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Executives

Peggy A. Herald - Principal Financial Officer, Chief Accounting Officer, Vice President of Accounting & Administration and Treasurer

W. King Grant - Chief Executive Officer, President, Director and Member of Executive Committee

Michael K. Decker - Chief Operating Officer and Executive Vice President

Analysts

John Polcari

Gasco Energy (GSX) Q2 2012 Earnings Call August 1, 2012 11:00 AM ET

Operator

Good morning. My name is Christy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Gasco Energy Second Quarter Earnings Conference Call. [Operator Instructions] It is now my pleasure to hand the program over to Ms. Peggy Herald, Vice President of Accounting and Treasurer. Please go ahead.

Peggy A. Herald

Thanks, and good morning, everyone. Please be advised that our remarks and the information that follows, including answers to your questions, include statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. However, they are subject to significant risks and uncertainties that could cause actual results to materially different from those currently anticipated. While the company believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us, such as commodity prices, competition, technology, environmental and regulatory compliance, drilling schedules, capital plans and other factors, will be as we anticipate.

Important risks that could cause actual results to differ materially from the results implied by these or any other forward-looking statements include, among others, matters that we have described in our earnings release issued yesterday and in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Existing and prospective investors are cautioned not to place undue reliance on forward-looking statements, which only speak as of the date hereof. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Now, I'll turn the call over to King Grant, our CEO and President, for some introductory remarks.

W. King Grant

Thank you, Peggy. Good morning, everyone, and thanks for participating in today's conference call. Peggy and I are joined by Mike Decker, our Chief Operating Officer, who will cover operations.

With the closing of our Uinta Basin transaction and unwinding of our derivative contract and maturity and retirement in our revolving line of credit, our financial business [indiscernible] Gasco. Our cash position was $5.1 million at June 30, 2012. Our working capital was $6.8 million. Since June 30, our cash has increased $1 million to $6.1 million today.

Our long-term debt consists solely of the $45 million 5 1/2% convertible notes due 2015. We plan to replace our recently matured revolving line of credit, which is a reserve-backed line with the new facility, which we're currently working to identify.

We are gearing up our drilling program, which as we previously described is weighted towards the second half of the year. We opted to delay drilling, especially for natural gas until gas prices showed some indication of recovery.

Our Green River oil program is in permitting, and we are optimistic that we'll be able to spud the first 6 wells early in the fourth quarter.

With respect to the natural gas markets, we are seeing signs of price recovery. The second quarter saw some of the lowest prices we've received in the past 12 months for sales of our natural gas.

Gas markets are changing rapidly. In mid-April, the NYMEX prompt month natural gas contract traded at $1.90 per MMBtu. That marked the lowest price in more than a decade.

Since that 10-year low, prices have recovered more than 60% to around $3.20. Our wellhead prices received and followed a similar path.

To remind the listener, we have an internal projection of $3.50 wellhead price for our Uinta gas drilling project, which would generate a 10% rate of recurrent for drilling. This $3.50 price is prior to the beneficial effects of the drilling carry we received from our Uinta Basin JV partner, which would reduce the needed wellhead price well below recent levels.

Of course, we do not intend to drill 10% rate of return projects, but the encouraging indications of a gas price revival are positive for Gasco and its shareholders.

The recent low prices may be traced to 3 causes. First, the engineering success of hydraulic fracturing in reducing the cost and increasing the productivity of liquids-rich plays like the Eagle Ford Shale in Texas and Marcellus Shale in Pennsylvania. Second, the destruction of industrial demand that followed the recession of 2009. Third, the unseasonably mild winter this year that reduced demand for space heating in both home and commercial industrial markets.

The seeds of a long-term recovery in natural gas prices are being sown this year. These effect -- these seeds affect both the supply and demand sides of the equation. On the supply side, the number of rigs looking for natural gas has been on a steady decline over the last year.

