Gasco Energy has provided an interim operations update on its Riverbend Project in Utah's Uinta Basin.
Estimated cumulative net production for the quarter ended March 31, 2009 was 1,254 million cubic feet equivalent (MMcfe), an increase of 15.6% over first quarter 2008 production of 1,085 MMcfe. The net production increase is attributed to the recompletion of three existing wells partially offset by normal production declines in existing wells.
During the quarter, Gasco conducted no initial completion operations and re-entered three gross wells (0.92 net) to complete behind-pipe pay zones.
At March 31, 2009, Gasco operated 130 gross wells. The Company currently has an inventory of 32 operated wells with up-hole recompletions and four Upper Mancos wells awaiting initial completion activities. Due to low gas prices in the Rockies, the Company is selectively recompleting up-hole pay to satisfy its required volumes under its derivative contracts.
During the first quarter of 2009, Gasco reached total depth on two gross wells (0.84 net), one that was in progress at December 31, 2008. Gasco spud one new well during the first quarter of 2009 and, upon reaching total depth on this well, the Company laid down the rig, as previously announced.
Gate Canyon State #23-16
The Gate Canyon State #23-16 well, which has been producing for 60 days, came on at an initial production rate of 5.7 million cubic feet of natural gas per day (MMcf/d) flowing up 5 1/2" casing while cleaning up frac fluid. The well averaged 3.2 MMcf/d and 2.6 MMcf/d for the first 30 and 60 days, respectively. Tubing will be snubbed in the hole over the next two to three weeks. The well continues to flow back frac fluid and is producing from multiple fracture stimulated intervals within the Mancos and lower Blackhawk formations.
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