Exhibit 99.1

For Immediate Release on Tuesday, August 9, 2011

GASCO ENERGY ANNOUNCES SECOND QUARTER 2011 RESULTS

DENVER — August 9, 2011 /PRNewswire-FirstCall/ — Gasco Energy (NYSE Amex: GSX) today announced financial and operating results for the second quarter ended June 30, 2011.

Second Quarter 2011 Financial Results

For the second quarter 2011, Gasco reported breakeven results of $0.0 million, or $0.00 per share, as compared to net income of $15.4 million, or $0.14 per share, for the same period in 2010.

Included in the Q2-11 results are derivative gains of $0.3 million attributed to hedge effect. Excluding the effect of the derivative gains in Q2-11, Gasco would have posted a net loss of $0.3 million, or $0.00 per share.  Net loss excluding the effect of derivative gains is a non-GAAP financial measure.

Included in Q2-10 results is a one-time, non-cash gain on extinguishment of debt of $15.8 million which is associated with the Q2-10 exchange transaction of 2011 Notes for 2015 Notes.  The difference between the fair value of the 2015 Notes and the carrying value of the 2011 Notes exchanged less unamortized debt issuance costs was recorded as a gain on the extinguishment of debt of $15.8 million.

Oil and gas sales during Q2-11 increased by 18% to $5.8 million, as compared to sales of $4.9 million for the same period in 2010.  Approximately 20% of Q2-11 oil and gas sales is attributed to crude oil, as compared to 14% of the oil and gas sales total in Q2-10.  The quarter-over-quarter increase in oil and gas sales is primarily attributed to a 15% increase in prices received for sales of Gasco’s natural gas and a 39% increase in prices received for oil volumes, offset in part by a 4% decrease in equivalent production during the comparable periods.

Gasco’s average realized gas price was $4.47 per thousand cubic feet of natural gas (Mcf) for Q2-11, including the effect of hedges, compared to $3.90 per Mcf for the same period in 2010, also including the effect of hedges.  The Company’s risk management activities had no impact on the average gas price during Q2-11. Excluding the impact of hedges, the Company’s average price received for its natural gas production was $3.39 per Mcf in the prior-year period.

The average realized oil price for Q2-11 was $88.80 per barrel, as compared to $63.85 per barrel for Q2-10.  Gasco does not hedge its crude oil volumes.

Net cash provided by operating activities during Q2-11 was $1.0 million, as compared to $1.6 million in the same period in 2010.  Net cash used in investing activities during Q2-11 was $2.1 million, as compared to net cash provided by investing activities in Q2-10 of $1.1 million.  Net cash provided by financing activities in Q2-11 was $6.1 million and is primarily attributed to the Company’s underwritten offering of common stock and warrants to purchase common stock during Q2-11, the net proceeds of which were approximately $5.1 million.

Cash and cash equivalents were $6.1 million at June 30, 2011.

During May 2011, Gasco completed its semi-annual re-determination of its borrowing base under its credit facility with JPMorgan.  As a result, the Company’s borrowing base was decreased from $16 million to $15 million.  As of August 9, 2011, Gasco had $8.6 million in borrowings and letters of credit drawn on the facility.  Gasco’s total assets were $85.3 million and stockholders’ equity was $43.8 million, as of June 30, 2011.

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Unit Cost Comparisons — LOE / DD&A / G&A

Lease operating expense (LOE) for Q2-11 was $1.7 million, as compared to $1.5 million in the same period in 2010.  On a per-unit basis, LOE was $1.54 per thousand cubic feet of natural gas equivalent (Mcfe) in Q2-11, as compared to $1.33 per Mcfe in the year-ago period.  The 13% increase in total LOE in the Q2-11 period, as compared to Q2-10 is attributed to an increase in operating expenses of $0.17 per Mcfe and an increase in production taxes of $0.04 per Mcfe primarily due to the expiration of certain tax benefits.

Transportation and processing expense was $0.9 million during Q2-11, or $0.81 per Mcfe, as compared to $0.9 million in Q2-10, or $0.77 per Mcfe.