As of July 27, the North American natural gas rig count was 505 rigs, down from 877 a year ago. This is a 42% decrease in 1 year. Many industry analysts believe that the current rig count is below the number at which the fleet is able to maintain supplies at current levels. Consequently, we may begin to see a tightening of supply in the coming months.

The unseasonably warm winter that we just experienced resulted in unprecedented levels of natural gas storage at the end of the heating season. This high level of inventory put downward pressure on prices. The near record warm summer that we are now experiencing has begun to tighten the supply/demand imbalance that is driving near-term prices. High temperatures are putting great demands on the nation's electoral -- electrical grid for electricity to run our air conditioners. Natural gas is the traditional fuel used to run these peaking generators. Additionally, the low natural gas prices have resulted in fuel switching to natural gas from coal to meet baseload power requirements. It appears that fuel switching is at its greatest when natural gas is below $3 per MMBtu, with coal priced at current contract levels.

The final element to really drive natural gas prices will be increased demand. Increased demand may come commensurate with economic growth. Unfortunately, as we are all well aware, the U.S. economy is on a low-growth -- no-growth trajectory for the next few quarters. The bright spots for natural gas must look to fuel switching. Sunsetting off coal-fired generation plants due to more stringent air quality standards is one area of demand growth. The second is the conversion of fleet vehicles to natural gas from diesel.

Finally, the potential to export natural gas in the form of LNG, will put the North American market more squarely into the world natural gas market. Recent prices for natural gas in Europe were about $8 and in Asia, were above $13. These prices compare to the low $3 level we are experiencing in the U.S.

This is a long way of saying that we are bullish on natural gas over the next 2 to 5 years. Our Utah project is ideally suited to ramp up production to take advantage of higher prices when they come.

The challenge we face at Gasco is to put our company in position to profit from the investment into a higher price environment. All the efforts over the last 3 years have been focused on creating and maintaining that long-term option, the monetization of our hedges in 2009, the sale of our gathering system and the exchange and partial equitization of our 2011 notes for new 2015 notes during 2010, sale of assets and formation of the Uinta Basin JV earlier this year, and even the painful sale of equity in 2011. All of these endeavors have served to lengthen our option to benefit from a better natural gas market.

If commodity price gods had cooperated, we'd be in [indiscernible] today, but that was not the hand we were dealt. Instead, we're reaching into our tool box for the same sort of tools we've been using the last 3-plus years. You can expect this management team to continue to work hard to improve our company's financial profile and reduce its financial risks. We have the physical assets and the technical resources to accomplish this.

The Uinta Basin JV provided much-needed liquidity for the near term and the path forward to a drilling program that is weighted in the short-term towards oil. At the same time, it created challenges in the form of reduced revenue and cash flow. We knew this would be the case. Demands of this new dynamic, our office is relentlessly focused on expense management, and our production team is equally focused on both LOE reduction and liquids production enhancements. We look forward to demonstrating the results of these efforts in the coming quarters.

Peggy, I'll now turn the call back over to you for today's financial discussion.

Peggy A. Herald

Thanks, King. In the interest of time, we will cover just our financial highlights. Please reference our results release and our filing on Form 10-Q, which were both made available last evening. We encourage you to reference those documents for the detailed disclosure.

During Q1 '12, Gasco conveyed a 50% interest in certain of its Uinta Basin properties to its joint venture partner. Q2 '12 is the first full reporting period, in which Gasco's Uinta Basin financial results, reflect this conveyance under the terms of the Gasco operated joint venture. It is not particularly useful to compare prior period results to this quarter results. However, we can still look at our performance on a per Mcfe basis or unit cost basis.

Oil and gas sales during Q2 '12 were $1.6 million. We did experience some lower gas prices during the quarter, as King mentioned. Our average realized price per gas is $2.26 per Mcfe, which when combined with the effects of the conveyance to our JV partner of production from certain wells, resulted in lower oil and gas sales. Our GAAP net loss for the quarter was $5.2 million or $0.03 per share.

