Gasco Energy gets $250 million revolver

By Sara Rosenberg

New York, March 30 - Gasco Energy Inc. closed on a new $250 million revolving credit facility, with an initial borrowing base of $17 million, according to a company news release.

JPMorgan acted as the lead bank on the deal.

The borrowing base is determined by reference to the company's proved reserves at June 30, 2005.

Borrowings can carry an interest rate anywhere from Libor plus 125 to 200 basis points, depending on usage.

Security is a pledge of the capital stock of the company's significant subsidiaries and mortgages on substantially all oil & gas properties.

The revolver is available to provide funds for the exploration, development and/or acquisition of oil and gas properties, to refinance existing debt and for working capital and other general corporate purposes.

Gasco is a Denver-based natural gas and oil exploitation and development company.

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