Document:

EXHIBIT 4.1
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                                BOSTON SCIENTIFIC
                      DEFERRED COMPENSATION OPTION PROGRAM
                           (effective October 1, 2002)

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          BOSTON SCIENTIFIC DEFERRED COMPENSATION OPTION PROGRAM
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1.        PURPOSE OF THE PLAN. This plan shall be known as the Boston Scientific
          Deferred Compensation Option Program (the "Plan"). The purpose of the
          Plan is to attract and retain the highest quality employees for
          positions of substantial responsibility and to provide additional
          incentives to a select group of management or highly compensated
          employees of Boston Scientific Corporation ("BSC" or "Company") so as
          to promote the success of the Company.

2.        DEFINITIONS. As used herein, the following definitions shall apply:

          (a)  "Administrator" shall mean the Board, or the person or persons
               appointed by Board to serve under paragraph 15, below.

          (b)  "Award Date" shall mean the effective date of the Participant's
               Option Agreement.

          (c)  "Board" shall mean the Board of Directors of Boston Scientific
               Corporation.

          (d)  "Cause" shall mean a felony conviction of a Participant or the
               failure of a Participant to contest prosecution for a felony, or
               a Participant's misconduct or dishonesty which is harmful to the
               business or reputation of the Company.

          (e)  "Code" shall mean the Internal Revenue Code of 1986, as amended.

          (f)  "Company" shall mean Boston Scientific Corporation.

          (g)  "Disability" shall mean permanent and total disability as
               determined under the Company's long-term disability program for
               employees then in effect.

          (h)  "Employee" shall mean a key employee of the Company.

          (i)  "Immediate Family" shall mean an individual or entity included as
               a "family member" within the meaning of the Security and Exchange
               Commission's Form S-8, Registration Statement Under The
               Securities Act of 1933.

          (j)  "Option" shall mean an option granted pursuant to this Plan to
               purchase one or more Shares.

          (k)  "Option Agreement" means the written agreement evidencing the
               award of an Option under the Plan.

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          (l)  "Option Price" shall mean the price to be paid by the Participant
               to exercise the Option and shall be expressed in dollars per
               Share.

          (m)  "Participant" shall mean any Employee who receives an Option
               under the Plan, as evidenced by an Option Agreement entered into
               between such Employee and the Company.

          (n)  "Plan" shall mean the Boston Scientific Deferred Compensation
               Option Program, as amended from time to time.

          (o)  "Retirement" shall mean that unless the Administrator expressly
               provides otherwise, cessation of employment or other service
               relationship with the Company and its Affiliates if, as of the
               date of such cessation, (i) the Participant has attained age 50
               and has accrued at least five years of service with the Company
               and its Affiliates, and (ii) the sum of the Participant's age and
               years of service as of such date equals or exceeds 62.

          (p)  "Shares" shall mean certain shares of mutual funds and/or shares
               of common or preferred stock as designated by a Participant from
               a list of investments designated or subsequently redesignated by
               the Administrator, and referenced in Exhibit A. Shares may
               include stock or other equity interest or bonds in the Company or
               any company related to the Company if so permitted by the Board.
               IN NO EVENT, HOWEVER, MAY SHARES INCLUDE UNITS OF ANY MONEY
               MARKET FUNDS OR OTHER CASH EQUIVALENTS. Shares subject to
               purchase pursuant to any Option shall also include any reinvested
               distributions on such shares subsequent to the Award Date.

3.        TERM OF PLAN. The Plan shall become effective on the date it is
          adopted by the Board and shall continue in effect as amended from time
          to time until terminated pursuant to paragraph 17.

4.        ELIGIBILITY. All Employees of the Company who are in the group of
          employees determined by the Administrator to be part of the select
          group of management or highly compensated employees are eligible to
          receive Options under the Plan. Employees of subsidiaries are eligible
          to participate in the Plan.

5.        GRANT OF OPTIONS. The Administrator shall from time to time select
          eligible Employees for participation in the Plan. The Administrator
          shall grant Options under the Plan to a Participant based on (i) the
          portion of the Participant's salary and/or bonus that the Participant
          elects to defer, to the extent permitted by the Administrator, and
          (ii) the Participant's selection of

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          investments. The grant of Options shall be evidenced by written Option
          Agreements containing such terms and provisions as are approved by the
          Board and specifying the number and types of Shares subject to
          Options. The Administrator of the Plan shall execute the Option
          Agreements on behalf of the Company upon instructions from the Board.

6.        TIME OF GRANT OF OPTIONS. The date of grant of an Option under the
          Plan shall, for all purposes, be the date on which the Board awards
          the Option, as evidenced by the execution of an Option Agreement.

7.        OPTION PRICE. The Option Price for each Share shall be expressed in
          each Option Agreement, provided, however, the Option Price shall be no
          lower than 25 percent of the fair market value of a Share on the date
          of grant of the Option. Fair market value on any day of reference
          shall be the closing price of the Share on such date, unless the
          Board, in its sole discretion shall determine otherwise in a fair and
          uniform manner. For this purpose, the closing price of a Share that is
          a share of common or preferred stock shall be on any business day (i)
          if the Share is listed or admitted for trading on any United States
          national securities exchange or the Nasdaq National or SmallCap
          Markets, the last reported sale price of the Share on such exchange or
          system, as reported in any newspaper of general circulation, (ii) if
          the Share is not listed or admitted for trading on any United States
          national securities exchange or Nasdaq market, the average of the high
          and low sale prices of the Share for such day reported on a
          consolidated transaction reporting system, or if no sales are reported
          for such day, such average for the most recent business day within
          five business days before such day on which sales are reported, or
          (iii) if neither clause (i) or (ii) is applicable, the average between
          the lowest bid and highest asked quotations for the Share on such day
          as reported by the National Quotation Bureau, Incorporated, if at
          least two securities dealers have inserted both bid and asked
          quotations for the Share on at least 5 of the 10 preceding business
          days. The closing price of a Share that is a share of an open-end
          mutual fund shall be, on any business day, the net asset value
          reported for such fund for such day in any newspaper of general
          circulation. The closing price of any other Share shall be determined
          in good faith by the Administrator.

