Gasco Energy Inc. (NYSE: GSX) provided an interim operations update on its Riverbend project in Utah's Uinta Basin and on its California projects in the San Joaquin Basin.

Riverbend Project Operations Update

Quarterly Production

Estimated cumulative net production for the quarter ended Sept. 30, 2012 was 545 MMcf. By commodity for Q3 2012, Gasco reported net crude oil volumes of 4,854 bbl and net natural gas volumes of 516 MMcf. Crude oil volumes for Q3 2012 represent a 15% increase, as compared to Q2 2012 crude oil volumes.

During Q1 2012, Gasco conveyed a 50% interest in certain of its Uinta Basin properties to its joint venture partner concurrent with the March 22, 2012 closing of the joint venture. Q3 2012 is the second full reporting period in which Gasco's Uinta Basin net production reflects this conveyance under the terms of the Gasco-operated joint venture. Due to the 50% interest conveyance, operational and financial results for the three-month and nine-month periods ended Sept. 30, 2012 are not similarly comparable to the same periods ended Sept. 30, 2011. The Uinta Basin accounts for 100% of Gasco's production.

Green River Oil Well Workover Program

During the third quarter 2012, Gasco implemented a workover program to target by-passed oil in older Wasatch/Mesaverde wells and Green River oil wells. Since the third quarter, Gasco engineers have performed five workovers in the Green River formation, which have yielded a per-well average of a 15% to 20% increase in net oil production, as compared to rates recorded prior to the well workovers. Average daily net oil production has improved by 43%, to recent rates of 76 bbl/d of oil in Sept. 2012, from 53 bbl/d of oil in April 2012.

The workover program presents a low-cost opportunity to boost oil production in advance of the new-drill Green River oil program that is expected to commence later in the fourth quarter of 2012 or early first quarter of 2013, depending on rig availability. The company continues to identify wells suitable for by-passed oil workovers, and has identified an additional 10 wells for workover activities and further production enhancement.

Q4 2012 Drilling Plans

Gasco plans to commence its Uinta Basin drilling and completions program during the fourth quarter of 2012 or early first quarter of 2013. The six-well program is in the final stages of permitting and the company expects to receive the permits during November. Gasco recently staked five additional, high-graded Green River oil well locations that are in process of having drilling applications submitted to the regulatory agencies. The company is also in the process of permitting its Uinta Basin natural gas well program.