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GDN - Golden State Resources

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26-10-2009 09:45 AM GDN General Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01002486

GOLDEN EAGLE ACTIVITIES UPDATE
26 OCTOBER 2009
Golden Eagle Field Grand County Utah
● Application for the permit for the proposed PB#3 development well has been submitted to the BLM
● PB #3 will specifically target Ismay Formation gas production in a directionally drilled well that will intersect the Ismay Formation updip of PB #1
● Procurement of services and planning are well advanced towards a spud date in the first quarter of 2010
● The company is also reviewing options to re-enter and deepen the PB#2 well with the view of testing the Leadville Limestone early in the New Year.
● Recompletion options for the Ismay Formation in PB#1 and PB #2 are being assessed.
● The company is looking to debt fund the further development of Golden Eagle Field

Planning and well design for Paradox Basin #3 has been completed and the permitting process is in progress. State drilling permits are generally issued between 45 to 75 days from application. Paradox Basin # 3 will be directionally drilled from the Paradox Basin #1 pad and will intersect the Ismay Formation updip to the north northeast of Paradox Basin #1.

Paradox Basin #3 is being designed specifically for Ismay Formation production. The previous commitment wells were both engineered primarily as deep wells and as a consequence the Ismay Formation could not be effectively isolated for gas production.

The company is reviewing options to re-enter Paradox Basin #2 to attempt to test the Leadville Limestone. Post drill evaluation of Paradox Basin #2 suggests that the well was stratigraphically lower than expected and that the Leadville Limestone could be accessed via a sidetrack. The current well was suspended at 14216’ after the bottomhole assembly became stuck in dispersive claystone.

Testing results from Paradox Basin #1 and # 2 suggests that both wells are potentially capable of commercial gas rates, provided that water production can be suppressed. The water is considered to originate from adjacent water bearing zones and is likely being channelled behind the casing. If Paradox Basin #3 confirms water free production, then the earlier wells will be recompleted possibly by cost effective short radius horizontal sidetracks into the Ismay Formation.

The company is looking to debt fund further appraisal of the Golden Eagle gas field, and is currently in discussion with potential financiers.

839
 
"Planning and well design for Paradox Basin #3 has been completed and the permitting process is in progress. State drilling permits are generally issued between 45 to 75 days from application. ":eek:
Using the date of the ann 26.10.09 as the date they lodged the application, approval should be granted:D/rejected:mad: from 10th Dec 2009 to 10th Jan 2010.
Hopefully we will get an ann mid Dec re permit and solid plans for Para1 and Para2.:D:D
 
DAZT49 said:
"Planning and well design for Paradox Basin #3 has been completed and the permitting process is in progress. State drilling permits are generally issued between 45 to 75 days from application. ":eek:
Using the date of the ann 26.10.09 as the date they lodged the application, approval should be granted:D/rejected:mad: from 10th Dec 2009 to 10th Jan 2010.
Hopefully we will get an ann mid Dec re permit and solid plans for Para1 and Para2.:D:D
Click to expand...

So whats the plan for getting more money to drill it??? Now IF as you say one and two are commercial, why are they not on line making money??
 
pilots,
I knew if I shook the tree a monkey would fall out lol:p::p::p:

"So whats the plan for getting more money to drill it??? "
Read the ann...man.:cautious:
"The company is looking to debt fund further appraisal of the Golden Eagle gas field, and is currently in discussion with potential financiers.":eek:

"Now IF as you say one and two are commercial" ... I didn't say nuffink,just quoted the ann.:D
 
26-11-2009 08:27 AM GDN Golden eagle Gas Field Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01015561