8.        EXERCISE. Except as otherwise provided in an Option Agreement, all
          Options granted under the Plan will be vested at grant and therefore
          may be exercisable immediately, unless stated otherwise by the Board.
          A Participant may exercise Options in full or in part, in whole
          percentages, from the date of the grant as set forth in the Option
          Agreement. Participants may exercise Options, in whole or in part, no
          more than four (4) times in any calendar year. Reinvested dividends
          shall be attributed proportionally to the Shares and will be purchased
          when the underlying award is exercised. For example, if an original
          grant of an Option to purchase 500 Shares (after the payment of the
          exercise price) generated 100 additional Shares on such 500 Shares

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          from reinvested dividends, an exercise of one-fourth of the originally
          granted Option will result in the purchase (after the payment of the
          exercise price) of 150 Shares in order to proportionally include the
          resulting reinvested dividends. A Participant may exercise Options
          during employment. In addition, upon the Participant's separation from
          active service due to death, Disability, or Retirement, the Option
          will remain exercisable for a period of one hundred twenty (120)
          months following such separation. In the case of termination for
          cause, the Option will remain exercisable for a period of twelve (12)
          months following termination. Upon the Participant's separation from
          service for any reason other than those stated above, the Option will
          remain exercisable for a period of thirty-six (36) months following
          termination with exceptions only upon the Board's approval. In
          addition, all Options granted under the Plan may only be exercised
          subject to any other terms specified in the Option Agreement and if
          such terms conflict with the terms of this Plan, the terms of the
          Option Agreement control.

9.        LIMITATIONS ON OPTION DISPOSITION. No Option granted under the Plan or
          the rights and privileges conferred therewith may be sold,
          transferred, encumbered, hypothecated or otherwise anticipated by the
          Participant other than by will or the laws of descent and
          distribution. Options shall not be made subject to, in whole or in
          part, the debts, contracts, liabilities, or torts of the Participant,
          nor shall they be subject to garnishment, attachment, execution, levy
          or other legal or equitable process. However, a Participant may, upon
          approval of the Board, transfer by gift any Option or part thereof to
          a member or members of the Participant's Immediate Family and/or to a
          trust established for the benefit of the Participant or an Immediate
          Family member or members, as defined in the Plan, provided such
          transfer is irrevocable, is made without consideration, and each
          Option so transferred by the Participant remains subject after
          transfer to the provisions of the Plan.

10.       LIMITATIONS ON OPTION EXERCISE AND DISTRIBUTION. In the event that the
          listing, registration or qualification of an Option or Shares on any
          securities exchange or under any state or federal law, or the consent
          or approval of any governmental regulatory body, or the availability
          of any exemption therefrom, is necessary as a condition of, or in
          connection with, the exercise of an Option, then the Option shall not
          be exercised in whole or in part until such listing, registration,
          qualification, consent or approval has been effected or obtained.
          Notwithstanding any provision of the Plan to the contrary, the Company
          shall have no obligation or liability to deliver any Shares under the
          Plan unless such delivery would comply with all applicable laws and
          all applicable requirements of any securities exchange or similar
          entity.

11.       OPTION FINANCING. Upon the exercise of any Option granted under the
          Plan, the Participant may instruct the Administrator to sell, withhold

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          or deem to sell a number of Shares otherwise deliverable to the
          Participant and attributable to the exercise of the Option in order to
          pay the Option Price. The Board may, in its sole discretion, make
          financing available to the Participant to facilitate the exercise of
          the Option, subject to such terms as the Board may specify.

12.       WITHHOLDING OF TAXES. The Company may make such provisions and take
          such steps as it may deem necessary or appropriate for the withholding
          of any taxes, which it is required by any law or regulation of any
          governmental authority, whether federal, state or local, domestic or
          foreign, to withhold in connection with any Option including, but not
          limited to, (i) the withholding of the issuance of all or any portion
          of such Shares until the Participant reimburses the Company for the
          amount the Company is required to withhold with respect to such taxes,
          (ii) canceling any portion of such issuance in an amount sufficient to
          reimburse itself for the amount it is required to so withhold, or
          (iii) taking any other action reasonably required to satisfy the
          Company's withholding obligation.

13.       MODIFICATION OF OPTION OR PLAN. At any time and from time to time the
          Board may execute an instrument providing for the modification,
          extension, or renewal of any outstanding Option and/or the Plan. No
          modification shall impair the rights of any Participant with respect
          to Options previously granted except to the extent necessary to comply
          with any provision of applicable federal or state laws, or except to
          the extent necessary to prevent detriment to the Company as so
          determined by the Board.

14.       SUBSTITUTION OF OPTION. If a Participant has been granted an Option to
          purchase Shares under an Option Agreement, then except as limited by
          the terms of the Option Agreement, the Participant may direct that the
          Option be converted into an Option to purchase other Shares in whole
          percentages and without limitations on frequency of substitution as
          permitted by the Option Agreement. Such substitution shall only be
          allowed to the extent that, immediately following the substitution,
          the difference between the fair market value of the Shares subject to
          the substituted Option and the Option Price of the substituted Option
          is no greater than the difference which existed immediately prior to
          the substitution between the fair market value of the Shares subject
          to the original Option and the Option Price of the original Option.

15.       ADMINISTRATION OF THE PLAN. The Board, in its sole discretion, is
          authorized to select the Employees who may receive Options. The Board,
          or the person or persons appointed by the Board to serve as
          Administrator, shall be the Administrator of the Plan. The
          Administrator, in its sole discretion, is authorized to interpret the
          Plan, to prescribe, amend and rescind rules and regulations relating
          to the Plan and to the Options granted under the Plan, to determine
          the form and content of Options to be issued under the Plan, and to

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          make such other determinations and exercise such other power and
          authority as may be necessary or advisable for the administration of
          the Plan. No fee or compensation shall be paid to any person for
          services as the Administrator (but this does not prevent the payment
          of salary otherwise payable to an employee of the Company for other
          services as an employee of the Company). The Administrator in its sole
          discretion may delegate and pay compensation for services rendered
          relating to the ministerial duties of plan administration including,
          but not limited to, selection of investments available under the Plan.
          Any determination made by the Administrator pursuant to the powers set
          forth herein is final, binding and conclusive upon each Participant
          and upon any other person affected by such decision, subject to the
          claims procedure hereinafter set forth. The Administrator shall decide
          any question which may arise regarding the rights of Participants and
          beneficiaries, and the amounts of their respective interests, adopt
          such rules and to exercise such powers as the Administrator may deem
          necessary for the administration of the Plan, and exercise any other
          rights, powers or privileges granted to the Administrator by the terms
          of the Plan. The Administrator shall maintain full and complete
          records of its decisions. Its records shall contain all relevant data
          pertaining to the Participant and his or her rights and duties under
          the Plan. The Administrator shall have the duty to maintain Account
          records for all Participants. The Administrator shall cause the
          principal provisions of the Plan to be communicated to the
          Participants, and a copy of the Plan and other documents shall be
          available at the principal office of the Company for inspection by the
          Participants at reasonable times determined by the Administrator.

