Denver-based Gasco Energy Inc. announced that its board of directors have authorized the purchase of approximately $250,000 of the company’s common shares. The company said it will use working capital if purchases of the common shares are made in the open market. The program has an indefinite life, could be stopped without further notice, or expanded to suit the company’s financial goals and strategies. “The purchase of our stock in the public market is a strong indicator that we believe in our operations and technical people,” said CEO Mark Erickson. “During this difficult period in our nation’s history, it is important for investors to stand tall against the tyranny and remain steadfast with their investments. The stock buy-back program will have no effect on our capital program drilling for natural gas in the Rocky Mountains.” Gasco Energy is a natural gas and oil exploration and development company that focuses on gas rich prospects in the Rocky Mountain area of the United States.

Spinnaker Exploration Co. said it had a significant new discovery of natural gas and condensate at its Resolute prospect located on High Island Block 197 offshore Texas. The block is about 35 miles southeast of Galveston in an average water depth of 48 feet. The #1 well was drilled to 13,956 feet, encountering about 140 feet (true vertical depth) of high quality hydrocarbon-bearing section in two intervals within the Miocene Robulus sequence. Both intervals are hydrocarbon filled to the base of the sands encountered. The discovery well has been completed and appears capable of sustaining high flow rates, Spinnaker said. Additional drilling is planned for the new field discovery in the fourth quarter. Engineering design is proceeding for a platform and the related facilities. Houston-based Spinnaker operates the discovery block and owns a 50% working interest and 42% net revenue interest. Partners include Continental Land & Fur, 25%, and Westport Resources, 25%.

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