Document:

AMENDMENT NO. 1
                                       TO
                           PROPERTY PURCHASE AGREEMENT

THIS  AMENDMENT NO. 1 dated as of August 9, 2002 (this  "Amendment")  is made to
the PROPERTY PURCHASE AGREEMENT (the "Agreement") dated as of April 23, 2002, by
and between Gasco Energy, Inc. ("Gasco"),  a Nevada corporation whose address is
14 Inverness Drive East,  Suite 236,  Englewood,  Colorado 80112,  and Shama Zoe
Limited  Partnership ("Shama Zoe"), a Colorado limited partnership whose address
is 7128 South Poplar Lane, Englewood, Colorado 80112. Each capitalized term used
but not otherwise defined herein shall have the meaning assigned to such term in
the Agreement.

                              W I T N E S S E T H:

     WHEREAS,  Gasco desires to issue and sell shares of Gasco Stock, subject to
registration  rights,  for an aggregate  price of up to $10,000,000 in a private
offering (the "Private Offering"); and

     WHEREAS,  Sections 2.5 and 2.6 of the Agreement  requires the prior written
approval  of the general  partner of Shama Zoe in order for Gasco to  consummate
the Private Offering; and

     WHEREAS,  Shama Zoe desires to grant such  approval to Gasco subject to the
terms set forth in this Amendment;

     NOW, THEREFORE,  in consideration of the premises, the parties hereto agree
as follows:

     1. Notwithstanding the provisions of Sections 2.5 and 2.6 of the Agreement,
Shama Zoe hereby  agrees  that Gasco may issue the shares of Gasco  Stock for an
aggregate price of up to $10,000,000 (and for a price per share less than $1.80)
in  connection  with  the  Private  Offering,   such  shares  being  subject  to
registration rights.  Notwithstanding the foregoing, Sections 2.5 and 2.6 of the
Agreement shall remain in full force and effect in all other respects.

     2.  Gasco  hereby  grants to Shama Zoe an option,  exercisable  at any time
after the date hereof and until  December 31,  2002,  to sell up to 1,400,000 of
its Gasco Shares to Gasco for a price of $1.00 per share. Shama Zoe may exercise
this option by written notice to Gasco  delivered at least two (2) days prior to
the effective time of such purchase and sale, such effective time to be no later
than  December  31,  2002.  In the event Shama Zoe sells any Gasco Shares to any
third party prior to December  31,  2002,  the number of shares  subject to this
option shall be reduced by the dollar  amount of net proceeds  received by Shama
Zoe from each such sale,  each such  reduction to be effective as of the date of
the corresponding sale.

      3.  Section  2.2(a) of the  Agreement  is  hereby  amended  to read in its
entirety as follows:

     "(a) Within 30 days after the  closing  date of the Private  Offering,  the
          Company shall use its commercially  reasonable  efforts to prepare and
          file with the  Securities  and  Exchange  Commission  (the  "SEC"),  a

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<PAGE>

          registration  statement  covering  resales of the Gasco Shares and the
          shares issued in the Private  Offering 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  by  November  1, 2002 in order to comply with the
          provisions of the Securities Act of 1933, as amended (the  "Securities
          Act").  The Company will include in such  registration  statement  the
          information  required  under  the  Securities  Act  to be so  included
          concerning Shama Zoe, as provided by Shama Zoe,  including any changes
          in such  information  that may be  provided by Shama Zoe in writing to
          the Company from time to time. If the registration  statement referred
          to above has not been  declared  effective  by the SEC by  November 1,
          2002 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 amendments to the registration statement
          in a timely manner),  the Company shall pay liquidated damages of $.02
          per  share  for  every  Gasco  Share  for each 30 day  period of delay
          following November 1, 2002 ("Liquidated Damages");  provided, however,
          that if the  period  of such  delay is less  than 30 days,  the  total
          Liquidated  Damages payable shall be equal to the amount payable for a
          30-day delay  multiplied  by a fraction  equal to the actual number of
          days of delay  divided by 30. The foregoing  payment shall  constitute
          the sole monetary remedy  available to Shama Zoe in the event that the
          Company does not comply with the  deadlines  set forth in this Section
          2.2(a)  with  respect  to  the  filing  and   effectiveness   of  such
          registration statement."

