Gasco Energy Announces Public Offering of Common Stock and Warrants

DENVER, June 9, 2011 /PRNewswire/ -- Gasco Energy, Inc. (NYSE Amex: GSX) ("Gasco") today announced that it is offering to sell shares of its common stock and warrants to purchase additional shares of its common stock in an underwritten public offering.  The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Lazard Capital Markets LLC is acting as sole book-running manager.

Gasco intends to use the net proceeds from this offering for capital expenditures, working capital, acquisitions of oil and natural gas properties, repayment or refinancing of indebtedness, or general corporate purposes.

The securities described above are being offered by Gasco pursuant to a registration statement on Form S-3, together with the base prospectus, previously filed and declared effective by the Securities and Exchange Commission ("SEC"). The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. When available, copies of the preliminary prospectus supplement and the final prospectus supplement and the accompanying base prospectus relating to this offering may be obtained from the SEC's website at http://www.sec.gov, or from Lazard Capital Markets LLC, 30 Rockefeller Plaza, 60th Floor, New York, NY 10020 or via telephone at (800) 542-0970.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Gasco, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Gasco Energy, Inc.

Denver-based Gasco Energy, Inc. (NYSE Amex: GSX) is a natural gas and petroleum exploitation, development and production company engaged in locating and developing hydrocarbon resources, primarily in the Rocky Mountain region.  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 currently focuses its drilling efforts in the Riverbend Project located in the Uinta Basin of northeastern Utah, targeting the Wasatch, Mesaverde, Blackhawk, Mancos, Dakota and Morrison formations.  

Forward-Looking Statements

Certain statements set forth in this press release relate to management's future plans, objectives and expectations.  Such statements are forward-looking within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements other than statements of historical facts included in this press release are forward-looking statements. Although any forward-looking statements contained in this press release are to the knowledge or in the judgment of the officers and directors of Gasco, believed to be reasonable under the circumstances, there can be no assurances that any of these expectations will prove correct or that any of the actions that are planned will be taken.  Forward-looking statements involve known and unknown risks and uncertainties (some of which are beyond Gasco's control) that may cause actual results to differ materially from such forward-looking statement.  Examples of such risks and uncertainties, including those related to offerings of Gasco's securities and its operations, are described in Gasco's filings with the SEC including, the most recent reports on Forms 10-K, 10-Q, and 8-K, and any prospectus relating to the sale of Gasco's securities, as well as any amendments thereto.  When you consider these forward-looking statements, you should keep in mind these factors.  All subsequent written and oral forward-looking statements attributable to Gasco, or persons acting on its behalf, are expressly qualified in their entirety by these factors.  Gasco's forward-looking statements speak only as of the date made.  Gasco assumes no duty to update or revise its forward-looking statements based on changes in internal estimates or expectations or otherwise.

SOURCE Gasco Energy, Inc.