GDN - Golden State Resources

[Snakey]

snakey im baffled by this ... what do you mean?

thx

Yes constable and that weekend starts right now
last trade on these was.. bought 93300 at 38.5c and sold at $1.15
thank you very much golden state now its time to move on....
(held 10000 from 38.5 to current time)(now 11000 in holdings)
monday could be big if they hit leadville over the weekend ,but I remember... risk management!!!! DOH

 

[Beebles123]

What do you think the share price will be then?

 

[mahmoodf]

Hi Constable

You are correct, the SP did drop. What I meant was, has anything FUNDAMENTALLY changed for the company in terms of it's operations or outlooks? And I think the answer is no.

I always hold stocks that I have researched and believe in. I could have sold at $1.20 but I believed at the time that the stock would go north of that.

I didn't realise that people would panic so much and sell. With HINDSIGHT, maybe I should have sold and got back in. But I cannot predict the future.

I'm also not so good at picking highs and lows so I stuck by the stock. I also called the MD in Utah twice to discuss some questions I had and he answered each one of them very openly and thoughtfully.

So I will continue to hold until I see a clear reason not to. In time, I believe this stock will be worth well north of $1.50.

Tech

As for buying more, I have no money left otherwise I would. The rest of my portfolio is humming along so I felt no need to sell any other stocks to purchase more GDN. I felt like a day trade yesterday but they have burnt me in the past so I stick to what I know: buy in companies that I believe are undervalued and hold onto them until the market appreciates them a lot more.

 

[Caliente]

morning mahmood, welcome to the forums!

I'm a fan of your investing principles, but a comment like "I could have sold at $1.20 but I believed at the time that the stock would go north of that." makes it sound to me like you are still too married to your shares, and thats the #1 way I've found so far to get burnt.

I was to write more, but I realised that its only time and experience that guides you towards "better" trading.

Best of Luck, and I hope you do make your money back on GDN. I don't hold, because I'm still skeptical, but it looks like a clear turnaround atm for you and other holders so its looking rosier .

 

[SevenFX]

Tek I know your referring to me as a holder.

So hey I'm glad you got out. I'm still in and still believe once the well is proven commercial it will come good.

Chris,

Just walked back in...and thought to reply...

I wasn't actually referring to you, as I actually admire the research you put in and post for all to see, which I've to date found you as a bit of a fundermental rock to learn from.

A balance of both TA & FA is always good, which is what I think you base your trades on....

Personally I can't see any benifit in holding a stock that changes trend from which I'm trading (allowing +/-) unless you getting some super special offer from company (extra shares, etc), dividends and so on.

I appreciate you want to be there when it goes back up, but if you sell somewhere near the change in top trend, and buy back somewhere near the change in bottom trend, there all that profit (30cent yesterday) can be made while we wait for the drilling results (good or bad) you've still made more money.

If it's bad while your still holding down (low of 42c yesterday) well it only goes one way from there compounding ones losses...

I hope my points are valid as I'm only new round here, but see this a safe, extra profitable, and reduced stress way to trade...

p.s If we had all T/A traders, and no fundermentalists, I think the market would be much much more volatile...

EDIT: That's the beauty of the share market, you can get back in as quick as you get out, just when the trend changes again and all else signals are ok.

Cheers
SevenFX

 

[chris1983]

Hey Tek,

I had nothing against what you said. All good. I definately should of got out at 1.20 etc...but thats all in hindsight. I thought they would keep going. I cant do that charting stuff. Im useless at it. Seems to work a lot especially on the spikes because a lot of times they dont keep going. Bit of a recovery from the slaughter early on Thursday..was way oversold. I'm hoping Leadville is full of gas. If not I still think they will have a commercial well.

What a day coming up on Monday. Hopefully a good day for me. I honestly think after comparing what they have with Lisbon its gunna go. I'm hoping that holding throughout the shocker of a fall on Thursday will pay off. Would of been great to trade it though..I have tried trading before and I suck at it though..So I tend to just hold..draw comparisons with other companys or tenements and wait for the profits.

If Leadville dissapoints..then bang..down she will go again..but I think it will recover because what they have should be commercial allready. Been tough to take the hits I must admit. I'm not as experienced as some of the other guys but I am learning. My dad did tell me to sell half. Should listen to the experienced. haha Next time I will sell my initial investment and keep the profits invested.

good luck to the holders in GDN.

 

[SevenFX]

Hey Tek,

I cant do that charting stuff. Im useless at it.

I have tried trading before and I suck at it though..

Chris,

I have never looked at shares b4 March of this year, other than on the news, and determined to change the direction of my life has taught myself charting and tiny bit of fundermentals .

Told a fib above, seeked out a really kind person, that spent time teaching me once a week charting, and progressed from there....so try to seek out someone that is willing to help you charting, or pay couple of hundred on a basic course (don't get ripped on big dollar ones), cd education, or similar to start with.

