GDN - Golden State Resources

[pilots]

D49, The SP will go no place when they report that the London company said that they had 210 feet of pay zone, now they tell us that a American company tells us they only have 95 feet of pay zone, it looks to me that they can't tell the deference between gross zone and net pay zone. One thing is for sure, the wire line logs DON'T lie, so some one has screwed up big time, or is it the old GDN trouble that no one knows.

 

[bigdog]

GDN 0.077 +0.009 +13.24% high of 0.078 4,084,941 shares $310,139 @ 25-Jun 02:51:50 PM

ASX ANN
25-06-2009 08:27 AM GDN Testing Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00963405

UPDATE – 25 JUNE 2009
Paradox Basin #2 Grand County Utah

•Testing operations on Paradox Basin # 2 will commence today with a VSP.

•Following the VSP three zones will be completed, perforated and fracture stimulated before conducting flow and build-up tests.

•The completion has been designed by RPS Energy in Calgary who have provided appreciable expertise.

•Unit Rig 234 is being used for the completion and has remained on the well on stand-over at no charge, while the programme was prepared.

•Three separate zones have been recommended for completion, stimulation and flow tests. They are the Barker Creek, Chimney Rock and Ismay formations.

•Each zone test will take approximately 12 to 14 days including fracture stimulation, clean-up, an extended single point flow and shut-in period. Actual times will vary dependent on the results.

•Presentation to investors in Sydney held on 24th June.

Operations on the completion and testing of the Paradox Basin #2 discovery well in Grand County Utah will commence today, with acquisition of a 3 point Vertical Seismic Profile (VSP). The VSP will assist in calibration of seismic to the well, with offset data providing high resolution seismic imaging along the bounding fault, and tying possible future drilling locations. The VSP is expected to take approximately 1.5 days.

Operations will then commence on the completion, stimulation and testing of the Barker Creek Formation. The Barker Creek Formation will be the first of three zones which have been recommended for testing by RPS Energy in Calgary. Tests will be conducted over the Barker Creek Formation and Ismay Formation, both of which have proved production capacity in Paradox Basin #1. A newly discovered gas bearing zone in the Chimney Rock Formation will also be tested. Further detail on the test zones is included below.

Each test will require approximately 12 to 14 days during which time the zone will be completed, perforated and fracture stimulated before and extended clean-up followed by a single point flow test and shut-in period. The testing will be conducted sequentially up the hole. Golden State Resources will issue the results of each test as they become

 

[bigdog]

25-06-2009 08:27 AM GDN Sydney Investor presentation (33 pages)
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00963406

Pilots and DT49 - your comments are welcome!

Slide 32 Full Field Development
•10 to 40 wells
•Well cost $5-7 Million USD
–Reduce well costs
---•Shared mobilisation
---•Multi-well pads
---•Dual completions
---•Multilaterals
---•Improved practices-experience

•Gas gathers Build-own-operate facilities
•Debt finance or strategic partner



Slide 33 Summary

Large confirmed gas resource in the U.S. (P50) 118Bcf (P10) 418Bcf
• Proved production from multiple objectives
• Significant Upside
• Testing of Paradox Basin #2
• Expect to be in production this year

111

 

[bigdog]

http://www.proactiveinvestors.com.a...y-of-paradox-basin-2-gas-discovery--1824.html

Thursday, June 25, 2009

Highly anticipated testing begins today of Paradox Basin #2 gas discovery
by Proactive Investors

Testing operations began today at Golden State Resources' (ASX: GDN) Paradox Basin #2 gas discovery in Utah.

The objective of testing of Paradox Basin #2 is determine the commerciality of the gas found to date. If testing is successful then the Golden Eagle gas field will be bought into full commercial production.

The produced gases have a high heating value and are low in inert gases and will require minimal treatment prior to delivery to the Williams gas pipeline which is six miles from Paradox Basin #2. The Williams gas pipelines transport 12 per cent of daily US gas consumption.

Investors may recall that PB #2 had gas shows in 11 zones and a 95ft Net Gas Pay found in the following zones:

- 61ft Barker Creek Formation
- 4.5ft Akah Formation
- 14ft Chimney Rock Formation
- 1ft Gothic Shale
- 14ft upper Ismay Formation

Independent experts RPS Energy recommended proposed fracture stimulation testing of three zones: Upper Ismay, Chimney

Rock and Barker Creek 1,2 and 3. F.J. Brown & Associates has organised the operations and logistics and will work with RPS on the completion. Rig 234 has been retained for the completion.