     4. As amended hereby, the Agreement is in all respects ratified,  confirmed
and approved and shall remain in full force and effect.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first set forth above.

SHAMA ZOE LIMITED PARTNERSHIP               GASCO ENERGY, INC.

By:      /s/ Gilman Hill                    By:   /s/ Mark A. Erickson
   -----------------------------                --------------------------------
         Gilman Hill, General Partner             Mark A. Erickson, President

                                       2
<PAGE>EXHIBIT 10.23
                            ENERGY CAPITAL SOLUTIONS
                        3100 Monticello Avenue, Suite 120
                               Dallas, Texas 75205

                                 August 2, 2002

CONFIDENTIAL

Gasco Energy Inc.
W. King Grant
Executive Vice President and CFO
14 Inverness Drive, Suite 236 Building H
Englewood, Colorado 80112

Dear Mr. Grant:

The purpose of this letter agreement (the "Agreement") is to set forth the terms
of the  engagement  by Gasco Energy Inc.  ("Gasco" or the  "Company")  of Energy
Capital Solutions LLC ("ECS").  During the Term (defined below), ECS will act as
financial  advisor to the  Company and assist the  Company  with  respect to the
proposed private placement (the "Private Placement") of the Company's equity.

     1.   Engagement.  The  Company  hereby  engages ECS  exclusively  to render
          financial advisory services to the Company concerning:

          The Private Placement of the Company's equity (the  "Securities").  It
          is  currently   contemplated   that  the  Private  Placement  will  be
          structured as an offering of approximately $10 million of Gasco equity
          (the "Securities"). The final terms of the Private Placement, however,
          will be negotiated  between the Company and the  investors  purchasing
          the Securities in the Private  Placement.  ECS intends to use its best
          efforts to help the  Company  complete  the  Private  Placement.  This
          Agreement shall not give rise to any commitment by ECS to purchase any
          of the  Securities,  and ECS  shall  have  no  authority  to bind  the
          Company.

     2.   Term.  The term of this  Agreement  shall run for six months  from the
          date of this  letter,  and may be  extended  by mutual  consent of the
          parties, subject to the provisions of Section 7 (the "Term").

     3.   Services.  In undertaking this  assignment,  ECS agrees to provide the
          following services to the Company as a "finder" in accordance with the
          guidelines for "finders"  established by the no-action  letters of the
          Securities  and  Exchange  Commission  in effect  on the date  hereof,
          subject to the provisions of Sections 4 and 7:

          (a)  familiarize   itself,   to  the  extent  it  deems  feasible  and
               appropriate,  with the  historical  and  projected  business  and
               financial performance of the Company;

                                       1
<PAGE>

          (b)  advise on a strategy,  including  the  identification  of certain
               accredited  investors  which may have an interest in investing in
               the Company (such  accredited  investors so being  referred to as
               the  "Potential  Investors" as identified by ECS in Exhibit I, of
               which it is agreed upon that additional investors may be added to
               Exhibit  I until  the  termination  of this  Agreement),  and the
               development  of  procedures  and  timetables  for  marketing  the
               Company to the Potential Investors;

          (c)  assist  in  the  writing  of  management's  confidential  private
               placement memorandum or executive summary describing the Company;

          (d)  advise on the creation of a financial  projections  model showing
               potential returns to the Potential Investors;

          (e)  assist  in  coordinating  due  diligence  investigations  of  the
               Company by the Potential Investors;  provided,  however, that ECS
               shall make no recommendation to any Potential  Investor as to any
               investment in any securities of the Company; and

          (f)  advise  the  Company  on the  evaluation  of  proposals  from the
               Potential Investors regarding the Private Placement and formulate
               negotiation  strategies;  provided,  however,  that ECS shall not
               engage in any negotiations with any Potential Investor.

