GASCO ENERGY INC (GSX)

Gasco Energy (NYSE Amex: GSX) today announced that it has consummated its previously announced sale of its Riverbend Project midstream assets to Monarch Natural Gas LLC, a portfolio company of Metalmark Capital Partners, for cash consideration of $23 million. Included in the transaction are substantially all of Gasco's Riverbend Project midstream assets comprised of the Company's gathering system and related pipeline and equipment and its two evaporation pits and related equipment used for the disposal of produced water from wells operated in the Riverbend area of Utah. The sale closed on February 26, 2010. J.P. Morgan Securities acted as financial advisor to Gasco in connection with the sale.
Gasco believes it has substantially and materially improved its balance sheet with this deal. Per the terms of the sale, it will now begin providing certain operating services to Monarch for at least six months.

Mar 3 · 11:56:00 AM · Source: Company Press Release
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by Jeffrey Epstein