16.       CONTINUED EMPLOYMENT NOT PRESUMED. Nothing in the Plan or any document
          describing it nor the grant of an Option via an Option Agreement shall
          give any Participant the right to continue in employment with the
          Company or affect the right of the Company to terminate the employment
          of any such person with or without cause.

17.       AMENDMENT AND TERMINATION OF THE PLAN OR OPTION AGREEMENT. The Board,
          in its sole discretion, may amend, suspend or discontinue the Plan or
          Option Agreement. No amendment, suspension, or discontinuance shall
          impair the rights of any Participant except to the extent necessary to
          comply with any provision of applicable federal or state laws or
          except to the extent necessary to prevent detriment to the Company as
          so determined by the Board.

18.       GOVERNING LAW. The Plan shall be governed by and construed in
          accordance with the laws of the Commonwealth of Massachusetts.

19.       SEVERABILITY OF PROVISIONS. Should any provision of the Plan be
          determined to be invalid, illegal or unenforceable, such invalidity,

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          illegality or unenforceability shall not affect the remaining
          provisions of the Plan, but such provision shall be fully severable,
          and the Plan shall be construed and enforced as if such provision had
          never been inserted herein.

20.       HEDGE OF LIABILITY CREATED BY THE OPTION PLAN. At the sole discretion
          of the Board, the liability created by the grant of the Options issued
          pursuant to the Plan may be offset by the Company entering into a
          hedging transaction. The hedging transaction may consist of the
          Company purchasing all or part of the Shares subject to the Options
          issued pursuant to the Plan, at date of grant of the Options or at any
          time during the Option exercise period.

21.       CLAIMS PROCEDURE. In general, any claim for benefits under the Plan
          shall be filed by the Participant or beneficiary ("claimant") on the
          form prescribed for such purpose with the Administrator. If a claim
          for benefits under the Plan is wholly or partially denied, notice of
          the decision shall be furnished to the claimant by the Administrator
          within a reasonable period of time after receipt of the claim by the
          Administrator. The claims procedure shall be as follows:

          (a)  Any claimant who is denied a claim for benefits shall be
               furnished written notice setting forth:

               (i)   The specific reason or reasons for the denial;

               (ii)  Specific reference to the pertinent provision of the Plan
                     upon which the denial is based;

               (iii) A description of any additional material or information
                     necessary for the claimant to perfect the claim; and

               (iv)  An explanation of the claim review procedure under the
                     Plan.

          (b)  In order that a claimant may appeal a denial of a claim, the
               claimant or the claimant's duly authorized representative may:

               (i)   Request a review by written application to the
                     Administrator, or its designate, no later than sixty (60)
                     days after receipt by the claimant of written notification
                     of denial of a claim;

               (ii)  Review pertinent documents; and

               (iii) Submit issues and comments in writing.

          (c)  A decision on review of a denied claim shall be made not later
               than sixty (60) days after receipt of a request for review,
               unless special circumstances require an extension of time for
               processing, in which case a decision shall be rendered within a
               reasonable period of time, but not later than one hundred and
               twenty (120) days after receipt of a request for review. The
               decision on a review shall be in writing and shall include the
               specific reason(s) for the decision and the specific reference(s)
               to the pertinent provisions of the Plan on which the decision is
               based.

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22.       DESIGNATION OF BENEFICIARY. A Participant, by filing the prescribed
          form with the Administrator, may designate one or more beneficiaries
          and successor beneficiaries who shall be given the right to exercise
          Options in accordance with the terms of the Plan in the event of the
          Participant's death. In the event the Participant does not file a form
          designating one or more beneficiaries, or no designated beneficiary
          survives the Participant, the Option shall be exercisable by the
          individual to whom such right passes by will or the laws or descent
          and distribution.

23.       INTENT. The Plan is intended to be unfunded and maintained by the
          Company solely to provide options to a select group of management or
          highly compensated employees as such group is described under Sections
          201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income
          Security Act of 1974 ("ERISA") as interpreted by the U.S. Department
          of Labor. The Plan is not intended to be a plan described in Sections
          401(a) or 457 of the Code. The obligation of the Company to deliver
          Shares subject to the Options granted under this Plan constitutes
          nothing more than an unsecured promise of the Company to fulfill such
          obligations and any property of the Company that may be set aside to
          permit it to fulfill such obligations under the Plan shall, in the
          event of the Company's bankruptcy or insolvency, remain subject to the
          claims of the Company's general creditors until such Options are
          exercised.

                                        9GASCO ENERGY, INC.

                 SUBSCRIPTION AND REGISTRATION RIGHTS AGREEMENT

         This Subscription and Registration Rights Agreement (this "Agreement"),
made as of the date set forth  below by and  between  Gasco  Energy,  Inc.  (the
"Company") and the undersigned ("Subscriber"),  is intended to set forth certain
representations,   covenants  and   agreements   between  the  Company  and  the
Subscriber,  with  respect  to the  offering  (the  "Offering")  for sale by the
Company of shares of common  stock,  par value  $.0001  per share  (the  "Common
Stock"), as described in the Company's Private Placement Memorandum dated August
2, 2002 (the "Memorandum"), a copy of which has been delivered to Subscriber.

     1. Subscription. Subject to the terms and conditions hereof, the Subscriber
hereby  irrevocably  subscribes  for and agrees to purchase from the Company the
number of shares of Common Stock, par value $.0001 per share of the Company (the
"Shares") set forth under the Subscriber's  name on the signature page hereto at
a purchase  price of $1.00 per share (the  "Offering  Price"),  and the  Company
agrees to sell such Shares to the Subscriber at the Offering  Price,  subject to
the Company's  right to sell to the  Subscriber  such lesser number of Shares as
the Company may, in its sole discretion, deem necessary or desirable.

     2. Delivery of Subscription Amount; Acceptance of Subscription; Delivery of
Shares. Subscriber understands and agrees that this subscription is made subject
to the following terms and conditions:

     (a) Subscriber  understands that separate  subscription  agreements will be
executed  with other  Subscribers  for the remainder of the Shares to be sold in
the Offering;

     (b)  Contemporaneously  with the execution and delivery of this  Agreement,
Subscriber shall execute and deliver the  Registration  Rights Agreement and the
Certificate of Accredited Investor Status, and shall wire to the Company to hold
in a separate,  non-interest bearing account, immediately available funds in the
amount equal to the Offering Price  multiplied by the number of Shares for which
the Subscriber has subscribed (the "Subscription Amount") in accordance with the
how to subscribe instructions set forth on Exhibit A hereto.