     4.   Certain Agreements of the Company. The Company:

          (a)  agrees to make  available to ECS all  information  concerning the
               business,  assets,  operations  and  financial  condition  of the
               Company,  which ECS  reasonably  requests in connection  with the
               performance of its obligations hereunder.  The Company shall make
               members of management  and other  employees  available to ECS for
               purposes  of  satisfying  ECS  due  diligence   requirements  and
               consummating  the Private  Placement,  and shall commit such time
               and other  resources as are  necessary or  appropriate  to secure
               reasonable  and timely  success  of the  Private  Placement.  The
               Company shall also provide ECS monthly  financial  updates on the
               Company  during  the Term and shall  inform  ECS of any  material
               events or  developments  concerning  prospective  material events
               that may come to the attention of the Company at any point during
               the Term. None of the  information  provided to ECS shall contain
               an  untrue  statement  of a  material  fact or  omit  to  state a
               material fact necessary to make the statements  therein, in light
               of the circumstances  under which they were made, not misleading.
               ECS will be relying,  without  independent  verification,  on the
               accuracy and completeness of all financial and other  information
               that is and will be furnished to it by the Company;

                                       2
<PAGE>

          (b)  agrees that the offering  memorandum,  executive  summary and all
               other  information  provided  to  Potential  Investors,   in  the
               aggregate,  shall not contain an untrue  statement  of a material
               fact or omit to  state a  material  fact  necessary  to make  the
               statements  therein,  in light of the  circumstances  under which
               they were made, not misleading.

          (c)  agrees  that  it  shall  be  responsible  to make  all  necessary
               notifications  of and  filings  with  all SEC,  state  securities
               regulatory agencies and other regulatory bodies;

          (d)  agrees  and  understands  that this  Agreement  and the  advising
               services  set  forth in  Section 3 above in no way  constitute  a
               guarantee  that the Private  Placement  will be  successful.  The
               Company  acknowledges  that it is ultimately  responsible for all
               phases of the Private Placement.

     5.   Fees. In consideration  for the services  provided by ECS, the Company
          hereby agrees to pay ECS the following:

          Retainer. Upon execution of this Agreement,  the Company shall pay ECS
          a retainer in the amount of twenty-five  thousand dollars ($25,000.00)
          immediately upon signing this Agreement.

          The  Private  Placement.  In  connection  with  the  proposed  Private
          Placement of the Company's  equity,  the Company  hereby agrees to pay
          ECS (the  "Advisory  Fee") the  amount  of 5.0% of the gross  proceeds
          raised  from the  Potential  Investors,  if either  during the Term or
          within 12  months  following  the Term (i) the  Private  Placement  is
          consummated,  or (ii) a  definitive  agreement  or letter of intent or
          other  evidence  of  commitment  is entered  into  which  subsequently
          results in a private  offering  of equity  securities  of the  Company
          being  consummated.  The Advisory Fee shall be paid in its entirety to
          ECS at the closing of the Private Placement.

     6.   Expenses.  In addition to any fees that may be payable  hereunder  and
          regardless of whether any proposed  transaction  is  consummated,  the
          Company  hereby  agrees to reimburse  ECS for all  reasonable  travel,
          legal and other  out-of-pocket  expenses  incurred in  performing  the
          services described herein (including reasonable fees and disbursements
          of ECS's legal counsel, which shall not exceed $30,000).

     7.   Termination.  This Agreement may be terminated on either the Company's
          or ECS  written  request  with  30 days  notice,  provided  that  such
          termination  shall not affect  the  exculpation,  indemnification  and
          contribution obligations of the Company or the right of ECS to receive
          any fees payable hereunder,  any fees which have accrued prior to such
          termination,  or the  right of ECS to  receive  reimbursement  for its
          out-of-pocket expenses described above. t is expressly understood that
          neither ECS nor the Company  shall have any  continuing  obligation or
          liability to one another under this Agreement upon termination hereof,
          except in  respect  of the  matters  specifically  referenced  in this
          Section 7.

