Gasco Energy released operational and financial details on its oil and gas activities in 2010. The company is active in several plays in the western United States including the Uinta and San Joaquin Basins.
Gasco Energy reported net income of $10.1 million, or $0.08 per share, in the year ending December 31, 2010. This was considerably better than 2009 results when the company reported a net loss of $50.2 million, or $0.47 per share.
Gasco Energy attributed the higher net income to several one-time gains including ones related to the extinguishment of debt and a derivative gain from the company’s hedging program.
The company also benefited from much stronger realized prices for oil and gas on 2010 relative to last year. Gasco Energy received an average of $64.45 per barrel of oil in 2010, a 42% increase over 2009. The realized price for natural gas in 2010 was $4.15 per thousand cubic feet of natural gas, a 29% increase over 2009.
Gasco Energy has established a $6 million capital expenditure budget for 2011. The funds will be used to drill and complete two wells into the Green River formation in the Uinta Basin. The company has also allocated funds for development of the San Joaquin Basin in California.
For more information on the company, go to www.gascoenergy.com