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Gasco Energy, Inc. (GSX) Issues Operational Update

|Includes: Gasco Energy, Inc. (GSXN)

Gasco Energy, Inc. issued an update on its oil and gas activities in the United States. The update includes a final summary on its 2010 operations and a preview of its anticipated development in California during 2011.

Gasco Energy, Inc. reported that the company was operating 133 gross wells at the end of 2010. The company has twenty wells in inventory waiting to be developed in 2011, including one Upper Mancos well and nineteen wells in it up-hole recompletion program.

Gasco Energy, Inc. said that net production in the fourth quarter of 2010 totaled an estimated 1.043 billion cubic feet of natural gas equivalents, approximately flat with the same quarter in 2009. In 2010, Gasco Energy, Inc. reported net production of 4.335 billion cubic feet of natural gas equivalents. This was a 4.3% decline from the 4.528 billion cubic feet of natural gas equivalents in 2009.

Gasco Energy, Inc. is active at the Northwest McKittrick project, a shallow oil project in California. The company has encountered some delays in obtaining permits from the regulatory authorities, and plans to begin drilling activity sometime during the first six months of 2011.

Gasco Energy, Inc. is also acquiring seismic data at the Willow Springs and Antelope Valley Trend in anticipation of development in 2011 and 2012.

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