                                       3
<PAGE>

     8.   Disclosure.  The Company agrees that, except as required by applicable
          law, any advice to be provided by ECS under this  Agreement  shall not
          be disclosed  publicly or made available to third parties  without the
          prior  approval  of ECS,  which  approval  shall  not be  unreasonably
          withheld.

     9.   Complete Agreement.  This Agreement  incorporates the entire agreement
          of the parties with respect to the subject  matter of this  Agreement,
          and may not be amended or  modified  except in  writing.  The  Company
          acknowledges and understands that this Agreement shall be binding upon
          any successors or assigns of the Company.

     10.  Miscellaneous,  Amendments.  The invalidity or unenforceability of any
          provision  of  this  Agreement   shall  not  affect  the  validity  or
          enforceability  of any other  provision of this Agreement  which shall
          remain in full  force  and  effect.  The  Company  is a  sophisticated
          business  enterprise that has retained ECS for the limited purpose set
          forth in this  Agreement,  and the parties  acknowledge and agree that
          their  respective  rights and  obligations  are contractual in nature.
          Each  party  disclaims  an  intention  to  impose  fiduciary  or other
          non-contractual  obligations  on the other by virtue of the engagement
          contemplated by this  Agreement.  This Agreement may not be amended or
          modified  except in writing and shall be governed by and  construed in
          accordance with the laws of the State of Texas,  without regard to the
          conflicts of laws provisions thereof.

     11.  Indemnification.   Recognizing   that   transactions   of   the   type
          contemplated in this Agreement sometimes result in litigation and that
          ECS  role is  advisory,  the  Company  agrees  to  indemnify  and hold
          harmless   ECS,  its   partners,   employees,   directors,   officers,
          consultants, agents, affiliates and persons deemed to be in control of
          ECS within the meaning of either  Section 15 of the  Securities Act of
          1933,  as amended,  or Section 20 of the  Securities  Exchange  Act of
          1934,  as  amended   (collectively,   the  "Indemnified  Parties"  and
          individually  an  "Indemnified  Party"),  from and against any claims,
          losses, expenses,  damages and liabilities,  joint or several, as they
          may be  incurred,  related  to or  arising  in any  manner  out of any
          transaction,   proposal  or  any  other  matter  contemplated  by  the
          engagement of ECS under this  Agreement (the  "Matters").  The Company
          also agrees that  neither  ECS nor any other  Indemnified  Party shall
          have  any  liability  to  the  Company  or its  affiliates,  partners,
          directors,  officers,  consultants,   agents,  employees,  controlling
          persons, creditors or securityholders for any losses, claims, damages,
          liabilities  or  expenses  related to or arising  out of any  Matters,
          except for any such liability for losses, claims, damages, liabilities
          or  expenses  incurred  by the  Company  that are  finally  judicially
          determined to have  resulted  primarily  from the gross  negligence or
          willful  misconduct  of  such  Indemnified  Party.  The  Company  will
          promptly   reimburse  any  Indemnified   Party  for  all  expenses  as
          reasonably   incurred  in  connection  with  the   investigation   of,
          preparation for or defense of any pending or threatened  claim related
          to or  arising  in any  manner  out of any  Matter,  or any  action or
          proceeding arising therefrom.

                                       4
<PAGE>

          The Company may assume the defense of any  litigation or proceeding in
          respect of which  indemnity  may be sought  hereunder,  including  the
          employment of counsel and experts  reasonably  satisfactory to ECS and
          the payment of the fees and expenses of such  counsel and experts,  in
          which event, except as provided below, the Company shall not be liable
          for the fees and expenses of any other  counsel or expert  retained by
          any   Indemnified   Party  in  connection   with  such  litigation  or
          proceeding.  In any such litigation or proceeding the defense of which
          the Company shall have so assumed,  any  Indemnified  Party shall have
          the right to  participate  in such  litigation  or  proceeding  and to
          retain its own counsel and experts,  but the fees and expenses of such
          counsel and experts shall be at the expense of such Indemnified  Party
          unless (i) the Company and such Indemnified  Party shall have mutually
          agreed in writing to the  retention of such  counsel or experts,  (ii)
          the Company shall have failed in a timely manner to assume the defense
          and employ counsel or experts  reasonably  satisfactory to ECS in such
          litigation  or  proceeding,  or (iii)  the named  parties  to any such
          litigation or proceeding (including any impleaded parties) include the
          Company and such Indemnified  Party and  representation of the Company
          and any Indemnified Party by the same counsel or experts would, in the
          reasonable opinion of ECS, be inappropriate due to actual or potential
          differing  interests  between  the  Company  and any such  Indemnified
          Party.