     (c) The  subscription  for Shares shall be deemed to be accepted  only when
this Agreement has been signed by an authorized officer of the Company,  and the
deposit  of  the  Subscription  Amount  for  clearance  will  not be  deemed  an
acceptance of this Agreement;

     (d) The Company shall have the right to reject this subscription,  in whole
or in part and shall have the right to allocate Shares among  Subscribers in any
manner it may desire;

     (e) The payment of the Subscription Amount (or, in the case of rejection of
a portion of the Subscriber's subscription,  the part of the payment relating to
such  rejected  portion)  will  be  returned  promptly,   without  interest,  if
Subscriber's  subscription is rejected in whole or in part or if the Offering is
withdrawn or canceled;

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     (f)  Certificates  representing  the Shares purchased will be issued in the
name of each Subscriber within 5 days of the consummation of the Offering as set
forth under Section 3 hereof; and

     (g) The  representations  and  warranties of the Company and Subscriber set
forth herein  shall be true and correct as of the date that the Company  accepts
this subscription.

     3. Terms of Subscription.

     (a) The  subscription  period  will  begin as of  August  4,  2002 and will
terminate at 11:59 p.m. Eastern time on October 15, 2002, unless extended by the
Company, on one or more occasions,  for up to an additional sixty (60) days (the
"Termination  Date").  Such  extension  may be  effected  without  notice to the
Subscribers.

     (b) As compensation  for advisory  services,  the Company's  advisor Energy
Capital Solutions,  LLC ("ECS") will receive a fee equal to five (5%) percent of
the  aggregate  purchase  price of the  Shares  sold and the  Company's  advisor
EnerCom,  Inc.  will  receive a fee equal to one (1%)  percent of the  aggregate
purchase  price of the Shares sold.  The Company  shall pay these fees and shall
also pay all expenses in connection with the Offering.

     (c) If the Subscriber is not a United States person,  the Subscriber hereby
represents that it has satisfied itself as to the full observance of the laws of
its  jurisdiction  in connection with any invitation to subscribe for the Shares
or any use of this Agreement,  including (i) the legal  requirements  within its
jurisdiction  for  the  purchase  of  the  Shares,  (ii)  any  foreign  exchange
restrictions  applicable  to such  purchase,  (iii)  any  governmental  or other
consents  that may need to be  obtained,  and (iv) the  income tax and other tax
consequences, if any, that may be relevant to the purchase, holding, redemption,
sale or transfer of the Shares.  The Subscriber's  subscription and payment for,
and his or her continued  beneficial  ownership of the Shares,  will not violate
any applicable securities or other laws of the Subscriber's jurisdiction.

     4. Registration Rights.

     (a)  Subscriber  acknowledges  that it is acquiring  the Shares for its own
account  and  for  the  purpose  of  investment  and  not  with  a  view  to any
distribution or resale thereof within the meaning of the Securities Act of 1933,
as amended,  (the "Securities  Act"). The Subscriber further agrees that it will
not  sell,  assign  or  transfer  the  Shares  at any time in  violation  of the
Securities Act and acknowledges that, in taking unregistered securities, it must
continue to bear the economic risk of its investment for an indefinite period of
time  because of the fact that the  Shares  have not been  registered  under the
Securities  Act,  and  further  realizes  that the Shares  cannot be sold unless
subsequently  registered  under the  Securities  Act or an  exemption  from such
registration is available. The Subscriber further recognizes that the Company is
not assuming any obligation to register the Shares except as expressly set forth
herein. The Subscriber also acknowledges that appropriate legends reflecting the
status of the Shares under the  Securities  Act may be placed on the face of the
certificates  for such Shares at the time of their  transfer and delivery to the
holder thereof.

     (b) The Shares may not be transferred  except in a transaction  which is in
compliance with the Securities Act. Except as provided hereafter with respect to

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registration  of the Shares,  it shall be a condition to any such  transfer that
the Company shall be furnished  with an opinion of counsel to the holder of such
Shares,  reasonably satisfactory to the Company, to the effect that the proposed
transfer would be in compliance with the Securities Act.

     (c)  Within 30 days  after the  Closing  Date,  the  Company  shall use its
commercially  reasonable  efforts to prepare  and file with the  Securities  and
Exchange  Commission  (the  "SEC"),  a  registration  statement  and such  other
documents as may be necessary in the opinion of counsel for the Company, and use
its commercially reasonable efforts to have such registration statement declared
effective  within 75 days  after the  Closing  Date in order to comply  with the
provisions of the Securities  Act so as to permit the  registered  resale of the
Shares  for a period of two (2) years  following  the  Closing  Date by each and
every  holder of Shares  sold in the  Offering,  except  for those  holders  who
designate  on the  signature  page  hereto  that they do not wish to have  their
Shares included in the  registration  statement.  The Shares that are registered
for resale  under such  registration  statement  are  referred  to herein as the
"Offering  Shares,"  and the  Subscribers  who are eligible to sell their Shares
under such registration statement, together with their affiliates, are hereafter
referred to as "Offering Holders." The Company will include in such registration
statement  (i)  the  information  required  under  the  Securities  Act to be so
included concerning the Offering Holders, as provided by the Offering Holders on
the signature page hereto, including any changes in such information that may be
provided by the  Offering  Holders in writing to the Company  from time to time,
and (ii) a section entitled "Plan of Distribution," substantially in the form of
Exhibit C hereto,  that describes the various procedures that may be used by the
Offering  Holders in the sale of their Shares.  Notwithstanding  anything to the
contrary in this  Section 4, the Company  may,  at its  option,  terminate  such
registration  statement  at any time  after a period of one year  following  the
Closing Date,  if at such time no Offering  Holder  beneficially  owns more than
1,000,000 of the Shares that such Offering Holder purchased in the Offering.

     (d) If the registration statement referred to in Section 4(c) above has not
been declared effective by the SEC within 75 days after the Closing Date and the
cause of the delay is not related to circumstances  beyond the Company's control
(such as failure of the SEC to review and act on the  registration  statement or

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amendments to the registration  statement in a timely manner), the Company shall
pay liquidated damages of 2% of the Offering Price per share for every Share for
each 30 day period of delay  following  such initial 75 day period  ("Liquidated
Damages").  The foregoing  payment  shall  constitute  the sole monetary  remedy
available to the  Subscriber  in the event that the Company does not comply with
the  deadlines  set  forth in  Section  4(c)  with  respect  to the  filing  and
effectiveness of the registration statement referred to therein.

