Gasco Energy, Inc.(fka GSXN)

[stevenck]

I may have mis read...its page 55 of 10Q report.... here is part but maybe read the whole thing...I may have messed up...obviously if I sold at .30 !!! ha

During May 2009 we monetized selected oil and natural gas hedge contracts for net proceeds of $8,528,731. These proceeds were used to repay
a portion of our outstanding borrowings as further described in Note 4 of the accompanying financial statements. Concurrent with the
monetization of the hedges, we re-hedged a portion of our production for the period June 2009 through March 2011 as further detailed below.
The new derivative contracts were entered into at a weighted average price over the contract periods. We elected the weighted average price
scenario for a portion of our natural gas volumes in an effort to secure the best prices for the 2009 contract period.
The swap contracts will allow us to predict with greater certainty the effective natural gas prices that we will receive for our hedged production
and to benefit from operating cash flows when market prices are less than the fixed prices of the contracts. However, we will not benefit from
market prices that are higher than the fixed prices in the contracts for the hedged production. The collar structures provide for participation in
price increases and decreases to the extent of the ceiling and floors provided in our contracts.