| Gasco's San Joaquin Basin leasehold interest as of September 15 is approximately 24,164 gross acres in Kern and San Luis Obispo Counties of Southern California. The company has secured industry partners with the intent of drilling high-ranking prospects in 2009 and 2010. Gasco currently controls nine untested prospects within this prolific trend of the San Joaquin Basin and has recently secured two industry partners to test the Southwest Cymric and Northwest McKittrick prospects. In the two recently sold prospects, Gasco will be carried in the drilling of three test wells, with options to be carried for up to two additional wells that will each test the different hydrocarbon-bearing pay horizons at different structural settings. Total unrisked gross potential of the two prospects is up to 40 million barrels of oil. These prospects target shallow diatomite and Tulare Sands and range in depth from 700 feet to 1,200 feet. :theflyonthewall.com |
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