     (e) Notwithstanding the foregoing provisions of this Section 4, the Company
may voluntarily suspend the effectiveness of any such registration statement for
a  limited  time,  which  in no  event  shall  be  longer  than  60  days in any
three-month  period and no longer than 120 days in any twelve month  period,  if
the  Company  has been  advised in writing  by  counsel or  underwriters  to the

Company that the offering of any Offering  Shares  pursuant to the  registration
statement would materially adversely affect, or would be improper in view of (or
improper  without  disclosure  in  a  prospectus),   a  proposed  financing,   a
reorganization,  recapitalization, merger, consolidation, or similar transaction
involving the Company.  If the effectiveness of any such registration  statement
is suspended for a period of time in violation of the preceding sentence and the
cause of the delay is not related to circumstances  beyond the Company's control
(such as the failure of the SEC to review and act on a post-effective  amendment
to the  registration  statement  in a timely  manner),  the  Company  shall  pay
Liquidated Damages for each such violation,  subject to the limitation set forth
in the last  sentence of Section  4(d). If any event occurs that would cause any
such  registration  statement to contain a material  misstatement or omission or
not to be  effective  and  usable  during  the  period  that  such  registration
statement is required to be effective  and usable,  the Company  shall  promptly
file an  amendment  to the  registration  statement  and  use  its  commercially
reasonable  efforts to cause such amendment to be declared  effective as soon as
practicable  thereafter.  Notwithstanding  any provision contained herein to the
contrary, the Company's obligation to include, or continue to include,  Offering
Shares in any such  registration  statement under this Section 4 shall terminate
to the extent such shares are eligible for resale under Rule 144(k)  promulgated
under the Securities Act.

     (f) If and  whenever  the  Company is required  by the  provisions  of this
Agreement to use its commercially  reasonable efforts to effect the registration
of the Offering  Shares under the  Securities Act for the account of an Offering
Holder, the Company will, as promptly as possible:

          (i)  prepare  and file  with  the SEC a  registration  statement  with
     respect to such securities and use its commercially  reasonable  efforts to
     cause such registration statement to become and remain effective;

          (ii) prepare and file with the SEC such  amendments and supplements to
     such registration statement and the prospectus used in connection therewith
     as may be necessary to keep such  registration  statement  effective and to
     comply  with the  requirements  of the  Securities  Act and the  rules  and
     regulations promulgated by the SEC thereunder relating to the sale or other
     disposition of the securities covered by such registration statement;

          (iii)  furnish to each  Offering  Holder  such  numbers of copies of a
     prospectus,   including  a  preliminary  prospectus,   complying  with  the
     requirements  of the  Securities  Act,  and such  other  documents  as such
     Offering  Holder may  reasonably  request in order to facilitate the public
     sale or other  disposition  of the Offering  Shares owned by such  Offering
     Holder,  but such Offering  Holder shall not be entitled to use any selling
     materials  other  than a  prospectus  and such  other  materials  as may be
     approved by the Company,  which approval will not be unreasonably withheld;
     and

     (g) Except as provided  below in this Section 4, the  expenses  incurred by
the Company in  connection  with action taken by the Company to comply with this
Section 4, including,  without  limitation,  all  registration  and filing fees,
printing and delivery  expenses,  accounting  fees,  fees and  disbursements  of
counsel to the  Company,  consultant  and expert fees,  premiums  for  liability
insurance,  if the  Company  chooses  to  obtain  such  insurance,  obtained  in
connection with a registration statement filed to effect such compliance and all
expenses,  including  counsel fees, of complying with any state  securities laws
("State Acts"),  shall be paid by the Company. All fees and disbursements of any
counsel,  experts, or consultants employed by any Offering Holder shall be borne
by such  Offering  Holder.  The  Company  shall not be  obligated  in any way in
connection  with any  registration  pursuant  to this  Section 4 for any selling
commissions or discounts  payable by any Offering  Holder to any  underwriter or
broker of securities to be sold by such Offering  Holder.  Subscriber  agrees to
pay all expenses required to be borne by such Offering Holder.

                                       4
<PAGE>

     (h) In the event of any  registration of shares of Common Stock pursuant to
this Section 4, the Company  will  indemnify  and hold  harmless  each  Offering
Holder,  its officers,  directors,  investment  advisors and each underwriter of
such securities, and any person who controls such Offering Holder or underwriter
within the  meaning of Section 15 of the  Securities  Act,  against  all claims,
actions,  losses, damages,  liabilities and expenses, joint or several, to which
any of such persons may become  subject under the  Securities  Act or otherwise,
insofar as such losses, claims, damages,  liabilities or actions arise out of or
are based  upon any untrue  statement  of any  material  fact  contained  in any
registration  statement under which such  securities  were registered  under the
Securities  Act,  any  preliminary  prospectus  or  final  prospectus  contained
therein,  or any amendment or supplement  thereof,  or arise out of or are based
upon the omission to state therein a material fact required to be stated therein
or necessary to make the statements  therein not misleading,  and will reimburse
such Offering  Holder,  its officers,  directors  and each  underwriter  of such
securities,  and each such  controlling  person or entity  for any legal and any
other expenses reasonably incurred by such Offering Holder, such underwriter, or
such controlling  person or entity in connection with investigating or defending
any such loss, action, claim, damage,  liability, or action; provided,  however,
that the Company will not be liable in any such case to the extent that any such
loss,  claim,  damage,  liability or action  arises  directly out of or is based
primarily  upon an  untrue  statement  or  omission  made  in said  registration
statement,  said preliminary prospectus or said prospectus, or said amendment of
supplement in reliance upon and in conformity with written information furnished
to the Company by such Offering Holder or such underwriter  specifically for use
in the preparation thereof, and provided further however,  that the Company will
not be liable in any such case to the extent that any such loss,  claim,  damage
or liability or action  arises  directly  out of or is based  primarily  upon an
untrue  statement  or  omission  made in any  preliminary  prospectus  or  final
prospectus if (i) such  Offering  Holder failed to send or deliver a copy of the
final  prospectus  or  prospectus  supplement  with or prior to the  delivery of
written  confirmation  of the sale of the  Offering  Shares,  and (ii) the final
prospectus or prospectus  supplement  would have corrected such untrue statement
or omission.

     (i) At any time when a  prospectus  relating to the Offering is required to
be  delivered  under the  Securities  Act,  the Company will notify the Offering
Holder of the happening of any event, upon the notification or awareness of such
event  by an  executive  officer  of the  Company,  as a  result  of  which  the
prospectus included in such registration  statement, as then in effect, includes
an untrue  statement of material fact or omits to state a material fact required
to be stated therein or necessary to make the statements  therein not misleading
in light of the circumstances then existing.