Please note that the 2Q '12 results include certain noncash items, such as the $1.1 million credit attributed to derivatives, and a $3.8 million impairment related to the carrying value of oil and gas property. Adjusting for these noncash items, Gasco would've posted a net loss of $2.5 million or $0.01 per share for Q2 '12. This is a non-GAAP measure.

Turning to general, administrative expense. Total G&A for Q2 '12 was $1.76 per Mcfe, as compared to $0.85 per Mcfe in the prior year period, and a $1.58 for Q1 '12. The increase in general and administrative expenses is primarily due to legal and consulting expenses associated with the Uinta Basin joint venture transaction.

When netting out the noncash stock-based compensation charge. We are still running at about $1 million per quarter of cash G&A, which is consistent with our past quarters. We would expect this trend -- this to trend lower as the legal and consulting expenses associated with the joint venture will be eliminated from the line item calculation.

Now turning to lease operating expense. Our LOE expense on a per-unit basis was $1.96 per Mcfe for Q2 '12 as compared to $1.54 per Mcfe in Q2 '11 and $1.90 in Q1 '12. On a quarter-over-quarter basis, the increase in LOE is largely attributable to an increase in work-over activities in the field as compared to the prior-year period, which accounted for $0.40 per Mcfe of the LOE total. By comparison, work-over expense for Q1 '12 was $0.79 per Mcfe and $0.27 in 2Q '11.

As we indicated on the last call, we are now seeing the LOE component numbers come down as we complete the work-over program. We expect this trend to continue as we grow our growth production base in 2012.

I would like to complete my remarks by addressing our risk management activities. Given that we are highly leveraged to a natural gas, a highly volatile commodity, Gasco is a strong proponent of using commodity-derivative instruments to provide a measure of stability to its cash flow.

During June 2012, in conjunction with the maturity of our credit facility, the company monetized its outstanding commodity derivatives for net proceeds of approximately $678,000. Gasco intends to enter into future derivative contracts when it becomes beneficial for the company to do so. We are currently evaluating various instruments and intend to enter into derivative contracts as applicable.

I would now like to turn the call over to Mike Decker for a discussion of operations.

Michael K. Decker

Thank you, Peggy. I would like to begin my discussion on a positive note. By updating you on our Green River oil production.

Six months ago, our gross daily Green River oil production was approximately 55 barrels of oil per day. Today, with our 2 new wells and a couple of oil well workovers, our gross daily oil production is now about 80 to 85 barrels per day, a 25 to 30 barrel per day increase or approximately 50%.

Oil prices remain strong, and we are currently seeing a differential in NYMEX for a Green River oil production of approximately $15.50 per barrel.

Our budgeted 6 Green River oil wells are currently in the permitting process, while actual timing of the drilling of the well is dependent upon the receipt of the approved permits. We believe that we will be able to spud the Green River wells early in the fourth quarter.

Our original Uinta basin drilling completions program contemplated a capital expenditure budget of approximately $3.6 million for the drilling completion of 6 gross new Green River oil wells, 1 net, and 6 gross natural gas wells or 2 net. However, due to the low gas price environment and permitting delays, we do not expect to drill any natural gas wells in Utah this year. Therefore, we anticipate investing only $900,000 of our 2012 capital budget for the drilling of the Green River oil wells. With that being said, we are entirely prepared to opportunistically drill gas wells when the time is right, and our permits are in hand.

Moving to our Utah Environmental Impact Statement, or EIS. In June, the BLM signed a [indiscernible] Decision on the EIS that will authorize development of our federal lands in the Uinta Basin. This is an important step in the development process. The project area is located primarily on 177,600 acres of BLM-administered lands.

According to a study by the Western Energy Alliance, an industry advocacy group, development of these resources will bring secure, domestic energy to American consumers, while creating 2,710 jobs and $613 million in economic activity annually.

