Gasco Energy Announces Probable and Possible Reserves Estimates.
International Resource News-19 May 2008-Gasco Energy Announces Probable and Possible Reserves Estimates(C)2008 ENPublishing - http://www.enpublishing.co.uk
International Resource News - 19 May 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Gasco Energy (AMEX:GSX), a US-based oil and natural gas company, has reported its estimated probable and possible reserve analysis, also known as 3-P reserve estimates.
Estimates of probable and possible reserves are for the Riverbend Project. At December 31, 2007, the proved reserves are around 365 MMcfe, probable reserves are around 829 MMcfe, and possible reserves are around 3,899 MMcfe.
The company president and chief executive officer, Mark Erickson, has said, 'Resource plays, with their predictable, lower-risk nature, lend themselves to 3-P and petroleum resource estimates which we believe helps gauge the future of at least part of the Riverbend Project. There is a tremendous amount of gas in place in the Uinta Basin, and as our knowledge continues to grow, we believe we can increase the reserve quantities from our large Uinta Basin leasehold. It should be noted that, as we anticipated, the 3-P and resource report largely only reflects the operational improvements made to the Wasatch, Mesaverde and Blackhawk intervals. The report encompasses only a very small contribution from our early-stage activity in the emerging Mancos/Dakota exploration program. We strongly believe these intervals have the potential to become very important contributors to proven, probable and possible reserves as we continue to add wells and demonstrate success and production history. The importance of the resource estimate is not the multiple Tcfs of resource, rather it is that it represents undrilled leasehold which we believe is potentially productive and geologically similar to that which was evaluated.'
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|Publication:||International Resource News (IRN)|
|Date:||May 19, 2008|
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