First Greater Green River Basin Well in Wyoming Reaches Total Depth Burlington Resources Acquires 78 Miles of 2-D Seismic And Spuds Second Well in AMI
DENVER, Dec 3, 2001 /PRNewswire via COMTEX/ -- Gasco Energy Inc. (OTC Bulletin
Board: GASE) today announced Burlington Resources (NYSE: BR) reached total depth
on the Muddy Creek 33-27, the first well drilled under the Exploration Agreement
between Burlington and Gasco Energy. The company announced that Burlington has
captured nearly 80 miles of high resolution 2-D seismic over a portion of the
332,000 Area of Mutual Interest in the Greater Green River Basin of Wyoming. The
companies are partners under an Exploration Agreement to explore and develop a
series of deep natural gas plays in the Greater Green River Basin.
Burlington is the operator of the Muddy Creek 33-27 well. Pipe was set on the
well and completion activities will commence after the end of winter lease
stipulations. The second obligation well, the Grindstone Butte 41-8 began
drilling operations. Burlington will continue drilling this well through the
winter, as there are no stipulations on this lease. All drilling costs on these
two wells will be borne 100% by Burlington. No further information was made
available, with resulting production tests and log analysis kept strictly
confidential.
As part of the Exploration Agreement, Burlington shot 78 miles of
high-resolution 2-D seismic data before ceasing activities due to winter lease
stipulations. Burlington will resume shooting the remaining 112 miles of seismic
lines (for a total of 190 miles) around May 15, 2002, when the winter lease
stipulations are expected to end. Costs are borne 100% by Burlington Resources.
Computer processing and interpretation of the seismic data acquired to date will
occur during the next few months which will allow the information to be used in
designing a portion of Gasco's 2002/2003 drilling program.
Mark Erickson, Gasco Energy President and CEO said: "We are excited to step up
the pace of our Wyoming activities. As part of our agreement with Burlington, we
have full access to the seismic data and processing, and the results from
drilling activities. This important information will help Gasco's technical team
identify the most promising drilling prospects in this gas-rich basin. Given the
highly competitive nature of the industry, Burlington and Gasco have decided to
"tight-hole" all of the information gained from the drilling of these wells. We
will release well-level details at an appropriate time."
About Gasco Energy
Gasco Energy is a Denver-based natural gas and oil exploitation and development
company that focuses on natural gas rich prospects in the Rocky Mountain area of
the United States. The Company currently holds interest in more than 159,000
gross acres in Utah and has an Area of Mutual Interest agreement on 332,000
acres in the Greater Green River Basin of Wyoming. Go to www.gascoenergy.com to
learn more about Gasco Energy, Inc.