Now turning to California and our oil-focused prospects on the western side of the San Joaquin Basin. As we mentioned on our last call, our total San Joaquin Basin leasehold is expanded nearly 38,000 gross acres or 15,000 net to Gasco's interest as of year-end 2011. We are continuing to selectively add additional leasehold within other new prospects.

Our California partner is evaluating the Willow Springs well results and has until March of 2013 to drill the next well. We also continue to process the Antelope Valley Trend 3D seismic.

In our Northwest McKittrick Prospect, our partner is currently waiting on the California Fish and Wildlife Department for final approval of a takings value for endangered species mitigation.

Upon approval, payment can be made to the current water bank and a permit to drill will be issued. We believe that the first running well can be drilled prior to year end.

That concludes our prepared remarks for today. And I would now like to turn the call over to the question-and-answer session.

Question-and-Answer Session

Operator

[Operator Instructions] Your first question comes from the line of John Polcari from Mutual of America.

John Polcari

Just a couple of questions. First one on the line of credit. Obviously, a challenge in this environment. Any -- can you speak to the prospects for obtaining a modest line between now and year end? Does it sound feasible or still a question at this point?

W. King Grant

It's still a question at this point. We're working on it, we're talking to people, but it's challenged with gas prices where they are and our cash flow where it is right now. We got the assets to cover it, but the borrowing base will be limited by cash flow constraints.

John Polcari

I understand. About 1 year ago, the breakeven was approximately $4 in Mcf. Has that moved up or down substantially?

W. King Grant

John, what are you figuring in for your breakeven analysis?

John Polcari

Just on a cash basis, no depletion expense, just cash on cash, lease operating expenses, taxes, royalties.

Michael K. Decker

Okay, I mean, yes. Based on that analysis, we're still probably in the same range.

John Polcari

Same range. So right now, gas is around the 3 -- if you round it a bit here, the $3.20 spot level. Before we contract a little bit better, if we continue to get a substantial heatwave, it drove the price little bit higher, and the strip moved toward $4. I think yesterday, the 24-month strip was about $3.80. Is that something you would look at?

Michael K. Decker

Well, John, I'd say that, that's obviously one side of the equation. The other side is that you brought up appropriately is like lease operating expenses. And as we discussed, we are working very hard to get that number down, and we are seeing progress. And we're seeing that in 3 areas. It's not reflected in what you'd see at like a 12-month average, but we're seeing that now. And the 3 areas are, one, in our chemicals. We are seeing a reduction in the amount of chemicals that are needed. We switched suppliers, and we're actually getting better use of our chemicals out there, and it doesn't require as much. The second area is the disposal of our water. We've had to truck that water within the past -- over the past 18 months a greater distance than what we currently have in the field. And now, the evaporation ponds that are operated by the third-party company has been able -- because of the high summer, made great strides in evaporating the water and creating a lot of room for us. So that now, all of our water is going essentially right there in the field. And that is greatly going to reduce our trucking cost and our expenses. And then third, the workovers that we've been doing have been primarily on the gas wells. We only have a 3 or 4 of those remaining. And then we'll just be looking at maybe just a little bit of maintenance on gas wells as needed. But really focused on continuing to increase our oil production, if any workovers are needed. So again, reducing LOE through reduction of chemicals, water evaporation and less workovers. And I think we'll see a big stride in the reduction of LOEs. And that will then help us get to a better number there.

John Polcari

So if you had $4 spot, would you consider bringing -- shut-in wells back on and hedging?

W. King Grant

We currently don't have any wells shut in now, John, but we would start hedging at above $4.

John Polcari

And would it have to be $4 spot or...

Michael K. Decker

No. We're looking more on the 12 to 24 month rate. And we're also looking at long-term contracts as well, within users. The market dried up starting about 1 year ago, but a couple of -- in the last 60 to 90 days, the price is coming back up so rapidly and users are thinking again about long-term fixed-price physical supply.