GOLDEN EAGLE GAS FIELD UPDATE
26 NOVEMBER 2009
● RPS Energy has completed an independent review of Golden Eagle Gas field following the drilling of Paradox Basin #2
● Discovered gas at the P90 level has increased to 9.0 Bscf with confirmation of gas 288’ down dip in the Ismay Formation in Paradox Basin #2
● Paradox Basin #3 well design and planning is complete and Golden State is currently procuring a rig and services for a spud date early in the first quarter of 2010
● The current cost estimate is significantly lower than the previous wells at $5.5 million
● Paradox Basin #3 has been designed as a production well with a 5” completion in the Ismay Formation reservoir. Drilling time is estimated at 60 days
● Permitting for Paradox Basin #3 is expected to be completed during December
● A program to re-enter and deepen the PB#2 well with the view of testing the Leadville Limestone has also been prepared
● Paradox Basin #1 and 2 can be effectively recompleted by sidetracking with short radius slant wells into the Ismay Formation

RPS Energy has completed an independent evaluation of the Golden Eagle gas field following the drilling and testing of the Paradox Basin #2 well.

Discovered gas-initially-in-place (GIIP) for the Ismay Formation has increased to 9.0 Billion standard cubic feet (Bscf) at the P90 (Low Estimate) following successful recovery of gas on test from the Ismay Formation in Paradox Basin #2. The gas was recovered along the southern flank of the structure 288’ feet down dip of the equivalent Ismay Formation gas production in Paradox Basin #1.

Estimates for Discovered and Undiscovered GIIP for the P50 and P10 (Best Estimate and High Estimate) are 85.6 Bscf and 243.1 Bscf respectively. The volumes reflect the results of Paradox Basin #2 in the Pennsylvanian section as the well was positioned to intersect the crest of the Leadville Formation and was not ideal for testing the shallower Pennsylvanian targets. Objectives in the deeper Pennsylvanian section such as the Barker Creek, Alkali Gulch and Akah formations were intersected in close proximity to the bounding fault and are potentially isolated from the main structure. Results of the Independent estimates for the GIIP in Golden Eagle gas field are shown below.
Following the testing and evaluation of Paradox Basin #1 and 2 it is considered that both wells can be effectively recompleted to isolate the gas reservoirs from adjacent aquifers which are likely to be communicating with the gas reservoir via poor quality cement. The well would be recompleted by short radius sidetracks into the Ismay Formation gas reservoirs.

Recent testing and logging of both Paradox Basin #1 and 2 shows that the Ismay Formation gas zones communicate with adjacent saline aquifers. Logging on Paradox Basin #2 has resolved channelling along the cement and excessive vertical propagation of the fracture. The attempted stimulation has diverted upwards from the perforated gas zone at 10,336’ to 10,384’ to salt and water bearing formation from 10,135’ to 10,210’. The poor cement bond over the Ismay Formation is due to the casing design required for drilling to 15,000’. The Ismay Formation is just below the base of the 9 5/8” casing. This places the Ismay Formation near the top of the 7” liner, which is too high above the shoe to effectively cement. The required casing design for the deeper tests is unsuitable for effective completions of shallower objectives.

Planning and well design for Paradox Basin #3 has been completed with the permitting process well advanced. As Utah State drilling permits are generally issued between 45 to 75 days from application the issue of the Permit is expected in mid December.
 
from ann 26.11.09
● Permitting for Paradox Basin #3 is expected to be completed during December
● A program to re-enter and deepen the PB#2 well with the view of testing the Leadville Limestone has also been prepared
● Paradox Basin #1 and 2 can be effectively recompleted by sidetracking with short radius slant wells into the Ismay Formation
Hopefully we will get an update in the next 3 days on all 3.
 
typical ..approved on 21.12.09 and still no ann to the market.
I had almost forgotten the contempt Sciano has for us plebs.
 
bigdog said:
26-11-2009 08:27 AM GDN Golden eagle Gas Field Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01015561