          The  Company  shall not,  without  the prior  written  consent of ECS,
          settle any litigation  relating to this Agreement or any Matter unless
          such  settlement  includes  an  express,  complete  and  unconditional
          release  of ECS and  its  affiliates  (and  their  respective  control
          persons, partners,  directors,  officers,  employees,  consultants and
          agents) with respect to all claims  asserted  against any  Indemnified
          Party in such litigation such release to be set forth in an instrument
          signed by all parties to such settlement.

          Notwithstanding  any  provision  herein to the  contrary,  the Company
          shall not be liable  hereunder for  indemnification  to an Indemnified
          Party, and the Indemnified  Party shall not be exculpated,  in respect
          of any claims,  damages,  losses,  liabilities  or  expenses  that are
          finally  judicially  determined  to have resulted  primarily  from the
          gross negligence or willful misconduct of such Indemnified Party.

          The  Company  agrees  that  the   exculpation,   indemnification   and
          reimbursement  commitments set forth herein shall apply whether or not
          such Indemnified Party is a formal party to any such claim,  action or
          proceeding.    The   Company   agrees   that   if   any   exculpation,
          indemnification  or reimbursement  sought pursuant to this letter were
          for  any  reason  not to be  available  to any  Indemnified  Party  or
          insufficient  to hold any  Indemnified  Party  harmless  as and to the
          extent  contemplated  hereby, then the Company shall contribute to the
          amount  paid or  payable by the  Indemnified  Party as a result of the
          claims,  damages,  losses, expenses and liabilities in such proportion

                                       5
<PAGE>

          as is appropriate (i) to reflect the relative  benefits to the Company
          and its securityholders on the one hand, and ECS on the other hand, in
          connection   with  the   transaction   to  which   such   exculpation,
          indemnification or reimbursement  relates or (ii) if the allocation on
          that basis is not permitted by applicable law, to reflect not only the
          relative  benefits  referred  to in  clause  (i)  above  but  also the
          relative fault of each such Indemnified Party,  respectively,  and the
          Company as well as any other relevant  equitable  considerations.  The
          Company and ECS agree that it would not be just and  equitable  if the
          contribution   provided  for  herein  were   determined  by  pro  rata
          allocation  or any other  method  which does not take into account the
          equitable  considerations  referred to above. It is hereby agreed that
          the relative benefits to the Company, on the one hand, and ECS, on the
          other hand, with respect to this  engagement  shall be deemed to be in
          the same  proportion  as the fee paid to ECS in  connection  with such
          engagement.  In no event  shall ECS  contribute  in excess of the fees
          actually received by ECS pursuant to the terms of this Agreement.

          The exculpation, indemnity, reimbursement and contribution obligations
          of the Company shall survive the termination of this Agreement,  shall
          be in addition to any liability  which the Company may otherwise  have
          and shall be binding upon and inure to the benefit of any  successors,
          assigns,  heirs and  personal  representatives  of the  Company  or an
          Indemnified Party.

          The exculpation,  indemnity,  reimbursement and contribution  provided
          herein shall remain operative and in full force and effect  regardless
          of any  investigation  made by or on behalf of any party hereto or any
          person controlling (within the meaning of Section 15 of the Securities
          Act of 1933, as amended,  or Section 20 of the Securities Exchange Act
          or 1934, as amended) any party hereto.

