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GDN - Golden State Resources

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Aint that nice.

Gotta be happy with that.

well done!!!
 
Very Happy thanks Tech A. Read your advise especially re .87c and down she goes. I think it is being pushed down and may move when the big guys are ready.

PS Thanks for the input
 
pch said:
I've been holding this since 23c giggling at all the EXT ramping
Click to expand...

I hope pch hans't forgotton to close his position...????

Nice one Kevro.....
 
Hey Tech/a,

So where you you beleive it will reverse, around the 80c mark or may 78c ...????

Certainly come of the boil.
 
Hey Tech-a. Good pick. They did come back down..I could of sold..made 500 bucks extra and got back in. I'm only holding just under 5000 shares..like I said all my money is tied up in other stocks..wish I had more of these though.
 
Thanks Chris, that was ulcer stuff for me. Bow for ADI & RDS, then its easy street and a bottle of mylanta.

Waiting for the next wave now, see if she get over a dollar
 
SevenFX said:
Hey Tech/a,

So where you you beleive it will reverse, around the 80c mark or may 78c ...????

Certainly come of the boil.
Click to expand...

Have no idea.

But what I can say is that they "normally" re test the high in this case 96c.
Then if it cannot hold above 96c will drift into no mans land.

The harder it comes off the less likely a retest of the high and the longer it will wallow in the void.
I leave these alone and look for other runners rather than try to hop on again.

But thats me.
 

Thanks T/A,

I guessing the R2R ratio is not in my favour, as it struggles back up again.

Anyway I am happy for the day...and hope their was some 4U2.
 
Looks to me as if its going to close with a surge. Unless some big sellers come in. People will scrambling to get in on this so they are holding a position over the weekend.
 
SevenFX said:
Thanks T/A,

I guessing the R2R ratio is not in my favour, as it struggles back up again.

Anyway I am happy for the day...and hope their was some 4U2.
Click to expand...

Not on it.

Its doing exactly as I thought it would.Those who buy now expecting another surge on Monday will be disappointed.(Unless it closes above 97c)
Then it will take till 30 mins after market open for the disappointment to hit.

There you go Duck neck on chopping block.
 
I hope your wrong. I want this baby to keep on powering. It is falling back a bit again atm though. I'll see how it goes. Im willing to wait for the drilling to be complete.
 
tech/a said:
There you go Duck neck on chopping block.
Click to expand...

T/A

You always make reference to Ducks.....and all I can say in your defense is at least "You NO GOOSE"
 
SevenFX said:
T/A

You always make reference to Ducks.....and all I can say in your defense is at least "You NO GOOSE"
Click to expand...

Check my Avatar

Daffy Duck.

Chris.
Buy the rumor sell the fact!!
 
Jeez that was close second time around. Got out just in time with a small profit. Getting a bit nasty towards the end.
 
Dt's exited before friday close
I think it is good, as steam off a bit for a monday run

I got in at 38c and happy to just sit it out
I have a stop at 77c

If they get this 3tcu of gas, who knows what the sp wil be worth, so dont care, happy to give it a go - these CDU style opportunities dont come along often!
 
Today's turnover was 32.6m shares. Given the total GDN number of issued shares is ~135.7 m, the average life span of shares is about only ~4 working days!

Well done, all the day traders! Thank you all for making this stock the No 1 ASX stock for speculations!

I seriously bought some shares at the opening today, but suddenly realized this was only a game of pass-the-parcel and sold the lot during day.

So, bye-bye GDN! Wish you guys all the best and the music will stop soon!
 
Let me get this right. They are targeting a 3TCF field. What is missing here? Is this the biggest con of the year?



Developing Utah’s Wild Places Would Produce Only Insignificant Amounts of Natural Gas

According to the Department of Energy (DOE), over 13,500 wells have been drilled since oil and gas exploration and development first began in earnest in Utah in the 1940s, and as of October 2003 the total gas production had been 7.65 TCF (trillion cubic feet). See Mark Lemkin, An Analysis of Utah Oil and Gas Production, Leasing, and Future Resources (2003) (Lemkin), at 1 (citing Utah Geologic Survey and DOE sources). Put in a broader context, the total gas extracted in Utah since the 1940s would supply the country with natural gas for just over four months at current national consumption levels. Id.