I really think this will help you HEAPS giving that your doing well already and could only do better with charting (very supprised how charting works, high % of the time), under your belt.

I'm not as experienced as some of the other guys but I am learning.

Sure, nor am I, but you are [more] experienced than others....

My dad did tell me to sell half. Should listen to the experienced. haha Next time I will sell my initial investment and keep the profits invested.

Very wise and safe stragerty....and hindsight confirms that....my man.

But for me it's a bit like riding a motorbike on the roads today, and look out for no 1. and in the sharemarket's case it's just about profit....more rather than less.

No attachment, no emotion....just plain profit. :


Hope this helps....as my fingers are getting sore...
Cheers
SevenFX

 

[chris1983]

haha.

Naa very wise comments.

I do agree with the you guys. 90% of shares that rise to fast always have a retrace. Even MOX which is going well..had a retrace..and was an opportunity to get back in and grab more profits. I'll have to keep an eye on that especially for future reference. I'm going to change my strategy on shares that rise to fast. Especially when still in the speculation phases.

 

[constable]

Chris if you've got the money to park at gdn your on a winner !
Myself personally have got gdn over the weekend but im a skittish day trader who trys to keep one step ahead of the school of fish.
Appreciate your openess and cander on the forum good luck and may the force be with you

 

[SevenFX]

Myself personally have got gdn over the weekend but im a skittish day trader

Hey There Constable,

I guessing you must be more a "Trader" as opposed to a "Day Trader" given you are holding overnight & weekends..

The disadvantages IMO on holding "TRADES" overnight is the downside (gap down, as seen on thurs ) can be greater that the upside (gap up), and besides I don't sleep well, not having any control of my trade. (trading holt [cdu, sen, etc] on open)

Sure perhaps there's a big open on Monday for GDN, but it could also turn dragging your trade down....which is more risk IMO....and rather just take a slice out if there's a upside during the day monday....which is more a sure thing...

Appreciate your openess and cander on the forum good luck and may the force be with you

Agreed....

Cheers

 

[constable]

Hey There Constable,

I guessing you must be more a "Trader" as opposed to a "Day Trader" given you are holding overnight & weekends..

Not usually Tek, of the last 40 trades 9 or so i've held overnight. Dont mind holding gdn with eminent release of the "big ann." but by the same token will strip what i can out of the stock. If i get caught holding while they drop a bad egg then i am prepared to take a 50% hit but wouldnt book it,(just put the share a way in a dark cnr).
Upside is that they find what markets expects and the stock after it re- opens triples again. Only holding 25ooo units.

 

[tech/a]

Only holding 25ooo units.

While I know youve done OK with this trade.
Bear in mind that at $250/cent a drop from $1.20 to 60c is in effect a loss of $15,000 of a traders money at this parcel size----at one time the trader had it--now----

Those traders who are nervous holding overnight.

(1) Are possibly trading parcel sizes that are to big for their capital. Losses HURT. Where as controlled losses are part of the business of trading.

(2) Have no plan and as such feel "lost" unless the trade is profitable.

Chris I'm encouraged that some of our posts here may have you re visiting outlier moves. Can only be positive to your bank balance.

 

[tarnor]

have to admit i made a dogs breakfast trading this one.. was playing around with it over a dollar tryna make some quickies on the hype, missed a stop when i had to go to work(only got half my trading parcel out) .. then I got caught holding in hope all the way down. Very poor form on my part i thought i was past making these sort of mistakes.. junior oilers can really school you quickly(anyone remeber BAS?). Much better off buying in a few months before a solid drilling program with some juicy targets and selling on spud... pretty easy way to make some good dollars and have some shares free carried if you like the risky stuff.


luckily managed to get most of my losses back by hitting it hard on the bounce but just holding a small casino parcel for the primary target. Don't mind which way it goes to be honest.... if primary target isn't thier or dissapointing ill try to get some for a good price in the panic sell and grab another bounce (secondary targets have a decent chance of being commercial). If its good ill hit it hard for another run.

looking forward to monday should be fun..

 

[trader]

have to admit i made a dogs breakfast trading this one.. was playing around with it over a dollar tryna make some quickies on the hype, missed a stop when i had to go to work(only got half my trading parcel out) .. then I got caught holding in hope all the way down. Very poor form on my part i thought i was past making these sort of mistakes.. junior oilers can really school you quickly(anyone remeber BAS?). Much better off buying in a few months before a solid drilling program with some juicy targets and selling on spud... pretty easy way to make some good dollars and have some shares free carried if you like the risky stuff.


luckily managed to get most of my losses back by hitting it hard on the bounce but just holding a small casino parcel for the primary target. Don't mind which way it goes to be honest.... if primary target isn't thier or dissapointing ill try to get some for a good price in the panic sell and grab another bounce (secondary targets have a decent chance of being commercial). If its good ill hit it hard for another run.

looking forward to monday should be fun..

