from sustained strong oil prices and an improving natural gas market, each of which we expect to continue into 2013."
California Projects Update
Northwest McKittrick
Gasco controls 599 gross (120 net) acres in the Northwest McKittrick project that hold net unrisked prospect potential of approximately 3 million barrels of oil. The operator of the Northwest McKittrick project has received the necessary permits to drill the first earning well. The drilling design is being finalized, and Gasco understands from the operator that the well is expected to be spudded before year end, which is consistent with previous disclosure regarding Northwest McKittrick timing.
Antelope Valley Trend
The 3D seismic continues to be processed and is undergoing ongoing evaluation. The first Antelope Valley test well is expected to be spud before July 2013.
About Gasco Energy
Denver-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 Wasatch, Mesaverde, Blackhawk, Mancos, Dakota and Morrison formations. To learn more, visit Gasco's website at www.gascoenergy.com.
unforgettably we have a useless president that hates business
All valid points IMO. The natural gas E & P companies have no choice but to cut back and most of the smart management teams already have and are expanding their oil production operations.
Cut back new production and prices will begin a steady ascend but the focus should be on LNG and exporting it to Europe and Asia where prices are 3-4x what they are here. The government seems to be on barely taking any notice to that based on news clippings I have read recently.
Personally I only really get excited over oil plays but will jump on opportunity when it presents itself. Such as $CHK over the last few months and $UNG from April when Boone Pickens called a bottom.
$GSX is a mixed bag, really depends on management's abilities to turn it around. To be determined...
Considering NG was at $7 and now at $3 you are right. Funny thing is I have seen many on TV praising the low NG prices and how wonderful it is on the consumers pocket. But they fail to mention that the companies producing the product can't sustain themselves at the current prices. So slowing down exploration and even halting production is the only way to increase price. Yet they are praising more exploration and blah blah blah. Well when the market is over saturated then profitability is compromised current beliefs are just ridiculous about domestic exploration. Granted having a discovered reserve of fuel sources is wonderful but these companies can't expect to get rich dropping there product out on an over saturated market. Of course less supply same demand can only raise NG prices. I feel if these companies make the right choices to just cut back more the price will rise at a more rapid rate. But when NG goes up in price is when other less expensive forms of fuel become more attractive again. As a matter of fact the coal industry is banking on the fact that NG has to go up in cost for it to be profitable. So no matter how hard they try to hold down coal it is just plain cheaper. Current situation with NG is a big joke and the solution is a joke. However I will agree with you that there is short term potential here especially with the PPS touching its 52 week low.
I could see financing make a difference short term but gas prices are going to remain ugly for the next 1-2 years IMO. $BHP just wrote off $2B due to low gas prices and $CHK cut their exploration by over 80%. Both indications prices are going to continue to hurt.
I don't know Jett, maybe financing + nat gas prices at 4-5??
I thought I was buying a Suzuki sport bike with this one (GSX)R haha oh well I'm in for the long hold and accumulate at this price
The price is looking attractive but what would the driving points behind a bounce / turn around, any ideas?
I saw that....and thought exactly the same thing. But who knows...
Need something to turn this one around. Doubt this will help.
Yeah I know what you mean. Very active in the oil & gas space so know the drill and watch whatever I can find and you see lots of issues with water supplies and rural wells pumping more gas then water.
Like you said its a tough equation we need stronger domestic supply but at what cost. Its all about accountability.
They have enough cash to operate until 2Q 2013
Today was a decent day for natural gas. That is a tough question to answer I follow the money. For sure believe there is money to be made. Just pointing out how ironic it is for one substance to be viewed so negative and the other so positive. There has already been some pretty big problems in many states with this new exploration process and land that was previously off limits has been opened up for major exploration. Being from a huge natural gas state I have directly seen how damaging this exploration can be. But truthfully people are going to kill each other anyway with population increasing huge amounts year after year so I am not a damn activist or anything just pointing out the bull dodo of Obama and how certain industries are deep in there pockets.
I would agree with most of what you said. If I understand you correctly are you pessimistic about exploration of oil & gas domestically? Just curious your point of view. TIA
Pretty much. Obama declared war on coal as a polluter. Then he opened up the doors to domestic exploration of other resources. Totally crushing profit and destroying companies that employ massive amounts of people. True communism at its best. All very strange the domestic situation. Sad most are so blind to his asinine choices. I could not figure out how he could not see that domestic exploration may cause more environmental issues on the ground then coal could cause in the air. But I am sure he knew that. Sad thing is it looks like we have him another term!
I touched on that a bit in my last post, the economics have been upside down for many producers. I do remain bullish for natural gas over the next 1-2 years and certainly played the bottom that formed in the last few months but there is still a lot of correction that needs made that may not happen right away.