     (j) In the event of any  registration  of any shares of Common  Stock under
the  Securities Act pursuant to this Section 4,  Subscriber  agrees to indemnify
and hold  harmless  the  Company,  its  officers,  directors  and any person who
controls  the Company  within the meaning of Section 15 of the  Securities  Act,
against any losses, claims, damages,  liabilities, or actions, joint or several,
to which the Company,  its officers,  directors,  or such controlling  person or
entity may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages,  liabilities, or actions arise out of or are based upon
any  untrue  statement  of any  material  fact  contained  in  any  registration
statement  under which such  shares of Common  Stock were  registered  under the
Securities  Act,  any  preliminary  prospectus  or  final  prospectus  contained
therein,  or any amendment or supplement  thereto,  or arise out of or are based
upon the omission to state therein a material fact required to be stated therein

                                       5
<PAGE>

or necessary to make the statements therein not misleading,  in each case to the
extent and only to the extent that any such loss, claim, damage,  liability,  or
action  arises out of or is based upon an untrue  statement or omission  made in
said registration  statement,  said preliminary prospectus or said prospectus or
said  amendment or supplement  in reliance  upon and in conformity  with written
information  furnished to the Company by Subscriber or any affiliate (as defined
in the Securities  Act) of Subscriber  specifically  for use in the  preparation
thereof.

     (k) Any party  entitled to  indemnification  hereunder will (i) give prompt
written notice to the  indemnifying  party of any claim with respect to which it
seeks  indemnification  and (ii) unless in such indemnified  party's  reasonable
judgment a conflict  of  interest  between  such  indemnified  and  indemnifying
parties may exist with respect to such claim,  permit such indemnifying party to
assume the defense of such claim with  counsel  reasonably  satisfactory  to the
indemnified  party. If such defense is assumed,  the indemnifying party will not
be subject to any liability for any  settlement  made by the  indemnified  party
without  its  consent  (which  consent  may not be  unreasonably  withheld).  An
indemnifying  party who is not entitled to, or elects not to, assume the defense
of a claim will not be  obligated  to pay the fees and expenses of more than one
counsel for all parties  indemnified by such indemnifying  party with respect to
such  claim,  unless  in the  reasonable  judgment  of any  indemnified  party a
conflict of interest may exist between such  indemnified  party and any other of
such indemnified parties with respect to such claim.

     (l) With a view to making  available to the Offering Holder the benefits of
Rule 144  promulgated  under the Securities Act, the Company agrees that it will
use its commercially  reasonable efforts to maintain  registration of its Common
Stock under  Section 12 or 15 of the  Securities  and Exchange  Act of 1934,  as
amended,  (the  "Exchange  Act") and to file with the SEC in a timely manner all
reports  and other  documents  required  to be filed by an issuer of  securities
registered  under the Exchange Act so as to maintain  the  availability  of Rule
144.  Upon the request of any record  owner,  the Company  will  deliver to such
owner a written  statement  as to whether  it has  complied  with the  reporting
requirements of Rule 144.

     5.  Representations  and Warranties of the  Subscriber.  Subscriber  hereby
represents and warrants to the Company as follows:

     (a) Subscriber is acquiring the Shares for its own account,  for investment
and not with a view to, or for resale in connection  with, any  distribution  or
public offering thereof within the meaning of the Securities Act, and applicable
state securities laws.

     (b) The  Subscriber  understands  that  (A) the  Shares  (1)  have not been
registered  under the Securities Act or any state  securities  laws, (2) will be
issued in  reliance  upon an  exemption  from the  registration  and  prospectus
delivery  requirements  of the  Securities  Act  pursuant to Section 4(2) and/or
Regulation D thereof and (3) will be issued in reliance upon exemptions from the
registration and prospectus delivery requirements of state securities laws which
relate to private  offerings,  and (B) the  Subscriber  must  therefore bear the
economic risk of such investment  indefinitely  unless a subsequent  disposition
thereof is registered  under the Securities Act and applicable  state securities
laws or is exempt therefrom. Subscriber further understands that such exemptions
depend upon, among other things,  the bona fide nature of the investment  intent
of the Subscriber  expressed herein.  Pursuant to the foregoing,  the Subscriber

                                       6
<PAGE>

acknowledges  that the  certificates  representing  the Shares  acquired  by the
Subscriber shall bear a restrictive legend substantially as follows:

     "THE SHARES  REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
     TRANSFER UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND STATE SECURITIES
     LAWS, AND MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, TRANSFERRED, PLEDGED
     OR  OTHERWISE  DISPOSED  OF UNLESS  (I)  REGISTERED  UNDER  THE  APPLICABLE
     SECURITIES  LAWS OR (II) AN OPINION OF COUNSEL,  WHICH  OPINION AND COUNSEL
     ARE BOTH REASONABLY  SATISFACTORY TO THE COMPANY, HAS BEEN DELIVERED TO THE
     COMPANY AND SUCH OPINION STATES THAT THE SHARES MAY BE TRANSFERRED  WITHOUT
     SUCH REGISTRATION."

     (c) The  Subscriber  has  knowledge,  skill and  experience  in  financial,
business and  investment  matters  relating to an investment of this type and is
capable of evaluating the merits and risks of such investment and protecting the
Subscriber's  interest in connection  with the  acquisition  of the Shares.  The
Subscriber  understands  that the  acquisition  of the  Shares is a  speculative
investment and involves substantial risks and that the Subscriber could lose the
Subscriber's  entire investment in the Shares. To the extent deemed necessary by
the  Subscriber,  the  Subscriber has retained,  at its own expense,  and relied
upon,  appropriate  professional advice regarding the investment,  tax and legal
merits and consequences of purchasing and owning the Shares.  The Subscriber has
the ability to bear the economic  risks of the  Subscriber's  investment  in the
Company,  including a complete loss of the investment, and the Subscriber has no
need for liquidity in such investment.

     (d) The Subscriber has been  furnished by the Company all  information  (or
provided  access  to all  information)  regarding  the  business  and  financial
condition of the Company, its expected plans for future business activities, the
attributes of the Shares and the merits and risks of an investment in the Shares
which the  Subscriber has requested or otherwise need to evaluate the investment
in the Company.

