Gasco Energy Announces Initial 2006 Capital Budget

Gasco Energy Board of Directors approved an initial budget of $80 million for its 2006 capital expenditure (Capex) program. The program will primarily cover the drilling and completion of approximately 32 gross wells (15 net wells) on Gasco's Riverbend Project located in the Uinta Basin and the drilling and completion of up to three wells in Wyoming. The budget also includes expenditures for the installation of associated pipeline infrastructure, distribution facilities and geophysical operations. In comparison, the Company announced on November 3, 2005 a planned 2005 Capex budget of $50 million. The Company anticipates that at the conclusion of the 2005 program it will have spudded 22 wells, drilled and completed 20 wells (13 net) and conducted completion operations on two additional wells.