John Polcari

Towards the end of the year and into '13, if the price continued to improve, bringing more gas wells online would be a function at this stage of obtaining additional permits. Is that kind of a safe statement?

W. King Grant

It's drilling, it's drilling. But we also have in our portfolio, an inventory of recompletions in natural gas wells. And those are obviously cheaper, don't require the capital expense. And those would be a nice way to go ahead and add that. So we still have that in our portfolio as well. So we aren't just required on permits with the drilling of wells to increase our gas production. We go ahead and do that through the recompletions as well.

John Polcari

How many recompletions would you say that...

W. King Grant

We have approximately 14.

John Polcari

14. And on the oil side, despite the BLM's approval, you still need permits obviously, for each of those wells?

W. King Grant

That is correct. But we have had those permits in the BLM shop now for about 45 days or so. Maybe approaching 60. And so that's why we're more encouraged with getting those permits here before year's end.

John Polcari

And I think you mentioned, what, the 6 gross oil wells, 1 net?

W. King Grant

That is correct, because we have other partners in those well.

John Polcari

And on the gas wells, no gas wells for the balance of the year. No new gas wells?

W. King Grant

Well, we just don't see it necessarily at this point in time.

John Polcari

So the total money to be expended was, did you say $900,000?

Michael K. Decker

Yes, sir. For the remainder of the year, and that would be on the one that -- oil well.

John Polcari

Right, right. What was the $3.6 million? Was that the original budget?

Michael K. Decker

That was the original budget for drilling and completion of oil and gas wells in Utah for the year.

John Polcari

So that's, as we speak, about 900,000.

Michael K. Decker

Correct.

John Polcari

And in addition to the cash that you've received from the PD [ph] funding program, can you just speak to the terms of the deal? Are they required also to carry any additional drilling program?

W. King Grant

We pay -- on the drilling program, which is $37.5 million, we paid $7.5 million, 20%. And they paid 80%. Before payout, we have a 32.5% interest. They had 67.5%. And after payout, we're 50-50. Payout's defined as returning capital.

John Polcari

Right, rate. So before payout, it's 30, 32.5?

Michael K. Decker

Pay 20 to get 32.5 and after payout, it's 50-50.

John Polcari

Right, right, right, Okay. And that program is for what? Exclusively gas or ...

W. King Grant

No, it's actually -- originally, this was contemplated as more gas weighted. We've since -- we're looking at more liquids opportunities now together. It may make sense to both of us.

John Polcari

Right, right. And what was the total budget, 37?

W. King Grant

37.5.

John Polcari

37.5. And okay, and 1/5 of that, 7.5 to Gasco?

W. King Grant

Right. And that would be over to the next, probably 15 to 18 months.

John Polcari

Right, right. So it's conceivable that even though you don't have the cash on the balance sheet now, if you could right this ship and prices improved, you could bootstrap your way up to that $7.5 million?

Michael K. Decker

Yes, sir.

Operator

Your next question comes from the line of Bino Spencer [ph] with Platts.

Unknown Analyst

Just a couple of questions here. Who is your JV partner with the Uinta Basin transaction?

W. King Grant

It's Wapiti Energy.

Unknown Analyst

Yes, can you -- can you spell that for me, please?

W. King Grant

I can. W-A-P-I-T-I.

Unknown Analyst

And you say that you -- so just for the context of this, I was speaking to Tom Rogers, who's in your operations side of the business, the other day about this, the application that you've had for Utah. And this was effectively an 8-year application process, which was obviously going through for great deal of time. And from what I've taken from your financial results here is that you guys have sold off a portion of the interest that you had in the properties in that region. So 2 questions to that. What is the portion, can you break it down for me? And why?

W. King Grant

We brought in a partner into a little under half of the current production and half, and exactly half of our undeveloped anchorage. Does that answer part 1?

Unknown Analyst

Yes. So you've sold off half?

W. King Grant

Approximately, half of what we had.