Each test will require approximately 12 to 14 days during which time the zone will be completed, perforated and fracture stimulated before and extended clean-up followed by a single point flow test and shut-in period. The testing will be conducted sequentially up the hole.

Higher natural flow rates are expected from the Ismay and Chimney Rock Formations and the upper section of the Barker Creek Formation based on analysis to date.

Testing of the deepest gas zone in the Barker Creek Formation will establish a structural base line from which the extent of the gas accumulation can be estimated. Data from Paradox Basin #2 drilling and testing will be used to prepare a revised reserves report by RPS.

RPS originally estimated a Gas Initially In Place (GIIP) estimate for Golden Eagle Prospect of 118 BCF P50. RPS Energy believes that reserves will substantially increase as a result of Paradox Basin #2 95’ of net pay including a newly discovered zone in the Chimney Rock Formation.

Interestingly, GDN will mobilise a separate completions rig to complete the work-over on Paradox #1 well which has proven commercial flow rates from the Ismay Formation.

 

[vinniesn]

What is wrong with HC? moderators act like hitler. Your account get suspended for small things. Not going to request to activate account anymore. Few sites can't obstruct freedom of expression though stupid rules. Anyway, I didnt see many people on this site. But there are many people commenting on other company shares. btw, I am pro-GDN and waiting for testing results.

 

[DAZT49]

vinnie,
Well that post is not gunna help you lol
GDN thread has always been closely monitored(hasnt it kennas lol)
And that is part reason why not many comment on GDN.
The BMN thread went the same way.
The monitors, in the ,main, do a good job (I am sucking up)

 

[Sean K]

vinnie,
Well that post is not gunna help you lol
GDN thread has always been closely monitored(hasnt it kennas lol)
And that is part reason why not many comment on GDN.
The BMN thread went the same way.
The monitors, in the ,main, do a good job (I am sucking up)

Yes, thank God the BMN thread no longer has those bunch of idiots posting in it. Was a blight on ASF.

 

[DAZT49]

25-06-2009 08:27 AM GDN Sydney Investor presentation (33 pages)
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00963406

Pilots and DT49 - your comments are welcome!

Slide 32 Full Field Development
•10 to 40 wells
•Well cost $5-7 Million USD
–Reduce well costs
---•Shared mobilisation
---•Multi-well pads
---•Dual completions
---•Multilaterals

---•Improved practices-experience

•Gas gathers Build-own-operate facilities
•Debt finance or strategic partner



Slide 33 Summary

Large confirmed gas resource in the U.S. (P50) 118Bcf (P10) 418Bcf
• Proved production from multiple objectives
• Significant Upside
• Testing of Paradox Basin #2
• Expect to be in production this year

111

Doggy,
Looks like a xmas wishlist to me
It is certainly possible...time will tell.
I can hear pilots..."What about the 3B, what about the 3B"

 

[DAZT49]

Yes, thank God the BMN thread no longer has those bunch of idiots posting in it. Was a blight on ASF.

kennas lololo I knew you would be there.
Could argue with you over all that, but I am to old and my time is short.
cheers

 

[pilots]

Re: GD - Golden State Resources

Doggy,
Looks like a Xmas wish list to me
It is certainly possible...time will tell.
I can hear pilots..."What about the B, what about the B"

It was a 3B or Weatherford's, THEY went to Weatherford's and I can ASSURE you that Weatherford's would have known they was short of money, so my bet is that GDN would have been screwed over again by Weatherford's

 

[pilots]

Doggy,
Looks like a xmas wishlist to me
It is certainly possible...time will tell.
I can hear pilots..."What about the 3B, what about the 3B"

What about the 3B, is it this 3B, or the next one are you wanting to know about, looks VERY much like we did not get much from Weatherford's after all.

 

[bigdog]

GDN 0.084 0.000 0.00% high of 0.086 2,873,500 shares $239,755 @ 07-Jul 03:30:21 PM

ASX ANN
07-07-2009 02:53 PM GDN Production Testing Update

PRODUCTION TESTING UPDATE –7TH JULY 2009
Paradox Basin #2 Grand County Utah

• The Barker Creek Formation was perforated and fracture stimulated over a gross interval of 283 ft (86.25m).
  
