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.