Replies to post #750 on Gasco Energy, Inc.(fka GSXN)

[Timothy Smith]

Would be an interesting acquisition to pick up their assets through reorganization.

Full-Year Period 2012

Oil and gas sales for the year-ended December 31, 2012 were $8.9 million, as compared to $18.3 million for the same period in 2011. The decrease in oil and gas sales during the 2012 full-year reporting period, as compared to the prior-year period, is primarily attributed to the Uinta Basin transaction and to a 33% decrease in the average price received for natural gas sales.

The average prices received for 2012 were $2.82 per Mcf and $81.38 per barrel of oil, as compared to $4.20 per Mcf and $80.75 per barrel in the same period in 2011.

For 2012, Gasco reported a net loss of $22.2 million, or $0.13 per basic and diluted share, as compared to a net loss of $7.3 million, or $0.05 per basic and diluted share in 2011. Included in the 2012 results are a non-cash gain on sale of assets of $2.6 million, a non-cash gain of $3.7 million attributed to derivatives and a $16.5 million non-cash expense item related to an impairment of the carrying value of oil and gas properties.

Excluding the effect of the above-stated non-cash items, Gasco would have posted a net loss of $12.0 million, or $0.07 per basic and diluted share for 2012. Net loss excluding the effect of non-cash items is a non-GAAP financial measure. Please see the reconciliation of net loss excluding the effect of non-cash items to the most directly comparable GAAP measures at the end of this news release.

Net cash used in operating activities for 2012 was $3.7 million as compared to net cash used in operating activities of $0.4 million for the same period in 2011. The Company invested approximately $5.8 million during 2012 in oil and gas activities. Net cash provided by investing activities during 2012 included $19.2 million in cash proceeds from the sale of certain of the Company's Uinta Basin assets as part of the Uinta Basin transaction. Net cash used in financing activities was $8.5 million in 2012, as compared to net cash provided by financing activities of $10.2 million during the prior-year period.

[SCREAMING EAGLE]

I sorta thought it could go that way. These guys from day one always were big on debt financing. They have the right locations, but until recently have focused on most of the wrong stuff.. I look for a debt to equity deal sorta like DUNR and EPL went through.