Gasco Energy Provides Interim Operations Update

Gasco Energy provided an interim operations update on its Riverbend Project in Utah.

As previously announced, Gasco successfully completed the Federal #14-31 (GSX operates with 100% working interest) in five Mancos shale stages. Upon drilling out the frac plugs, the well was turned on at a rate of 4.7 million cubic feet of natural gas per day (MMcf/d) with a casing pressure of 7,500 psi and a flowing tubing pressure of 5,128 psi against a line pressure of 722.1 psi.

During the next 24 hours, the well flowed back associated frac fluids and sold gas to sales of 2.1 MMcf with approximately 421 barrels of water, included in which is primarily frac fluids, on a 14/64" choke with 2,700 psi flowing tubing pressure and 4,500 psi flowing casing pressure.

Commenting on the Federal #14-31, Gasco Chief Operating Office, Mike Decker, said, "We are pleased with the results from the Mancos pay. The initial gas and fluid rates are in line with what we had modeled for our first Mancos test. The results are also in line with other Uinta Basin operators' Mancos production data that is now becoming available through Utah state agencies. After thorough monitoring and analysis of production attributes and reservoir characteristics, we plan to re-enter the well to further complete the uphole pay which is present in the Wasatch, Mesaverde and Blackhawk formations."