DENVER, June 16, 2014 /PRNewswire/ -- Gasco Energy, Inc. (OTCQB: GSXN) ("Gasco" or the "Company") today announced that its Board of Directors and majority stockholders, Markham LLC and Orogen Energy, Inc. (the "Majority Stockholders"), have approved a 1-for-165,059,389 reverse stock split of the Company's common stock. It is anticipated that the reverse stock split will be effective on the close of business on Monday, June 30, 2014.
As a result of the reverse stock split, the Majority Stockholders will be the only stockholders of the Company and the other stockholders will receive a cash payment of $0.00288 per share in lieu of receiving a fractional share.
The Company has retained Computershare as the exchange agent for the reverse stock split.
About Gasco Energy
Denver-based Gasco Energy, Inc. is a natural gas and petroleum exploitation, development and production company engaged in locating and developing hydrocarbon resources, primarily in the Rocky Mountain region and in California's San Joaquin Basin. Gasco's principal business is the acquisition of leasehold interests in petroleum and natural gas rights, either directly or indirectly, and the exploitation and development of properties subject to these leases. Gasco is currently focusing its drilling efforts in the Riverbend Project located in the Uinta Basin of northwestern Utah, targeting the oil-bearing Green River Formation and the natural gas-prone Wasatch, Mesaverde, Blackhawk, Mancos, Dakota and Morrison formations. To learn more, visit http://www.gascoenergy.com.
SOURCE Gasco Energy, Inc.