GOLDEN EAGLE GAS FIELD UPDATE
26 NOVEMBER 2009
● RPS Energy has completed an independent review of Golden Eagle Gas field following the drilling of Paradox Basin #2
● Discovered gas at the P90 level has increased to 9.0 Bscf with confirmation of gas 288’ down dip in the Ismay Formation in Paradox Basin #2
● Paradox Basin #3 well design and planning is complete and Golden State is currently procuring a rig and services for a spud date early in the first quarter of 2010
● The current cost estimate is significantly lower than the previous wells at $5.5 million
● Paradox Basin #3 has been designed as a production well with a 5” completion in the Ismay Formation reservoir. Drilling time is estimated at 60 days
● Permitting for Paradox Basin #3 is expected to be completed during December
● A program to re-enter and deepen the PB#2 well with the view of testing the Leadville Limestone has also been prepared
● Paradox Basin #1 and 2 can be effectively recompleted by sidetracking with short radius slant wells into the Ismay Formation

RPS Energy has completed an independent evaluation of the Golden Eagle gas field following the drilling and testing of the Paradox Basin #2 well.

Discovered gas-initially-in-place (GIIP) for the Ismay Formation has increased to 9.0 Billion standard cubic feet (Bscf) at the P90 (Low Estimate) following successful recovery of gas on test from the Ismay Formation in Paradox Basin #2. The gas was recovered along the southern flank of the structure 288’ feet down dip of the equivalent Ismay Formation gas production in Paradox Basin #1.

Estimates for Discovered and Undiscovered GIIP for the P50 and P10 (Best Estimate and High Estimate) are 85.6 Bscf and 243.1 Bscf respectively. The volumes reflect the results of Paradox Basin #2 in the Pennsylvanian section as the well was positioned to intersect the crest of the Leadville Formation and was not ideal for testing the shallower Pennsylvanian targets. Objectives in the deeper Pennsylvanian section such as the Barker Creek, Alkali Gulch and Akah formations were intersected in close proximity to the bounding fault and are potentially isolated from the main structure. Results of the Independent estimates for the GIIP in Golden Eagle gas field are shown below.
Following the testing and evaluation of Paradox Basin #1 and 2 it is considered that both wells can be effectively recompleted to isolate the gas reservoirs from adjacent aquifers which are likely to be communicating with the gas reservoir via poor quality cement. The well would be recompleted by short radius sidetracks into the Ismay Formation gas reservoirs.

Recent testing and logging of both Paradox Basin #1 and 2 shows that the Ismay Formation gas zones communicate with adjacent saline aquifers. Logging on Paradox Basin #2 has resolved channelling along the cement and excessive vertical propagation of the fracture. The attempted stimulation has diverted upwards from the perforated gas zone at 10,336’ to 10,384’ to salt and water bearing formation from 10,135’ to 10,210’. The poor cement bond over the Ismay Formation is due to the casing design required for drilling to 15,000’. The Ismay Formation is just below the base of the 9 5/8” casing. This places the Ismay Formation near the top of the 7” liner, which is too high above the shoe to effectively cement. The required casing design for the deeper tests is unsuitable for effective completions of shallower objectives.

Planning and well design for Paradox Basin #3 has been completed with the permitting process well advanced. As Utah State drilling permits are generally issued between 45 to 75 days from application the issue of the Permit is expected in mid December.
Click to expand...


I don't know who came up with this story, but the bit about the casing and the cement job is all total BS. Had they run a CBL b4 the frack they would have not got in to this trouble.:banghead:
 
At last!!:D
Gives us some action to watch with spud in Jan.:eek:
3rd time lucky??:eek:
Planning for Para 1 and 2 look good (tho as BD says we already knew)
The line that stood out for me was this ..
"Should Paradox Basin #3 prove effective gas production from the Ismay Formation then further works will be performed on the completions of the existing wells."
If P3 is not a goer ..what then??:confused::confused:
 
DAZT49 said:
At last!!:D
Gives us some action to watch with spud in Jan.:eek:
3rd time lucky??:eek:
Planning for Para 1 and 2 look good (tho as BD says we already knew)
The line that stood out for me was this ..
"Should Paradox Basin #3 prove effective gas production from the Ismay Formation then further works will be performed on the completions of the existing wells."
If P3 is not a goer ..what then??:confused::confused:
Click to expand...

