Gasco Energy, Inc. issued an operations update on recent oil and gas development activity on the company’s properties in Utah and California.
Gasco Energy is involved with the Riverbend Project where the company is targeting the Green River formation. The company is finalizing the federal permit applications on two proposed wells here and expects to spud the wells during the third quarter of 2011. The Riverbend Project is located in the Uinta Basin in Utah.
Gasco Energy is operating 133 gross wells as of the end of the second quarter of 2011. The company has eighteen wells that are waiting on recompletions and one well waiting on initial completion operations.
Gasco Energy reported net production of 947 million cubic feet of natural gas equivalents in the second quarter of 2011. This production was composed of 887 million cubic feet of natural gas and 10,000 barrels of oil and other liquid hydrocarbons.
Gasco Energy said that this level of production represented a 1.3% sequential decrease from the fourth quarter of 2010. The company attributed the decline to the poor performance of a compression system owned by a third party.
For more information on the company, go to www.gascoenergy.com