Depletion, depreciation and amortization (DD&A) decreased by 9% to $1.0 million for Q2-11, as compared to $1.1 million for the same period in 2010.  On a per-unit basis, DD&A for Q2-11 was $0.89 per Mcfe, as compared to $0.93 per Mcfe for the same period in 2010.

The Company reported general and administrative expense (G&A) of $0.9 million in Q2-11, versus $0.8 million in the same period in 2010.  On a per-unit basis, total G&A for Q2-11 was $0.85 per Mcfe, as compared to $0.72 per Mcfe for the same period in 2010.  G&A expense for Q2-11 includes $0.0 million of non-cash, stock-based compensation expense, or, on a per-unit basis, $0.00 per Mcfe, as compared to the prior-year period total of $0.3 million, or $0.29 per Mcfe.

Unit Cost Analysis

Six-Month Period

Gasco reported a net loss for the six-months ended June 30, 2011 of $1.6 million, or $0.01 per share, as compared to net income for the first half of 2010 of $18.3 million, or $0.17 per share.  Included in the first half 2011 results are derivative gains of $0.4 million.  Excluding the effect of the derivative gains, Gasco would have posted a net loss of $1.2 million, a non-GAAP measure, or $0.01 per share.

Included in the second quarter 2010 results is a one-time non-cash gain on extinguishment of debt of $15.8 million which is associated with the second quarter 2010 exchange transaction of 2011 Notes for 2015 Notes.

Oil and gas sales for the first half of 2011 were $10.0 million, as compared to $10.7 million for the same period in 2010.  The 7% decrease in oil and gas sales during the first half 2011, as compared to the prior-year period, is primarily attributed to a 4% decrease in oil and gas production and a 7% decrease in prices received for sales of the Company’s natural gas and is offset in part by a 30% increase in prices received for oil volumes.  The average prices received for the first half of 2011 were $4.28 per Mcf and $83.60 per barrel of oil, as compared to $4.62 per Mcf and $64.15 per barrel in the 2010 first-half reporting period.

Net cash provided by operating activities for the first half of 2011 was $1.9 million as compared to $2.8 million for the same period in 2010.  The Company invested approximately $3.8 million during the first half of 2011 in oil and gas activities.

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Production

Cumulative net production for Q2-11 was 1,108 million cubic feet of natural gas equivalent (MMcfe), as compared to 1,152 MMcfe in the prior-year period, a 4% decrease.  Included in the Q2-11 equivalent calculation is 12,904 barrels of liquid hydrocarbons (BO), a 16% increase when compared to the same period in 2010 liquids volumes of 11,127 BO.

Cumulative net production for the first half of 2011 was 2,067 MMcfe, as compared to 2,152 MMcfe in the year-ago period, a 4% decrease.  Included in the first half 2011 equivalent calculation is 20,478 BO, as compared to same-period 2010 volumes of 21,359 BO, a 4% decrease.

Natural gas represented approximately 93% and 94% of the product mix respectively for the Q2-11 and first half 2011.

At June 30, 2011, Gasco operated 133 gross wells.  Gasco currently has an inventory of 18 operated wells with up-hole recompletions and has one Upper Mancos well awaiting initial completion activities.

Operations Review

Uinta Basin, Utah — Green River Oil

The Company does not have a drilling rig under contract at this time, but is in the process of contracting a rig for its first two Green River oil test wells.  Well permitting is being finalized and drilling is expected to commence in Q3-11 and production results are expected later in Q3-11.  The Company expects the wells to spud within the next 30 - 45 days.  Positive results and increased oil drilling activity in the Green River Formation and other productive intervals have been well documented by other operators in Gasco’s part of the Uinta Basin.  These oil-bearing formations are typically shallow and have a sub- $1 million completed well cost.  Current commodity prices feature strong potential per-well economics for the Green River play.  Gasco estimates that the cost to drill and complete a Green River well is approximately $800,000, with estimated ultimate recoveries of 50,000 BO per-well.