     12.  Confidentiality.  All of the information to be revealed by the Company
          to  ECS   or   its   directors,   officers,   employees,   affiliates,
          representatives (including,  without limitation,  advisors,  attorneys
          and accountants) or agents (collectively, "Representatives") about the
          Company's interests, prospects, business plan, assets, liabilities and
          financing  sources,  are deemed to be  confidential  and  proprietary,
          including without limitation, all analyses,  compilations,  forecasts,
          studies or other documents  prepared by ECS or its  Representatives in
          connection  with the Private  Placement  which contain or reflect such
          information.  Such  confidential  information  shall  also  consist of
          profit or loss  forecasts and interim  financial  information  not yet
          available to the public.

          It is  agreed  that  for  purposes  of  this  agreement  "confidential
          information" does not include any material that the Company authorizes
          to be used  in the  Private  Placement  such  as a  Private  Placement
          Memorandum,  Information Memorandum and other supporting documents for
          the  financing,   as  well  as,   information  of  which  ECS  or  its
          Representatives  can  demonstrate  knowledge prior to the date of this
          Agreement  that  was  not  furnished  by  the  Company  to  ECS or its
          Representatives on a confidential basis, information which is publicly
          available prior to this Agreement, and/or information which through no
          action of ECS or its Representatives became public after the execution
          of this  Agreement,  provided  that  such  source  is not  bound  by a
          confidentiality agreement with the Company.

          ECS  agrees  that (i) any  confidential  information  provided  by the
          Company  to  ECS  or  its   Representatives   will  be  held  strictly
          confidential,  provided that it may be disclosed to anyone with a need
          to know who has signed a confidentiality  agreement in the form hereof
          with the Company;  and (ii) no purchase or sale of the  securities  of
          the Company will be made or encouraged  by ECS or its  Representatives
          during the time ECS possesses material confidential  information prior
          to its  disclosure  to  the  public  by  means  of  press  release  or
          otherwise.

                                       6
<PAGE>

          Upon the  request of the  Company,  ECS and its  Representatives  will
          promptly   deliver  to  the   Company   any  copies  of   confidential
          information,  including  any notes and extracts  thereof and ECS shall
          certify to the Company in writing  the  destruction  of all  analyses,
          projection,  and other work  product  derived  from or relating to the
          confidential information given to ECS and its Representatives.

          ECS will  direct  its  Representatives  to  observe  the terms of this
          Agreement, and will be responsible for any breach of this Agreement by
          any of its  Representatives.  It is  understood  and agreed that money
          damages  would  not be  sufficient  remedy  for  any  breach  of  this
          Agreement by ECS or its  Representative  and that the Company shall be
          entitled to specific performance as a remedy for any such breach. Such
          remedy shall not be deemed to be the  exclusive  remedy for ECS or any
          of its  Representatives'  breach  of this  Agreement  but  shall be in
          addition  to all  other  remedies  available  at law or  equity to the
          Company.

          In the  event  that ECS or any of its  Representatives  are  requested
          pursuant  to, or required  by,  applicable  law,  regulation  or legal
          process to  disclose  any of the  confidential  information,  ECS will
          notify the Company  promptly so that the Company may seek a protective
          order  or  other   appropriate   remedy   (including   procuring   the
          confidential  treatment of the  information in the hands of the person
          receiving the information) or, in the Company's sole discretion, waive
          compliance with the terms of this Agreement. In the event that no such
          protective  order or other  remedy is  obtained,  or that the  Company
          waives  compliance with the terms of this Agreement,  ECS will furnish
          only that portion of the confidential  information which it is advised
          by counsel is legally required.

Please confirm that the foregoing is in accordance with our  understandings  and
agreements by signing and returning to ECS the duplicate of this letter enclosed
herewith.

                                          Very truly yours,

                                          ENERGY CAPITAL SOLUTIONS, LLC

                                          By: /s/  Keith J. Behrens
                                              ----------------------------------
                                               Keith J. Behrens
                                               Managing Director

Accepted and Agreed to:

GASCO ENERGY INC.

By: /s/ W. King Grant
    ----------------------------------------
      W. King Grant
      Executive Vice President and CFO

                                       7
<PAGE>

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