SEC FORM 5

SEC Form 5

FORM 5

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

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 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).

Form 3 Holdings Reported.

Form 4 Transactions Reported.

1. Name and Address of Reporting Person^*

SCHMIT JOHN A

(Last)

(First)

(Middle)

8080 N CENTRAL EXPRESSWAY

STE 210 LB 59

(Street)

DALLAS

75206

(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. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2005

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 at end of Issuer's Fiscal Year (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)	3. Transaction Code (Instr. 8)	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	05/18/2005		L4	7.1	A	$3.06	7.1 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock	05/19/2005		L4	103.19	A	$2.97	110.29 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock	05/20/2005		L4	18.29	A	$3.06	128.58 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock	05/20/2005		L4	0.55	D	$3.08	128.03 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock	05/23/2005		L4	17.8	A	$3.17	145.83 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock	05/24/2005		L4	19.6	A	$3.13	165.43 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock	05/25/2005		L4	19.66	A	$3.09	185.09 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock	05/27/2005		L4	7.64	A	$3.05	192.73 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock	05/31/2005		L4	30.52	A	$3.06	223.25 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock	05/31/2005		L4	4.86	D	$2.99	218.39 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock	06/01/2005		L4	15.4	A	$3.1	233.79 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock	06/02/2005		L4	39.2	A	$3.22	273 ^{( 1 )}	I	By Crestview Capital Master LLC
Common Stock							15,000	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)	4. Transaction Code (Instr. 8)	(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	$3.39						09/30/2005 ^{( 2 )}	09/30/2010 ^{( 2 )}	Common Stock	75,000		75,000	D

Explanation of Responses:

1. Amounts shown are based on Mr. Schmit's percentage ownership at the time of the transactions. Mr. Schmit's ownership in Crestview Capital Master LLC fluctuates from time to time as that entity is an open-end fund. Mr. Schmit had no knowledge of the dispositions and disclaims beneficial ownership of the shares owned by Crestview Capital Master, LLC ("CCM"). However, as Mr. Schmit may be deemed to beneficially own shares owned by CCM to the extent of his pecuniary interest in CCM, Mr. Schmit has tendered the deemed profit from the sales calculated pursuant to Section 16(b) of the Exchange Act ($0.16) to Gasco Energy, Inc.

2. Granted 75,000 options. These options vest over a one year period, with 25% of the amount vesting each calendar quarter commencing 9/30/05, and expiring 5 years from the date of vesting.

	John A. Schmit	01/31/2006
	** Signature of Reporting Person	Date
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