The government certainly has not done much to help support improved margins and value for natural gas producers but the localization of natural gas (inability to export) and overall influx of new drilling and discoveries is the main reason for depressed prices.
I agree the cut back in production could impact natural gas prices but from my research the main reason they are shutting in fields is economics and the reduced margins or negative cash flow so they would rather wait for an improvement in prices to open production back up.
Companies had to cut back production because it was stated by many that the production cost is more then wholesale cost. So prices will correct in time IMO. But there are other factors that fall into play when price of natural gas goes up to where they need it for profit. One of those factors is when natural gas prices rise it makes other less expensive fuel sources more popular. the EPA is the friend to natural gas so that is a plus at least.
Lot of major natural gas suppliers have cut back production to encourage a price increase. Obama is a ignorant moron IMO. He has destroyed so much.
It seems technical get better for GETH , what's your opinion now? Waiting for your response on GETH board.
Thanks
I bought some shares last week. Waiting to hear the conference call in Aug. 1st. Maybe will add more after the CC.
Natural gas has been a roller coaster with the new technologies and over supplies of natural gas driving down prices. However there is a lot of supporting research that indicates prices are going to improve in the immediate future. This year alone prices have seen jumps of 40%.
It is very attractive considering the 52 high is $.37+ and the current price is a 50% haircut it would give reason to think there is upside here assuming the underlying production and reserves can be maximized.
I think the financial shape is going to be linked to their access to financing. They have credit facilities but will need to continue to restructure. See my last post about liquidity and capital resources.
Dakota, There are various reasons this could turn around but I think the upside is another move into the 20's or 30's. Hard to say if it could be a long term hold at this point but I do like the holdings and potential of unleashing the reserves they have already secured.
The production results will be a driving force but keep an eye on the capital resources.
Jett Rink, thanks for your valuable replies. I have never been into the natural gas area. I am trying to understand.
GSX is trading at less than book value, and that captured my attention. I also like that it is a real company and it trades in the AMEX exchange despite having their shares in the pennies.
I was looking at their last 10Q...not in the best financial shape, but with increased demand for natural gas and prices recovering I was wondering if that would help them to stay operating and maybe in the future become profitable if the trend keeps going up.
Just looking into it...
Thanks,
Vero
Does this look like a turn-around situation?
DD
Additionally it may be interesting to compare the spending habits based on the price per MMBtu. Natural gas producers are changing the way they view the forward natural gas market.
They are budgeting at lower price levels, and they are looking for additional ways to reduce expenditures in order to continue to operate in what is projected to be a lower-priced natural gas environment.
Producers now indicate that they will increase spending in the natural gas market if prices reach $5 per MMBtu, whereas one year ago, they indicated they would increase spending at $6 per MMBtu.
Similarly, producers now indicate that they would likely cut spending at $3.50 per MMBtu, whereas one year ago, they indicated they would likely cut spending at $4 per MMBtu.
Vero it is hard to say exactly what the break even is for GSX as I haven't evaluated their holdings or related expenses close enough however there is some general comparisons to consider.
The cost benefits of NGLs in the shale production process have reduced the break-even price point for natural gas producers because NGLs are stripped away, priced in conjunction with crude oil prices, and then sold independently of the natural gas.
Liquid-rich regions of the Marcellus Shale region can be profitable even when the price of natural gas is near $3 per MMBtu.
Similarly, the Eagle Ford Shale, which is considered one of the most liquid-rich plays in the nation, has an estimated break-even price point for natural gas that is below $2 per MMBtu.
Jett Rink, Do you know at what price does this company needs natural gas to be at for them to succeed?
just curious, have been hearing a lot of hype about natural gas lately and I was wondering about Gasco.
Thanks,
Vero
Gasco Energy Provides Second Quarter 2012 Operations Update
Jul 12, 2012 7:00:00 AM
DENVER, July 12, 2012 /PRNewswire/ -- Gasco Energy, Inc. (NYSE Amex: GSX) ("Gasco" or the "Company") today provided an interim operations update on its Riverbend Project in Utah's Uinta Basin and on its California projects in the San Joaquin Basin.
Riverbend Project Operations Update
Quarterly Production
Estimated cumulative net production for the quarter ended June 30, 2012 was 563.4 million cubic feet equivalent (MMcfe). By commodity for Q2-12, Gasco reported net crude oil volumes of 4,781 barrels and net natural gas volumes of 534.7 MMcf.
During Q1-12, Gasco conveyed a 50% interest in certain of its Uinta Basin properties to its joint venture partner concurrent with the March 22, 2012 closing of the joint venture. Q2-12 is the first full reporting period in which Gasco's Uinta Basin net production reflects this conveyance under the terms of the Gasco-operated joint venture. The Uinta Basin accounts for 100% of Gasco's production. By comparison, prior to the effect of the conveyance of the joint venture partner's interest, Gasco would have produced 870.2 MMcfe for the second quarter 2012.
