DENVER, May 13, 2013 /PRNewswire/ -- Gasco Energy, Inc. (OTCQB: GSXN) ("Gasco" or the "Company") today announced the resignation of W. King Grant from his position as the president and chief executive officer of the Company and as a member of the Company's Board of Directors in order to pursue other business opportunities. Mr. Grant's resignation was not related to any disagreement with the other members of the Company's management or the Board of Directors. Mr. Grant's resignation from the Board of Directors became effective May 10, 2013 and his resignation as president and chief executive officer will become effective at the close of business on May 13, 2013.
The Company also announced today that the Board of Directors has appointed Richard S. Langdon to serve as the Company's interim chief executive officer, effective May 14, 2013. Mr. Langdon, who has served as an independent director of the Company since March 2003, will continue to serve as a director of the Company.
The Board of Directors believes that Mr. Langdon's over 35 years of oil and gas industry experience and lengthy service to Gasco as a director make him ideally suited to assume the responsibilities as interim chief executive officer. He has extensive knowledge of the oil and gas industry and experience in managing oil and gas assets, and has an extensive network of relationships with chief executives and other senior management of oil and gas companies and oilfield service companies throughout the United States. Mr. Langdon is currently the Chairman of the board of directors of Constellation Energy Partners LLC, a public limited liability company focused on the acquisition, development and exploitation of oil and natural gas properties and related midstream assets. Mr. Langdon holds a B.S. in Mechanical Engineering and an M.B.A. from the University of Texas at Austin.
The Company does not expect to enter into any written employment agreement with Mr. Langdon in connection with the matters disclosed in this news release. Mr. Grant will receive severance equal to one month salary plus accrued benefits.
The Board of Directors would like to thank Mr. Grant for his service to Gasco since he joined the company in July 2001 as its chief financial officer, and wishes him every success in his future endeavors.
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 focuses its drilling efforts in the Riverbend Project located in the Uinta Basin of northeastern 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 .
Certain statements set forth in this press release relate to management's future plans, objectives and expectations. Such statements are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements express, or are based on, management's current expectations and forecasts about future events. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "should," "would," "could," "expect," "intend," "project," "estimate," "anticipate," "plan," "believe," "foresee," or "continue" or the negative thereof or similar terminology.
Although any forward-looking statements contained in this news release or otherwise expressed by the Company are to the knowledge and in the judgment of management, believed to be reasonable when made, there can be no assurances that any of these expectations will prove correct or that any of the actions that are planned will be taken. Forward-looking statements involve and may be affected by inaccurate assumptions, and known and unknown risks and uncertainties (some of which are beyond the Company's control), that may cause the Company's actual actions, performance and financial results in future periods to differ materially from any expectation, projection, estimate or forecasted result. The key factors that may cause actual actions or results to vary from those the Company expects are described in (1) Part I, "Item 1A–Risk Factors," "Item 7–Management's Discussion and Analysis of Financial Condition and Results of Operations," "Item 7A–Quantitative and Qualitative Disclosure About Market Risk" and elsewhere in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and (2) the Company's other reports and registration statements filed from time to time with the SEC.
Any of these factors could cause the Company's actual actions or results to differ materially from those implied by these or any other forward-looking statements made by the Company. The Company cannot assure you that its future actions and results will meet its expectations. When you consider these forward-looking statements, you should keep in mind these factors. All subsequent written and oral forward-looking statements attributable to the Company are expressly qualified in their entirety by these factors. The Company's forward-looking statements speak only as of the date made. The Company assumes no duty to update or revise its forward-looking statements based on changes in internal estimates or expectations or otherwise.
SOURCE Gasco Energy, Inc.