Unknown Analyst

Okay, and that's a combination of what could be oil and gas?

W. King Grant

Correct.

Unknown Analyst

Okay. So then, my second question is you guys were in the process of applying for this application for basically 8 years. Why the sell-off?

W. King Grant

Well, we -- the joint venture is something we've also been working on for -- looking for a partner for well over 1 year. And it was a means of providing additional capital and to move the project forward.

Unknown Analyst

Okay, just so I'm clear then. So, effectively, the 50% sell-off is something that you were planning for the past year, which would, in effect, be 7 years after you were applying to drill the entire region as a single entity?

W. King Grant

No. We had partners, existing partners in the project area from 8 years ago, ExxonMobil, Quest, new deals [ph], smaller partners as well. I think Samson's in the area, Anadarko. Lots of people were within the footprint of the project. But we were the lead on doing the work for the environmental impact statement.

Unknown Analyst

Okay. Okay. So then, effectively -- I mean, when I spoke to Tom Rogers, he said that you guys were going ahead and drilling, effectively, as per your EIS statement was dictating, which is about 100 wells a year. I think you've got a couple coming up in January and February for gas, you've got the 6 slated Green River oil wells this year. So are you effectively still drilling to the same rate at which you had initially gone into, or has that changed?

W. King Grant

The program was originally designed on a programmatic basis to be drilled over a 15-year period. And that program was designed, roughly 8 years ago with some modification. Our knowledge of the geology, the price environment, the cost environment have all evolved over that period. We had 1,300 wells, I believe, in the program or in the EIS on the programmatic basis, and with the contemplation of a rate of development of about 100 wells a year. We are now just in the process of taking that off in the low gas price, relatively high oil price environment.

Michael K. Decker

And I would say that the environmental impact statement does not dictate how many wells we need to drill a year. It just provides a guidance to model after. We can drill at whatever rate we see as best for the company.

Unknown Analyst

Understood. But of course, the EIS comes along with the political ramifications that a document like that always does, which is of course, job creation, which you yourselves mentioned at the beginning of your remarks earlier, et cetera, so of course that's a consideration that you guys have to be thinking about surely.

W. King Grant

We think about it in terms of making sure the services and the people are available to keep pace with our plan of development.

Unknown Analyst

Okay. So final question then. While the EIS, 100 wells a year is a model, do you guys feel that you're going to be largely sticking to that? I mean give or take some up and down years?

W. King Grant

It's still too early to say. We just received a [indiscernible] Decision. As we said, it was made on a plan several years ago. And we'll be gearing up over the next year looking for gas prices to recover, and it's primarily a gas project. But we will be looking more towards oil and this low gas high oil price environment.

Unknown Analyst

Okay, so then the final...

W. King Grant

In 2013. Go ahead?

Unknown Analyst

I was just going to say, do carry on, do carry on.

W. King Grant

The remainder of '12 and 2013, we see as a bit of inflection year where we're focusing on oil to be opportunistic, because the commodity, we get better returns there. But long term, the project is still like a gas project but it takes higher prices to make the project more economically successful.

Unknown Analyst

Okay, have you -- I understand that -- have you gone into the process of applying for permits to drill, say, a 100 wells over the next -- over 2013, 2014, et cetera? Have you begun that process of applying for the permits?

W. King Grant

Not to the extent of 100, no.

Unknown Analyst

What -- to the extent of what?

W. King Grant

The program, I think now is there are like 13 to 20 permits we're probably working on and then a portfolio on some stake sections as well. We're probably in the total of maybe 30 or 40 permits that we're actively working on.

John Polcari

And they're gas?

W. King Grant

No, gas and oil. That would be some oil [indiscernible].

Operator

There are no further questions at this time. I hand the program back over to management for any further comments or closing remarks.

W. King Grant

We appreciate everyone participating in this morning's call, and we look forward to talking to you again next quarter. Thank you.

Operator

This does conclude today's conference call. You may now disconnect.

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