Denver-based Gasco Energy, (NYSE Alternext US: GSX) anticipating a borrowing-base reduction in April, says it is looking to sell or farm out some of its interests. Gasco operates primarily in the Riverbend project in the Uinta Basin of northeastern Utah.
If Gasco does not have sufficient funds on hand for repayment, “the company may be required to seek a waiver or amendment from the lenders, refinance the credit agreement, sell assets or additional shares of common stock or reduce the capital budget,” it says.
Gasco has already reduced its 2009 budget, including releasing its sole rig. The company says it further plans to sell or farm out assets to increase liquidity.
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