     (e) Subscriber is in receipt of and has carefully read and  understands the
following items:

          (i) the Memorandum;

          (ii)  Annual  Report  to the SEC on Form 10-K of the  Company  for its
     fiscal year ended December 31, 2001, as amended;

          (iii) Quarterly Reports to the SEC on Form 10-Q of the Company for the
     three months ended March 31, 2002, as amended, and for the six months ended
     June 30, 2002, as amended; and

                                       7
<PAGE>

          (iv) Current  Reports to the SEC on form 8-K of the Company filed with
     the SEC on May 9, 2002 and July 31, 2002.

     (f) In making the proposed investment  decision,  the Subscriber is relying
solely  on   investigations   made  by  the  Subscriber  and  the   Subscriber's
representatives. The offer to sell the Shares was communicated to the Subscriber
in such a manner that the  Subscriber  was able to ask  questions of and receive
answers from the  management of the Company  concerning the terms and conditions
of the proposed  transaction  and that at no time was the  Subscriber  presented
with or  solicited  by or  through  any  leaflet,  public  promotional  meeting,
television  advertisement or any other form of general or public  advertising or
solicitation.

     (g) The Subscriber acknowledges that the Subscriber has been advised that:

          (i) The Shares offered hereby have not been approved or disapproved by
     the SEC or any  state  securities  commission  nor has the SEC or any state
     securities   commission  passed  upon  the  accuracy  or  adequacy  of  any
     representations  by the Company.  Any  representation  to the contrary is a
     criminal offense.

          (ii) In making an investment decision, the Subscriber must rely on its
     own examination of the Company and the terms of the Offering, including the
     merits and risks  involved.  The Shares  have not been  recommended  by any
     federal  or  state   securities   commission   or   regulatory   authority.
     Furthermore,  the foregoing  authorities have not confirmed the accuracy or
     determined the adequacy of any  representation.  Any  representation to the
     contrary is a criminal offense.

          (iii) The Shares are  "Restricted  Securities"  within the  meaning of
     Rule  144  under  the  Securities  Act,  are  subject  to  restrictions  on
     transferability  and resale and may not be  transferred or resold except as
     permitted under the Securities Act and applicable  state  securities  laws,
     pursuant to  registration or exemption  therefrom.  The Subscriber is aware
     that the  Subscriber  may be required to bear the  financial  risks of this
     investment for an indefinite period of time.

     (h) The Subscriber  acknowledges and is aware that there has never been any
representation,  guarantee  or  warranty  made by the  Company  or any  officer,
director,  employee or agent or representative  of the Company,  expressly or by
implication,  as to (i)  the  approximate  or  exact  length  of time  that  the
Subscriber  will be  required  to  remain  an  owner  of the  Shares;  (ii)  the
percentage of profit and/or amount of or type of  consideration,  profit or loss
to be  realized,  if any,  as a result  of this  investment;  or (iii)  that the
limited past  performance (if any) or experience on the part of the Company,  or
any future  expectations will in any way indicate the predictable results of the
ownership of Shares or of the overall financial performance of the Company.

     (i) The Subscriber  agrees to furnish the Company such other information as
the  Company  may  reasonably  request  in order to verify the  accuracy  of the
information contained herein and agrees to notify the Company immediately of any
material  change in the  information  provided  herein that occurs  prior to the
Company's acceptance of this Agreement.

     (j) The Subscriber  further  represents and warrants that the Subscriber is
an  "accredited  investor"  within the meaning of Rule 501 of Regulation D under

                                       8
<PAGE>

the Securities  Act, and  Subscriber has executed the  Certificate of Accredited
Investor Status, attached hereto as Exhibit B.

     (k) As of the date of this  Agreement the  Subscriber and its affiliates do
not have,  and during the 30 day period prior to the date of this  Agreement the
Subscriber  and its  affiliates  have not  entered  into,  any  "put  equivalent
position"  as such term is defined in Rule  16a-1 of under the  Exchange  Act or
short sale positions with respect to the common stock of the Company.  Until the
registration  statement referred to in Section 4(c) is declared  effective,  the
Subscriber  hereby  agrees not to, and will cause its  affiliates  not to, enter
into any such "put equivalent position" or short sale position.

                  The foregoing  representations and warranties and undertakings
are  made  by the  Subscriber  with  the  intent  that  they be  relied  upon in
determining its suitability as an investor and the Subscriber hereby agrees that
such representations and warranties shall survive its purchase of the Shares.

     6.  Representations  and  Warranties  of the  Company.  The Company  hereby
represents and warrants to the Subscriber as follows:

     (a) The Company is duly incorporated, validly existing and in good standing
under  the  laws of its  state of  incorporation,  and is duly  qualified  to do
business as a foreign  corporation in all  jurisdictions in which the failure to
be so qualified would  materially and adversely affect the business or financial
condition,  properties  or  operations  of the  Company.  The  Company  has  all
requisite  corporate power and authority (i) to own and lease the properties and
assets it  currently  owns and  leases (if any) and it  contemplates  owning and
leasing  and (ii) to conduct  its  activities  as such  activities  (if any) are
currently conducted and as currently contemplated to be conducted.

     (b) The authorized capital of the Company  immediately prior to the Closing
will consist of: (i) 5,000,000  shares of Preferred Stock, of which 1,000 shares
are  designated  as Series A  Preferred  Stock and none of which are  issued and
outstanding,  and (ii) 100,000,000  shares of Common Stock,  35,188,800 of which
were issued and outstanding as of July 31, 2002.

     (c) The Company has duly  authorized the issuance and sale of the Shares in
accordance  with the  terms  of this  Agreement  (as  described  herein)  by all
requisite  corporate action,  including the authorization of the Company's Board
of Directors of the issuance and sale of the Shares in accordance herewith,  and
the execution,  delivery and performance of any other agreements and instruments
executed in connection herewith.  This Agreement constitutes a valid and legally
binding  obligation of the Company,  enforceable  in accordance  with its terms,
except (i) as  limited by  applicable  bankruptcy,  insolvency,  reorganization,
moratorium,  and other  laws of general  application  affecting  enforcement  of
creditors'  rights   generally,   (ii)  as  limited  by  laws  relating  to  the
availability  of specific  performance,  injunctive  relief,  or other equitable
remedies,  and (iii) to the  extent  the  indemnification  provisions  contained
herein may be limited by applicable federal or state securities laws.

     (d) The Shares, when issued and paid for in accordance with this Agreement,
will represent validly authorized,  duly issued and fully paid and nonassessable
shares  of  Common  Stock of the  Company,  and the  issuance  thereof  will not

                                       9
<PAGE>

conflict with the certificate of incorporation or bylaws of the Company and will
be in full compliance  with. all federal and state securities laws applicable to
such issuance and sale.

