Gasco Energy, Inc. reported an increase in revenues during the third quarter of 2010 as the company benefited both from higher volumes and higher realized prices for oil and gas sales.
Gasco Energy, Inc. said that the company had sales of $4.7 million in the third quarter of 2010, compared to $3.6 million in the same quarter of 2009. Gasco Energy, Inc. realized a natural gas price of $4.35 per thousand cubic feet during the quarter. The company received $4.06 per thousand cubic feet for its natural gas in the third quarter of 2009.
Much of the increase in realized natural gas prices in the third quarter of 2010 was due to the hedging activities that the company participates in to reduce volatility of cash flows. These hedging activities added $0.60 and $1.05 per thousand cubic feet during the third quarters of 2010 and 2009, respectively.
Gasco Energy, Inc. reported production of 1.14 million cubic feet of natural gas equivalents during the third quarter of 2010. This represented 9% volume growth from the 1.04 million cubic feet of natural gas equivalents produced in the corresponding quarter of 2009. The company said that its production of liquid hydrocarbons also increased during the quarter.
For more information on the company, go to www.gascoenergy.com
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