A closer look at DOE figures on Utah’s recent annual gas production – a level which is consistent with production from the past several years – indicates that the state produced 273 BCF (billion cubic feet) of natural gas. This is not even enough natural gas to supply the country for 5 days.

An analysis of information compiled by DOE, the United States Geological Survey (USGS), and the State of Utah’s Division of Oil, Gas, and Mining (UDOGM) indicates that approximately 95% of gas and oil production in Utah both historically and more recently between 2001-03 has come from seven “hot spots.” See Exhibits 1 and 2 (Lemkin, Figure 3, Location of principal areas of oil and gas production in Utah and Figure 5, Location of principal areas of oil and gas production in Utah: 2001 to present).[1] None of these areas are proposed for wilderness designation in America’s Redrock Wilderness Act. See id. (illustrating areas of production and BLM lands proposed for wilderness).

According to DOE, the entire state of Utah has proven gas reserves of 4.6 TCF (or 2.5% of U.S. proven gas reserves). Using the USGS’s own methods for predicting Utah’s statewide inferred reserves (a figure that must be estimated because it is not publicly available), another 6.1 TCF of gas may be extracted from within or immediately adjacent to existing fields. Finally, according to USGS, Utah may have as much as 15,668 BCF of gas that is technically recoverable undiscovered resources.[2]

source http://epw.senate.gov/hearing_statements.cfm?id=219654
 
Read the report below for a full run-down on what they are trying to achieve.

http://www.goldenstate.com.au/StockAnalysis-GDN.pdf

Below I am quoting their drilling status report taken on the 24th Oct 2006.

"The well is drilling on towards its main targets, which have been interpreted from seismic data to have the potential to contain up to 3 TCF of gas, the Barker Creek (estimated depth to base 12,730 feet) and the Leadville Limestone (estimated depth of top 13,700 feet). The Leadville Limestone hosts the Lisbon Oil & Gas Field, 80 km to the south. The Lisbon Field has produced 54 million barrels of oil and 750 BCF of gas, at current prices equivalent to a gross income of A$10 billion."

Juddy they are saying it has the potential to have 3 TCF..highly unlikely..if it did..my small investment will pay for half of my house.

I would be happy with 50 BCF because that would make the shares valued at around $1.50. If they get 440 BCF then hey..I might get myself a new car or keep investing to get my house.

This is taken from the report I posted above for those who cant be bothered loading it.

"Since it is earning a massive 83.3% in the project, GDN offers huge leverage to success. Discovery of 440Bcf of gas by this A$10-12m well, would be worth about $10 per share, compared with a current price of 19 cents."

So hey..your either in it..to see what they have..or your not. I myself know they could fail..but I'll take that risk.

They had an asx query on the 26th of October.

The question that was asked was...see below

"Does the company consider that the drilling results are material to the company"

They came back with a very positive response..

"The information received in Utah from site on Monday 23rd October 2006 (Utah time) is based on formation pressures and the amount of gas infiltrating the well (full assessment is to follow drill stem testing at the completion of the well.) The company regards the increasing levels of background gas as significant and therefore material."

Now I have bolded the section I believe important and have gone this over with a few mates of mine. We think its worth a go. You got to be in it to win it. How often do you get companies coming back with such positive responses to asx queries...hardly ever. Thats when I decided..ok thats it..I have to hold some of these.

Time will tell. In their drilling status report on the 27th they said they would hit their primary target within 5 days. I think quite a lot of people will lock in profits. Will be an interesting day on monday.
 
Hi chris 83....firstly I very rarely post (or knock) a company that I`m not in.Though it is good to warn people about the risks `cause no one wants to see people lose out.I`ve been on the wrong end too (the 100 mmbo hole).

The company draws comparison with the Lisbon field to the south which was discovered in 1960 from what I`ve found.I would have to believe that half the time up to present would have been a slow process of extraction.

Considering present technology and financing available I can`t believe that this project won`t be more efficient and accurate.The future will answer the questions for me.My brief thoughts end here. :goodnight
 
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