Yep I remember BAS bought at 76 cents watched it opened @ 34 cents monday morning then brought some more, watched it go down to 25 cents before selling the lot. Hope this time GDN don't open @ 30 cents (in @ 55cents)

 

[SevenFX]

Why do GDN release NEWS again today 2mins b4 markets opens, which they did on thursdays b4 sp took a dive...?????

http://www.asx.com.au/asxpdf/20061113/pdf/3zjqqstb0kzb4.pdf

 

[constable]

Can anyone tell me the jist of the ann please!

 

[chris1983]

ABN 39 063 074 635
Level 1 181 Roberts Road Subiaco Western Australia
Postal: PO Box 616 West Perth 6872 Australia Ph: +61 8 9486 4633 Fax: +61 8 9486 4634
Email: gsr@goldenstate.com.au
Drilling Status Report – 13 November 2006
• Paradox Basin #1 well is at 14,550 feet (4,435 m) in the Pinkerton Trail Formation
• Drilling on to the primary objective Leadville Limestone

Golden State Resources is pleased to announce progress on the Paradox Basin #1 well in Grand County, Utah. Paradox Basin #1 is at 14,550 feet (4,435 m), in the Pinkerton Trail formation (see table and graphic below), a cyclic sequence of dolomite, sandstone and shale. Following the last bit change, the well has drilled on at a rate of 190 feet/day (58 m/day). Significance of Gas Shows and Wireline Log Survey To help clarify the significance of gas shows and log indications reported in the Drilling Status Report of 9 November 2006, we refer shareholders to the Company’s ASX announcement of 23 December 2005, the Notice of Shareholders Meeting and the supporting materials, including the Independent Geological Report. These include maps and geological information on the Paradox Formation. The well has remained close to the original forecast in regard to the anticipated geology except that the gross sand interval of 860 feet, indicated by the wireline log, is much larger than originally forecast and indicates significant upside for hydrocarbons in the Paradox Formation.

The current mud log and wireline log gas indications in the well are significant as the well penetrated the upper Paradox Formation (the secondary objective) well down-dip based on the current mapping. The potential area at the top of the Paradox Formation up-dip to the well is large.The total thickness of sand is significantly greater than originally anticipated. Current log indications are that there is 69 feet of sandstone that is likely to be gas saturated. Additional hydrocarbon thickness may be expected up-dip.
The porosity of 5-10% may be considered low, but in these rocks in the Paradox Basin this level of porosity is commonly known to have commercial production rates, particularly following fracture stimulation. The largest gas field in the Paradox Basin, the nearby active Lisbon Field, has an average reservoir porosity of 5 ½%, yet has produced over 1TCF gas equivalent over 45 years.

The formations are indicated to have natural fractures, the impact of which current logs have not been able to assess. Additional formation image logs, sidewall cores and flow tests will be required. Golden State remains very confident of the exploration and production potential of the area and is expecting to penetrate the main objective section below the Pinkerton Trail Formation shortly.


PARADOX BASIN #1 WELL TARGETS
Formation or Zone Geological Age Lithology Depth (metres) Depth (feet)
Result
Upper Ismay Pennsylvanian Limestone 2,987 9,800 * Gas shows
Lower Ismay Pennsylvanian Limestone 3,050 10,006 Minor gas show
Desert Creek Pennsylvanian Limestone 3,126 10,256 Gas shows
Akah Pennsylvanian Limestone 3,209 10,528 * Gas shows
Barker Creek Pennsylvanian Limestone 3,355 11,016 * Gas show
Alkali Gulch Pennsylvanian Dolomite 3,705 12,154 * Major gas interval
Cane Creek Pennsylvanian Dolomite 3,979 13,053 * Gas shows
Pinkerton Trail Fm Pennsylvanian Dolomite 4,392 14,410
Leadville Fm Mississippian Limestone 4,465 14,650
McCracken Devonian Sandstone 4,663 15,300
Lynch Dolomite Cambrian Dolomite 4,740 15,550
BOLD: Primary Targets
ITALICS: Minor Targets
* Potential Production
Initial 100% Ownership and Operator
Golden State holds an initial 100% interest in this well, and operatorship through its 100%-
owned US subsidiary, Golden Eagle Exploration LLC. Denver-based joint venture partner
Eclipse Exploration Inc has the right to back in with a 16.67% working interest after the
drilling of two wells by Golden State.
3
Richard Sciano
Executive Director
13 November 2006
Executive Director: Richard Sciano 08 9381 9522
Exploration Director: John Hasleby 0011 1 435 220 0720

 

[chris1983]

The announcement is a lote more clear this time..Cleared up the porosity debate etc etc.

 

[constable]

Thanks chris appreciate that. I bet the share price is about 70 now ?

 

[tarnor]

looks great i brought **** loads at 64 on open.. should run hard.. looks like easy money today