GSX

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According to this statement we should see a PR by the end of this month,  if all goes well.

It took a little longer but it finally came!

Gasco Energy Updates Uinta Basin Activity

DENVER, July 11 /PRNewswire-FirstCall/ -- Gasco Energy, Inc. (AMEX: GSX - News) today provided an interim operations update on its Riverbend Project in Utah's Uinta Basin.

Record Quarterly Production

Estimated cumulative net production for the quarter ended June 30, 2007 was 1,135 million cubic feet equivalent (MMcfe), an increase of 7.9% over first quarter 2007 production of 1,051 MMcfe, and 32% above second quarter 2006's production of 863 MMcfe. Utah operations constitute approximately 100% of Gasco's net production.

The Company reported an increase in sequential production volumes despite its decision to delay completion activity on its recently drilled wells due entirely to seasonally low natural gas prices received in the Rockies. Gasco has elected to also curtail production from some of its existing gas wells and will bring this production back online when prices improve. Curtailed and facilities-constrained net volumes for the quarter are estimated to be approximately 100 MMcf or 1.1 MMcf/d. Relief from lower regional gas prices is expected upon additional takeaway capacity exiting Rockies basins, specifically with the January 2008 anticipated in-service date of Phase I of the Rockies Express pipeline.



    Gasco Energy Net Production Detail*

               Three-months        Three-months         Six-months
                  Ended               ended               ended
               June  March         June   June          June   June
               30,    31,     %     30,    30,     %     30,    30,     %
               2007   2007  Change  2007   2006  Change  2007   2006  Change

    Natural
     Gas /
     MMcf     1,069  1,000   6.9%  1,069    833   28.3% 2,069  1,709   21.0%
    Oil /
     MBbls      10.9   8.4  29.8%   10.9    5.0  118.0%  19.3    9.1  112.0%
    Natural
     Gas
     Equivalents /
     MMcfe    1,135  1,051   7.9%  1,135    863   31.5% 2,186  1,764   23.9%

*Includes Q207 preliminary production estimates. Company estimates may differ from the actual results to be reported in its forthcoming filing on Form 10-Q for the quarter-ended June 30, 2007.

Drilling Activity

During the second quarter of 2007, Gasco spudded eight gross wells (5.6 net) and reached total depth (TD) on six gross wells (4.4 net) in Utah. The Company is currently running three drilling rigs on its Riverbend project. Average time to TD on the last 10 Gasco-operated wells was 18.6 days. The operations team continues to record excellent results in the ongoing initiative to reducing drilling days and other project costs that are within its control. Year-to-date, Gasco spudded 13 gross operated wells (10.1 net) and reached total depth on 13 gross wells (9.4 net). Gasco also participated in one outside-operated well (0.25 net), and had its second well (Non-op; GSX carried for 20% WI) in Nevada begin drilling.

Completion Activity

Also during the quarter, Gasco conducted initial completion operations on two wells (1.5 net), and re-entered no wells to complete behind-pipe pay zones. There were also no outside-operated wells completed in the quarter. During the first six months of 2007, Gasco conducted initial completion operations on nine operated wells (6.2 net) and re-entered one operated well (1.0 net) to complete behind-pipe pay zones. The Company also participated in the completion of one outside operated well (0.25 net). At June 30, 2007, Gasco operated 98 gross producing wells with eight additional wells awaiting initial completion activities, including the Mancos test, the Federal #14-31. The Company currently has an inventory of 24 operated wells with up-hole recompletions. Gasco continues to build its recompletion inventory in advance of what the Company believes could be a stronger Rockies commodity price environment.

Mancos Shale Test - Riverbend Project, Utah

Completion operations commenced on Monday, June 25, 2007 on the Gasco- operated Federal #14-31 (GSX: 100% WI), a deep gas test drilled to total depth of 16,763 feet to evaluate the productive potential of the Wasatch, upper and lower Mesaverde, Blackhawk, Mancos and Dakota formations. The deeper Dakota interval had numerous sands that were gas charged but tight, and was determined to be non-commercial. A cast iron plug was set in the Dakota allowing for completion activities in the Mancos Shale.

During initial completion work, the lower-most Mancos Shale frac stage, the first of five stages in the completion design, was successfully hydraulically fractured. The completed interval flowed back frac fluids and delivered first gas to sales at an initial turn-on rate of 1,132 million cubic feet of natural gas per day while continuing to flow back frac fluid.

While attempting to complete the second Mancos Shale stage, a flow-through frac plug became stuck in the hole at approximately 4,590 feet. While working to remove the stuck plug, the completion vendor accidentally fired the perforating guns at about 4,580 feet preventing completing additional stages until well remediation is successfully concluded. The stuck frac plug has since been extricated from the hole. Well remediation is underway with plans to cut-off the 4 1/2 inch casing below the perforation damage and pull out of the hole with the damaged string. The accidentally perforated casing joint will be replaced with an overshot joint especially designed to maintain 17,000 psi. The well is currently shut-in while well-bore remediation work is underway.

Upon completion of the remediation process, which is anticipated to take a month, the Company expects full wellbore integrity to be restored allowing the completion to proceed as originally planned. The technique being employed has been successfully utilized previously by industry, and Gasco engineers believe it to have a high probability of success. In the event that the remediation design does not fully restore the wellbore, Gasco believes that the vendor responsible for the damage will ultimately bear full financial responsibility for the error resulting in this problem, including repairs and remediation.

Mark Erickson, Gasco's President and CEO, said: "We are very encouraged by the initial flow rates from the lone Mancos Shale interval in the Federal #14- 31. However, the data is inconclusive until we can successfully fracture stimulate all five Mancos stages. Based on open-hole log analysis, it is our initial assessment that most of the remaining Mancos zones appear to be of higher quality than the first completion stage. We believe that results to date confirm our geologic model for the deeper gas pay and look forward to resuming completion activities on the well once the remediation work is completed."

Erickson continued: "With respect to shut-in production, given the nature of our tight-gas reservoirs, we are not forced to give our gas away at these lower prices when we have wells that can essentially act as storage fields. The current shut-in volumes can entirely be produced into sales as prices in the Rockies improve with winter, seasonal demand and improved takeaway capacity in the Rockies comes on line. We expect to have a large inventory of completion and recompletion opportunities that will allow us to rapidly increase production once pipeline issues are resolved."

Q207 Results

Gasco expects to announce its second quarter results on August 1, 2007. The Company will schedule a conference call to discuss financial and operational results, which will be announced at a later date.

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Analyst upgrade!

Gasco Energy upgraded by Wachovia.