• 110,640 pounds of propant and 1897 barrels of load fluids was successfully injected as planned.
  
• The well is currently flowing back load fluids and will be shut-in overnight for monitoring prior to conducting a tracer survey to determine the position and effectiveness of the fracture.
  
• Following the tracer survey a coil tubing unit will be used to unload remaining fluid prior to flow tests.
  
• The Barker Creek Formation is the first of three intervals which will be tested in the Paradox Basin #2 well.

The Barker Creek Formation was perforated and fracture stimulated over a gross interval of 283 ft (86.25m). The fracture stimulation proceeded according to plan with placement of 110,640 pounds of propant injected into the formation in addition to 1897 barrels of load fluids.

As of noon (WST) the well was flowing back load fluids with a total of 1395 barrels recovered of the 1897 barrels injected into the formation. The initial flow back rates were extremely high as the well unloaded super charged load fluids. The well will be shut-in and monitored overnight prior to running a tracer survey to determine the position of the fracture. Following the tracer survey a coil tubing unit will be used to unload remaining fluid prior to flow tests.

The Barker Creek Formation is the first of three intervals which will be tested in the Paradox Basin #2 well. Further tests will be conducted on the Chimney Rock and Ismay Formations. The Ismay Formation has proven production in Paradox Basin #1 and is considered the principle zone of interest.

 

[bigdog]

ASX ANN
07-07-2009 01:20 PM GDN Letter to Shareholders

Golden State Resources Limited – Options Rights Issue

On 3 July 2009, Golden State Resources Limited ACN 063 074 635 (Golden State) announced to ASX that it will be undertaking a non-renounceable options rights issue of approximately 381,490,026 new options on the basis of 24 new options for every 25 shares held on the record date at an issue price of $0.01 each, to raise approximately $3,814,900 (Rights Issue).

The prospectus for the Rights Issue was lodged with ASIC and ASX on 3 July 2009 (Prospectus).

A copy of the Prospectus and personalised entitlement and acceptance form will be sent to eligible shareholders on 17 July 2009. The Prospectus may also be viewed at ASX's website, www.asx.com.au, and from Golden State's website, www.goldenstate.com.au.

Purpose
The purpose of the rights issue is to raise additional working capital for use by Golden State to continue to fund the company's activities in the Golden Eagle Gas Field.

The Rights Issue is fully underwritten by Cunningham Securities Pty Ltd and will raise approximately $3,814,900 (before the costs of the rights issue). A summary of the material terms of the underwriting agreement, including rights of termination, is set out in the Prospectus. Cunningham Securities Pty Ltd will be paid an underwriting commission equal to 6.6% of the aggregate funds raised under the Rights Issue.

There is no broker to the Rights Issue and brokers will not receive a handling fee for acceptances lodged by them on behalf of security holders. No brokerage or stamp duty will be payable by investors.
There is no minimum subscription for the Rights Issue.

Timetable
The timetable* for the Rights Issue is set out below:

Event........................................ Date
Announcement of Rights Issue 3 July 2009
Lodgement of Prospectus with ASIC and ASX 3 July 2009
Lodgement of Appendix 3B with ASX 3 July 2009
Securities quoted on a ex rights basis 8 July 2009
Record date for Rights Issue 14 July 2009
Prospectus (including entitlement and acceptance form) dispatched 17 July 2009
Rights Issue opens 17 July 2009
Rights Issue closes 5 August 2009
Notification to ASX of undersubscriptions and Underwriter notified
of number of new options to be subscribed for by Underwriter 7 August 2009
Allotment of new options and dispatch of holding statements 13 August 2009

468

 

[Agentm]

GDN 0.084 0.000 0.00% high of 0.086 2,873,500 shares $239,755 @ 07-Jul 03:30:21 PM

ASX ANN
07-07-2009 02:53 PM GDN Production Testing Update

PRODUCTION TESTING UPDATE –7TH JULY 2009
Paradox Basin #2 Grand County Utah

• The Barker Creek Formation was perforated and fracture stimulated over a gross interval of 283 ft (86.25m).
  
• 110,640 pounds of propant and 1897 barrels of load fluids was successfully injected as planned.
  
• The well is currently flowing back load fluids and will be shut-in overnight for monitoring prior to conducting a tracer survey to determine the position and effectiveness of the fracture.
  