     (e) The execution and delivery of this  Agreement,  the  fulfillment of the
terms set forth herein and the  consummation  of the  transactions  contemplated
hereby will not conflict with, or constitute a breach of or default  under,  any
agreement,  indenture  or  instrument  by which the Company is bound or any law,
administrative rule,  regulation or decree of any court or any governmental body
or administrative agency applicable to the Company.

     (f) As of the date of this  Agreement,  the Memorandum does not contain any
untrue  statement of a material fact or omit to state any material fact required
to be stated  therein or necessary in order to make the statements  therein,  in
the light of the circumstances under which they were made, not misleading.

     (g) The documents  incorporated  by reference in the Memorandum at the time
they  were  filed  with the SEC,  complied  in all  material  respects  with the
requirements  of the Exchange  Act,  and,  when read together and with the other
information in the Memorandum,  do not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

     (h)  Subsequent  to the  dates  as of  which  information  is  given in the
Memorandum  and the  documents  incorporated  by  reference  therein,  except as
described therein, there has not been any material adverse change with regard to
the assets or  properties,  results of operations or financial  condition of the
Company.

     7. Survival; Indemnification. All representations, warranties and covenants
contained in this Agreement and the indemnification  contained in this Section 7
shall survive (i) the acceptance of this Agreement by the Company,  (ii) changes
in the  transactions,  documents and instruments  described herein which are not
material  or which  are to the  benefit  of  Subscriber,  and (iii) the death or
disability  of  Subscriber.   Subscriber  acknowledges  the  meaning  and  legal
consequences  of the  representations,  warranties  and  covenants  in Section 5
hereof and that the Company has relied upon such representations, warranties and
covenants in determining Subscriber's  qualification and suitability to purchase
the Shares. Subscriber hereby agrees to indemnify,  defend and hold harmless the
Company,  its officers,  directors,  employees,  agents and controlling persons,
from and against  any and all losses,  claims,  damages,  liabilities,  expenses
(including  attorneys'  fees and  disbursements),  judgments  or amounts paid in
settlement  of  actions  arising  out of or  resulting  from the  untruth of any
representation  of  Subscriber  herein or the breach of any warranty or covenant
herein by Subscriber. Notwithstanding the foregoing, however, no representation,
warranty,  covenant or  acknowledgment  made herein by  Subscriber  shall in any
manner be deemed to  constitute  a waiver of any rights  granted to it under the
Securities Act or state securities laws.

     8. Notices. All notices and other communications  provided for herein shall
be in  writing  and  shall be  deemed  to have  been  duly  given  if  delivered
personally or sent by registered or certified  mail,  return receipt  requested,
postage prepaid:

                                       10
<PAGE>

     (a) if to the Company, to the following address:

                  Gasco Energy, Inc.
                  14 Inverness Drive East
                  Building H, Suite 236
                  Englewood, CO 80112
                  Attn: Peggy Herald
                  Telephone: (303) 483-0044

     (b) if to  Subscriber,  to the  address  set  forth on the  signature  page
hereto.

     (c) or at such other address as any party shall have specified by notice in
writing to the others.

     9.  Notification of Changes.  Subscriber agrees and covenants to notify the
Company  immediately  upon the occurrence of any event prior to the consummation
of this  Offering  that would cause any  representation,  warranty,  covenant or
other  statement  contained in this Agreement to be false or incorrect or of any
change in any statement made herein  occurring prior to the consummation of this
Offering.

     10. Assignability.  This Agreement is not assignable by the Subscriber, and
may not be modified,  waived or  terminated  except by an  instrument in writing
signed by the party against whom  enforcement  of such  modification,  waiver or
termination is sought.

     11. Binding Effect.  Except as otherwise  provided  herein,  this Agreement
shall be binding  upon and inure to the benefit of the parties and their  heirs,
executors,  administrators,  successors,  legal representatives and assigns, and
the agreements, representations, warranties and acknowledgments contained herein
shall  be  deemed  to be made by and be  binding  upon  such  heirs,  executors,
administrators, successors, legal representatives and assigns.

     12.  Obligations  Irrevocable.  The obligations of the Subscriber  shall be
irrevocable,  except with the consent of the Company,  until the consummation or
termination of the Offering.

     13. Entire  Agreement.  This Agreement  constitutes the entire agreement of
the  Subscriber  and the  Company  relating  to the  matters  contained  herein,
superseding all prior contracts or agreements, whether oral or written.

     14.  Governing  Law. This  Agreement  shall be governed by and construed in
accordance  with  the laws of the  State  of  Colorado,  without  regard  to the
principles of conflicts of law thereof that would require the application of the
laws of any jurisdiction other than Colorado.

     15.  Severability.  If any provision of this  Agreement or the  application
thereof to Subscriber or any circumstance shall be held invalid or unenforceable
to any extent,  the  remainder of this  Agreement  and the  application  of such
provision to other  subscriptions or circumstances shall not be affected thereby
and shall be enforced to the greatest extent permitted by law.

                                       11
<PAGE>

     16.  Headings.  The headings in this Agreement are inserted for convenience
and identification only and are not intended to describe,  interpret, define, or
limit the scope, extent or intent of this Agreement or any provision hereof.

     17.  Counterparts.  This  Agreement  may  be  executed  in  any  number  of
counterparts, each of which when so executed and delivered shall be deemed to be
an  original  and all of which  together  shall be deemed to be one and the same
agreement.

     18.  Counsel.  Subscriber  hereby  acknowledges  that the  Company  and its
counsel, Vinson & Elkins L.L.P.,  represent the interests of the Company and not
those of the Subscriber in any agreement (including this Agreement) to which the
Company is a party.

                           [Signature Page to follow]

                                       12
<PAGE>

     IN  WITNESS  WHEREOF,   Subscriber  has  executed  this   Subscription  and
     Registration Rights Agreement as of August __, 2002.

                                   SUBSCRIBER

-------------------------------------------------------------------------------

                     Number of Shares: ____________________
                     Offering Price per Share: $__________________________
                     Subscription Amount:  $______________________________

                     By:  ________________________________________________
                     Name:________________________________________________
                     Title:_______________________________________________
                     Address:  ___________________________________________
===============================================================================

     The Company hereby accepts the foregoing  subscription subject to the terms
     and conditions hereof as of August __, 2002.

                       Gasco Energy, Inc.
                       a Nevada corporation

                       By:__________________________________________________
                              Mark A. Erikson, President and
                              Chief Executive Officer

                                       13
<PAGE>

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