Gasco Energy — Q3 2005 Earnings Presentation
17 slides from Gasco Energy's earnings presentation, Nov 4, 2005
Slide 1: Third Quarter 2005 Conference Call
AMEX: GSX Third Quarter 2005 Conference Call November 4, 2005
Slide 2: Forward-Looking Statements
Forward- Looking Statements The SEC has generally permitted oil and gas companies, in filings made with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and o
Slide 3: Riverbend Net Production
Riverbend Net Production Q101-Q301 Q401 Q102 Q202 Q302 Q402 Q103 Q203 Q303 Q403 Q104 Q204 Q304 Q404 Q105 Q205 Q305 East 0 17.5 9.8 8.7 28 20 38.2 108 66 59 136 130 138.2 127 147.1 300.2 489.2 MMcfe 489 MMcfe Q305 Production: 63% increase over Q205 254% increase over Q304
Slide 4: Total Revenues
Total Revenues Q103 Q203 Q303 Q403 Q104 Q204 Q304 Q404 Q105 Q205 Q305 o&g sales 158.8 499.4 277 328.2 751.4 777.1 817.2 778.2 791.5 1871.8 3960.4 Gathering 143.3 133.7 322.1 471.4 Interest 3.2 2.5 3.4 2.8 15.2 33.1 43 233.7 360 354.9 264.7 Interest Income Gathering Oil & Gas Sales ($ 000s) $4.7 MM Q
Slide 5: Oil & Gas Sales
Oil & Gas Sales Q103 Q203 Q303 Q403 Q104 Q204 Q304 Q404 Q105 Q205 Q305 O&G Sales 158.8 499.4 277 328.2 751.4 777.1 817.2 778.2 791.5 1871.8 3960.4 Gas 2.7 2.8 2.8 6 Natural Gas Comprises 94.5% of Oil & Gas Sales ($ 000s) $3.96 MM Q305 O&G Sales: 112% increase over Q205 390% increase over Q304
Slide 6: Average Sales Price per Mcf
Average Sales Price per Mcf Q103 Q203 Q303 AVG 03 Q104 Q204 Q304 AVG 04 Q105 Q205 Q305 Gas 4.16 4.62 4.3 4.69 5.53 5.96 5.84 5.79 5.19 6.12 8.02 Oil 143.3 133.7 322.1 471.4 Interest 3.2 2.5 3.4 2.8 15.2 33.1 43 233.7 360 354.9 264.7 FY Avg. Current Quarter $8.02 / Mcf
Slide 7: Wyoming Update
Wyoming Update Full cost method Non-core acreage expiring Q305-Q206 moved to full cost pool $5.3 MM moved to F/C pool Moved to full cost pool: 45,825 gross (26,965 net) Expired Q305: 18,760 gross (12,686 net) Current leasehold (11/3/05): 82,272 gross (38,888 net) Retained core acreage and prospects
Slide 8: New 2005 CAPEX of $50 MM
New 2005 CAPEX of $50 MM Revised upward: 22 gross wells will spud in 2005 Riverbend program 20 wells (13 net) to be drilled and completed in 2005, 18 to Blackhawk Formation 3 Riverbend Project rigs running through Q405 Revised 2005 CAPEX
Slide 9: Riverbend Project, Uinta Basin, Utah
6 miles Riverbend Area Gate Canyon Area Wilkin Ridge Area West Desert Area Riverbend Project Uinta Basin, Utah Mapped area approximately 50 miles X 30 miles C C C Key Pipelines GSX Leases GSX Pipelines GSX Compression GSX Blackhawk Test GSX Operated Wells Wells & Locations Green River Significant Po
Slide 10: Riverbend Area Detail
6 miles Riverbend Project Riverbend Area Detail Mapped area approximately 50 miles X 30 miles Key Pipelines GSX Leases GSX Pipelines GSX Compression GSX Blackhawk Test GSX Operated Wells Wells & Locations Green River C Natural Buttes (KMG et al) C 6 miles 6 miles Riverbend Project Uinta Basin, Utah
Slide 11: Blackhawk Spring Canyon Marine Trend
Blackhawk Spring Canyon Marine Trend Based on 40-acre spacing 425 Gross Spring Canyon Locations (280 Net) 100% Operated Locations Estimated EUR: 1.5 - 2.5 Bcf BH, LMV, $3.25 MM D&C ..5 - 1 Bcf W, UMV; $.5 MM recompletion EUR Source: Gasco Estimate GSX Producing Gas Wells Spring Canyon Locations Spri
Slide 12: Riverbend Project Evolution
Riverbend Project Evolution Wasatch/Mesaverde ? Blackhawk ? W/MV/Blackhawk Blackhawk/Marine Predictable, defined trends Laterally extensive and contiguous sand bodies Over-pressure Multiple trends and stacked pay Significant reserve addition Two trends identified to date Wasatch/Mesaverde/Blackhawk/
Slide 13: Blackhawk in Geologic Time
Blackhawk in Geologic Time Marine Turbidite Deposition Marine Bar Sand Deposition Marine Shoreface Deposition Coastal Plain Fluvial Deposition WEST EAST
Slide 14: Cross Section
DARK CANYON UPPER MESAVERDE LOWER MESAVERDE CASTLEGATE BLACKHAWK Cross Section
Slide 15: Blackhawk Logs
MARINE INTERVAL Blackhawk Logs FLUVIAL INTERVAL
Slide 16: Mesaverde Logs
LOWER MESAVERDE Mesaverde Logs DARK CANYON / UPPER MESAVERDE
Slide 17: D_DATE GAS OIL WATER 0.1 211.85 0.1 201.81 0.1 93.28 4 24 0.1 24.83
D_DATE GAS OIL WATER 1 503 0.1 211.85 2 564 0.1 201.81 3 156 0.1 93.28 4 24 0.1 24.83 5 29 0.1 123.58 6 24 0.1 35.07 7 28 0.1 41.75 8 0.1 0.1 18.01 9 35 0.1 0.1 10 0.1 0.1 0.1 11 0.1 0.1 0.1 12 2354 0.1 90.18 13 2979 45.09 110.22 14 2843 15.03 218.29 15 2737 0.1 164.61 16 2652 0.1 282.03 17 2581 3.3