• Following the tracer survey a coil tubing unit will be used to unload remaining fluid prior to flow tests.
  
• The Barker Creek Formation is the first of three intervals which will be tested in the Paradox Basin #2 well.

The Barker Creek Formation was perforated and fracture stimulated over a gross interval of 283 ft (86.25m). The fracture stimulation proceeded according to plan with placement of 110,640 pounds of propant injected into the formation in addition to 1897 barrels of load fluids.

As of noon (WST) the well was flowing back load fluids with a total of 1395 barrels recovered of the 1897 barrels injected into the formation. The initial flow back rates were extremely high as the well unloaded super charged load fluids. The well will be shut-in and monitored overnight prior to running a tracer survey to determine the position of the fracture. Following the tracer survey a coil tubing unit will be used to unload remaining fluid prior to flow tests.

The Barker Creek Formation is the first of three intervals which will be tested in the Paradox Basin #2 well. Further tests will be conducted on the Chimney Rock and Ismay Formations. The Ismay Formation has proven production in Paradox Basin #1 and is considered the principle zone of interest.

is this for real?

no gas at in the return at all? nothing but fluids.. and a coil tubing unit needed to get the fluids out?

trying to understand the report is difficult as it lacks any detail you usually see

have they completely missed the formation with the frac?

 

[bobowens]

Anyone out there going to take up the latest options rights..
24 shares for every25 held issue price $0.01 each.
exercised 12cents per option on or before 5.00pm Nov.2010.
would like your comments....

robertwayne

 

[mastatrada]

I pulled out at 8.7c after reading that announcement, it doesn't sound like they expect the sp to be going up much for quite a long time

 

[DAZT49]

Anyone out there going to take up the latest options rights..
24 shares for every25 held issue price $0.01 each.
exercised 12cents per option on or before 5.00pm Nov.2010.
would like your comments....

robertwayne

I believe pilots will be picking up about a mill.lol
Agentm about 1/2 mill
Bigdog..500
sharemadder.......10mill (wherever he is)
I will be taking up the offer

 

[DAZT49]

I pulled out at 8.7c after reading that announcement, it doesn't sound like they expect the sp to be going up much for quite a long time

Hope you made some dough at 8.7c but I think you may have jumped a bit early, with testing proceeding atm
Guess you can still jump back on if the results are good and still make a few more dinari's.

 

[DAZT49]

I believe pilots will be picking up about a mill.lol
Agentm about 1/2 mill
Bigdog..500
sharemadder.......10mill (wherever he is)
I will be taking up the offer

I see the offer as a chance,for a few hundred bucks to get some of the moolah I lost on the just expired options.
Anyway, the DOW was up 180 points overnight so hopefully our market will follow and we can make some money on other stocks today.
(had to put that in to make up the 100 charator limit lol)

 

[bigdog]

GDN 0.055 -0.015 -21.43% high of 0.071 low of 0.055 6,549,631 shares $400,764 @ 15-Jul 03:06:54 PM
-- SP now at the low for the day!!!!!

15-07-2009 02:28 PM GDN Testing Update Paradox Basin 2

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00968905

PRODUCTION TESTING UPDATE –15TH JULY 2009
Paradox Basin #2 Grand County Utah

Testing of the Barker Creek Formation has been completed.

The Barker Creek Formation test was unsuccessful at this location. No gas was produced to surface.

The Barker Creek Formation is the deepest of three gas bearing zones being tested in Paradox Basin #2. The principle zone of interest is the Ismay Formation which has proved commercial potential.

The fracture stimulation of the Barker Creek intersected a highly over-pressured water zone, which is most likely a localised feature associated with a nearby conductive fault.

A second attempt to stimulate the formation and isolate the upper perforations, which were considered the most likely source of the over pressured brine was also unsuccessful.

Preparations are now underway to test the Chimney Rock Formation.

Completion and testing of the Barker Creek Formation in Paradox Basin #2 completes the obligations under the terms of the Farm-in agreement.

Future development wells will be focused on exploitation of the productive Ismay Formation within the shallower Pennsylvanian structure.

Golden State Resources through its US operating subsidiary Golden Eagle Exploration LLC has achieved final settlement in reference to the litigation with Weatherford US LP. The terms and conditions of the Settlement Agreement are confidential and as such will not be disclosed.