SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

LOTITO CARMEN J

(Last)

(First)

(Middle)

14 INVERNESS DR EAST

BLDG H STE 236

(Street)

ENGLEWOOD

80112

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
GASCO ENERGY INC [ GSX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/24/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/24/2006		M		62,500	A	$3.15	243,000	D
Common Stock	03/24/2006		S⁽¹⁾		62,500	D	$5.5	180,500	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Right to Buy	$3.15	03/24/2006		M			62,500	05/04/2001⁽²⁾	05/04/2006⁽²⁾	Common Stock	100,000	$3.15	37,500	D
Right to Buy	$1							06/10/2003⁽³⁾	06/10/2008⁽³⁾	Common Stock	50,000		50,000	D
Right to Buy	$1							04/16/2004⁽³⁾⁽⁴⁾	04/16/2009⁽³⁾⁽⁴⁾	Common Stock	50,000		50,000	D
Right to Buy	$2.15							12/12/2004⁽⁵⁾	08/12/2014⁽⁵⁾	Common Stock	75,000		75,000	D
Right to Buy	$3.39							09/30/2005⁽⁶⁾	09/30/2010⁽⁶⁾	Common Stock	100,000		100,000	D

Explanation of Responses:

1. These sales are pursuant to a previously announced 10b5-1 plan.

2. Granted 100,000 options as compensation. 50,000 of these options vest 5/4/01 and expire 5/4/06. The remaining 50,000 options vest over a period of 2 years, with 1/8 of the amount vesting every 3 months commencing 8/4/01.

3. Granted 50,000 options as compensation. These options vest over a 2 year period with 1/6 of the amount vesting every 4 months commencing 06/11/03 and expiring 5 years from the date of vesting.

4. Granted 50,000 options as compensation. These options vest over a period of 2 years, with 1/6 of the amount vesting every 4 months commencing 4/16/04, and expiring 5 years from the date of vesting.

5. Granted 75,000 options under the Issuer's 1999 Stock Option Plan. These options vest over a period of 2 years, with 1/6 of the amount vesting every 4 months commencing 12/12/04, and all options expiring 8/12/2014.

6. Granted 100,000 options. These options vest over a period of one year, with 25% of the amount vesting each calendar quarter commencing 9/30/05 and expiring 5 years from the date of vesting.

	Carmen J. Lotito	03/24/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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