Production Update
Gasco recently installed improved lifting equipment on each of the Green River wells that were drilled during the first half of 2012. The Federal 34-19G-9-19 has averaged 32 gross barrels of oil per day (BOPD) over the past 31 days, as compared to average production of approximately 12 to 15 BOPD prior to installing the new equipment. The Federal 23-30G-9-19 recently had the new equipment installed and is being brought back into production. Gasco continues to work on its Green River wells in an effort to increase black wax production.
Second-Half 2012 Drilling Plans
As previously announced, Gasco plans to commence its Uinta Basin drilling and completions program during the third quarter of 2012. The program contemplates a capital expenditure budget of approximately $3.6 million for the drilling and completion of six gross (1.0 net) new Green River Formation oil wells and six gross (2.0 net) new-drill natural gas wells. A single recompletion (0.3 net) was included in the initial capital expenditure budget, however, additional Green River recompletions and workovers are now being considered for 2012. All of the scheduled wells within the drilling program are in the permitting process. While actual timing of the wells is dependent upon receipt of the approved permits, the Company believes it will have the necessary inventory of permits to complete the 2012 drilling program on schedule.
"Artificial gas lift can be effectively utilized for Green River oil production in the Uinta Basin," said King Grant, Gasco's President and CEO. "Our Green River oil production, however, is shallower and did not best respond to gas lift. The improved rates resulting from newly installed rod pumps in the place of artificial gas lift on the wells are encouraging. We believe this is a cost-effective way to optimize production and we intend to use rod pumps in our new-drill Green River wells in an effort to attain higher estimated ultimate recoveries."
California Projects Update
Willow Springs
As previously announced, the exploration well tested non-commercial rates of oil in the Phacoides Formation and the partners moved up the well bore to test additional potential pay horizons. Two tests were made of the Monterey Shale in an off-structure position. While both zones indicated decent quality reservoir characteristics, both zones encountered non-commercial rates of hydrocarbons. Based upon all of the testing results, Gasco's partner made the decision to plug and abandon the well. While the Willow Springs well did not find commercial hydrocarbons, it did confirm Gasco's structural geologic model, found oil within the Phacoides Formation and confirmed the existence of Monterey Shale reservoir.
Gasco's partner has the option of spudding a second well within the Willow Springs acreage before March 2013.
Antelope Valley Trend
In order to complete the processing of the large Antelope Valley 3D seismic survey, Gasco's partner has been granted a one-year extension in the spudding of the first test earning well at Gasco's Antelope Valley Trend of prospects. The first test well will spud before July 2013. In exchange for the drilling extension, Gasco's partner has also committed to spudding a well on the Southwest Cymric prospect prior to December 31, 2013.
Northwest McKittrick
Permit issuance continues to be delayed within the California Fish and Wildlife Department. Gasco's partner is waiting on final approval of a "takings" value for endangered species mitigation. Upon approval, payment can be made to the Kern Water Bank and a permit to drill will be issued. Gasco believes that the first earning well can be drilled this year.
Commenting on the Company's California projects, Mr. Grant continued: "While not a producer, the Willow Springs exploratory well did yield important information for the partners. Further analysis revealed that we came in on the flank of the structure and we believe that the oil is trapped up-dip in the structure which can be drilled at a later date pending further structural and reservoir analysis. Importantly, the reservoir rock was good quality which is encouraging for further exploratory drilling in the area. In addition, we believe that more detailed analysis of the Antelope Valley 3-D seismic data could yield additional drilling locations for further exploration on our lands, and we are pleased our partner is planning to drill a well on the Southwest Cymric prospect."
About Gasco Energy
Denver-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 Wasatch, Mesaverde, Blackhawk, Mancos, Dakota and Morrison formations. To learn more, visit Gasco's website at www.gascoenergy.com.
Watch California for price moving developments.
Coming off its $.30+ highs recently this is an interesting spec proposition.
Trying to grab some 17's. Good base is formed here. I could see a 100% to 500% run from here at some point.
Either ur calculation is wrong or we will hit dollar 1soon
this company produced 2011 3867mmcfe = 3.8bcf and 2010 4348mmcfe=4.3bcf it is like 633K barrels of oil=1735 barrels per day , it should be trading for at least 1 USD>>
Just bought GSX looking for a good day.
Thank you very much, waiting for your post, please pay attention GETH is on the way of financing new business, so maybe with good news stock price soar,
GETH has twitter: greenenvirotech
Again thank you
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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
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