San Joaquin Basin, Calif. — Northwest McKittrick Prospect

The operator of this shallow oil prospect continues to work with the California State Agencies to acquire the appropriate permits.  The operator recently received the Incidental Takings Permit (ITP).  The ITP outlines the endangered species surveys and mitigation efforts which must be followed before issuance of a drilling permit.  Based on the ITP requirements, the earliest a well will be spud is by the end of the year.

Risk Management

At recent production levels, approximately 19% of Gasco’s net production volumes were hedged through the following instruments:

Gasco 2011-2012 Swap Agreements

(a)                    Northwest Pipeline Rocky Mountains — Inside FERC first of month index price

Teleconference Call

A conference call with investors, analysts and other interested parties is scheduled for 11:00 a.m. EDT on Wednesday, August 10, 2011 to discuss the second quarter 2011 financial and operating results.  You are invited to participate in the call which will be broadcast live over the Internet and via teleconference.

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About Gasco Energy

Denver-based Gasco Energy, Inc. (NYSE Amex: GSX) is a natural gas and petroleum exploitation, development and production company engaged in locating and developing hydrocarbon resources, primarily in the Rocky Mountain region.  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 currently focuses its drilling efforts in the Riverbend Project located in the Uinta Basin of northeastern Utah, targeting the Wasatch, Mesaverde, Blackhawk, Mancos, Dakota and Morrison formations.  To learn more, visit http://www.gascoenergy.com.

Contact for Gasco Energy, Inc.: Investor Relations — 303-483-0044

Forward-looking Statements

Certain statements set forth in this press release relate to management’s future plans, objectives and expectations.  Such statements are forward-looking within the meanings 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, including, without limitation, statements regarding Gasco’s future financial position, potential resources, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements. These statements express, or are based on, management’s expectations about future events. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “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 press release are to the knowledge or in the judgment of the officers and directors of Gasco, believed to be reasonable under the circumstances, 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 assumptions which may be inaccurate, and known and unknown risks and uncertainties (some of which are beyond Gasco’s control) that may cause Gasco’s actual performance and financial results in future periods to differ materially from any projection, estimate or forecasted result.  Some of the key factors that may cause actual results to vary from those Gasco expects include the consummation of recently announced asset sales or transactions on a timely basis; inherent uncertainties in interpreting engineering and reserve or production data and the timing and amount of future production; operating hazards; delays or cancellations of drilling operations because of weather and other natural and economic forces; fluctuations in oil and natural gas prices; competition from other companies with greater resources; environmental and other government regulations, including new or proposed legislation; defects in title to properties; increases in Gasco’s cost of borrowing or inability or unavailability of capital resources to fund capital expenditures; Gasco’s ability to generate sufficient cash flows to operate; pipeline constraints; overall demand for natural gas and oil in the United States; changes in general economic conditions in the United States; Gasco’s ability to manage interest rate and commodity price exposure; changes in Gasco’s borrowing arrangements; the condition of credit and capital markets in the United States; and other risks described in (i) 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 Gasco’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the SEC on March 2, 2011, and (ii) Gasco’s other reports and registration statements filed from time to time with the SEC, including,

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among others, Gasco’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, filed with the SEC on May 10, 2011.

Any of these factors could cause Gasco’s actual results to differ materially from the results implied by these or any other forward-looking statements made by Gasco or on its behalf.  Gasco cannot assure you that its future 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 Gasco, or persons acting on its behalf, are expressly qualified in their entirety by these factors.  Gasco’s forward-looking statements speak only as of the date made.  Gasco assumes no duty to update or revise its forward-looking statements based on changes in internal estimates or expectations or otherwise.

[Financial and Operational Tables Accompany this News Release]

The notes accompanying the financial statements are an integral part of the consolidated financial

statements and can be found in Gasco’s Form 10-Q for the quarter ended June 30, 2011 filed with the SEC on August 9, 2011.

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GASCO ENERGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (continued)

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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