What that tells you is, it is all over.:eek: How many time more will they work over 1 an 2, hell if you cant get it to produce after one work over, it is a D U S T E R duster.:cool:
 
pilots said:
What that tells you is, it is all over.:eek: How many time more will they work over 1 an 2, hell if you cant get it to produce after one work over, it is a D U S T E R duster.:cool:
Click to expand...

pilots,
2010 and we are at it again lol:eek:
I will be getting out of GDN when I get to my entry price:banghead::banghead:
In about 100 years:banghead:
 
Re: GD - Golden State Resources

DAZED said:
pilots,
2010 and we are at it again Lil:eek:
I will be getting out of GD when I get to my entry price:bang head::bang head:
In about 100 years:bang head:
Click to expand...

If you could only get the old ramp team back together you could make some good money on this.
I see the ramp master is now posting on real estate, must of found out he knows nothing about Oil/Gas, or minerals.:D
 
Who was the rampmaster??
9 mill shares today so far highest since Aug 09 when things went to water...so to speak.
 
Monday, January 04, 2010

Golden State Resources receives permit to drill Paradox Basin #3
http://www.proactiveinvestors.com.a...ves-permit-to-drill-paradox-basin-3-4008.html

Oil and natural gas exploration-focused company Golden State Resources (ASX: GDN) has announced the permit to drill Paradox Basin #3 was issued by the Department of Natural Resources of the State of Utah in the United States late last month.

Paradox Basin #3 is a directional well which is specifically targeting gas production from the Ismay Formation in the Golden Eagle Gas field. Golden State discovered the Golden Eagle Gas field in 2006 with the drilling of the Paradox Basin #1 well as part of a two well farmin with Eclipse Exploration.

The basin will be directionally drilled to intersect the Ismay Formation updip to the north northeast of Paradox Basin #1. Paradox Basin #3 will spud from the existing Paradox Basin #1 pad, which has been resurveyed and will be upgraded for re-use.

The well will be deviated to approximately 30o to intersect a subsurface target in the Ismay Formation 4,437’ (1352m) to the NNE of Paradox Basin #1 on a bearing of 21.94o. Well design has been completed and site works commenced during the Christmas period.

The rig is expected on site in mid January with a 55 day drilling schedule with a forecast budget of $5.5 Million.

The well has been designed as a production well with a 5” completion into the Ismay Formation reservoir. Drilling time is estimated to be under 55 days.

Executive Director Richard De Boer said the up-coming programme included possible further work on Paradox Basin #1 and 2 which can be effectively recompleted by sidetracking with short radius slant wells into the Ismay Formation.

A program to re-enter and deepen the PB#2 well with the view of testing the Leadville Limestone is also in progress.

Post drill evaluation of Paradox Basin #2 from the processed VSP suggests that the well was possibly closer than expected to the Leadville target when it was suspended at 14,216’ (4333m) after the bottom-hole assembly became stuck in dispersive claystone.

The Golden Eagle Gas field is located in Grand County in Utah it is well located to available infrastructure and can be readily commercialised once commercial gas production rates are established.

Both existing wells have demonstrated gas flows at rates up to 3.6 million cubic feet per day. Independently evaluated gas resources confirm the Golden Eagle structure contains an appreciable gas resource.
316
 
quite a large jump in the past 2 days, but am unable to find anything in the news? approaching highest price since August

Bought this one a few months ago at prices slightly higher than current prices, but slid not long after, wondering if to clear out once I break even or hold on

:confused::confused::confused::confused::confused:
 
oh well here we go again!!!!! mind you there should be some good money made here!!! have been starting to wonder how low they were going to go!!
 
Looks like a little p & d over the last couple of days.
traders picked up around $150k in profits...beats working.
 

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