Hi CO, GSX reported a day earlier than what was suppose to be the release date. In other words, they reported on Thurs, not Friday as originally stated in the PR.
Pretty nice report...
Gasco Energy Announces Third Quarter 2005 Financial and Operational Results Thursday November 3, 5:52 pm ET
DENVER, Nov. 3 /PRNewswire-FirstCall/ -- Gasco Energy (Amex: GSX - News) today reported its financial and operating results for the quarter and nine months ended September 30, 2005.
Financial Results
For the first time in company history, Gasco reported net income for a reporting period. Net income for the third quarter 2005 was $643,000, or $0.01 per share, as compared to a net loss for the third quarter of 2004 of $564,000 or $0.01 per share. All per share figures are basic and diluted. Total revenues grew by 446% to a company-record $4.7 million, as compared to $860,000 in the same period in 2004. The growth in total revenue is attributed to higher commodity prices received, increased production and growing gathering system revenues.
Oil and gas sales for the third quarter 2005 were a company-record $4.0 million as compared to $817,000 for the same period in 2004. The company attributes the 390% increase in oil and gas sales to higher sales volumes and an increase in average commodity prices received.
9-month Period
Gasco reported a net loss for the nine months ended September 30, 2005 of approximately $2.1 million, or $0.03 per share, as compared to a net loss for the same period in 2004 of $1.9 million or $0.03 per share. Total revenues grew by 250% to another company-record $8.5 million, as compared to $2.4 million in the same period in 2004. The growth in total revenue is attributed to higher commodity prices received, increased production and growing gathering system revenues.
Oil and gas sales for the nine-month period of 2005 were $6.6 million as compared to $2.3 million for the same period in 2004. The company attributes the 186% increase in oil and gas sales to higher average commodity prices received in the second and third quarters of 2005 and to higher sales volumes in the nine-month period of 2005.
Net cash provided by operating activities for the nine months ended September 30, 2005 was $2.2 million. This compares to net cash used in operating activities of $1.7 million in the same period in 2004. It is the first time Gasco has posted operating cash flow.
Operations
Gasco posted record quarterly production of 489 million cubic feet of natural gas equivalent (MMcfe) versus 138 MMcfe for the third quarter 2004, an increase of 254%. The average price received for sales of Gasco's natural gas and liquids was $8.02 per thousand cubic feet of gas (Mcf) and $62.40 per barrel of liquid hydrocarbons for the third quarter 2005. This compares to $5.84 per Mcf and $42.22 per barrel for the same period in 2004.
Gasco posted record nine-month production of 937 MMcfe versus 404 MMcfe for the same period in 2004, a 132% increase. For the nine months of 2005, the average price received for sales of Gasco's natural gas and liquids was $6.98 per Mcf and $55.93 per barrel of liquid hydrocarbons. This compares to $5.78 per Mcf and $37.07 per barrel for the same period in 2004.
During the first nine months of 2005, the company spudded 16 wells (11.1 net) and reached total depth on 14 gross wells (9.1 net wells) in the Riverbend area. Other activity included initial completion operations on 16 wells and the re-entry of nine wells to complete behind-pipe pay zones. Exiting the third quarter 2005, Gasco had 35 gross wells on production and one additional gross well in completion. Currently, three drilling rigs are operating in the Riverbend project area, two for Gasco Energy and one drilling inside of the JVEA.
2005 CAPEX Increased to $50 Million
The Company's 2005 initial capital expenditure budget of $38 million has been increased to $50 million to allow for increased activity in the fourth quarter. Upon completion of its 2005 drilling program, Gasco anticipates that it will have spudded 22 wells, drilled and completed 20 wells (13 net) and conducted completion operations on two additional wells. The increased budget includes spudding two additional wells, initial completion operations on two wells, and increased costs associated with the company's drilling program.
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