GDN - Golden State Resources

[chris1983]

Hi Wysiwig,

Theres risk with any stock..If investors jumped in and bought this stock..they should know the risks involved. Nothing is ever 100% safe when they are an explorer.

How many people bought Pasminco..there was supposed to be not much risk with that stock..what ab Sons of Gwalia..hmm risk in everything mate.

I even stated in my last post..

"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."

If your not holding..I wouldnt jump the gun first thing Monday morning..They could retreat..I dont know whats going to happen but im going to wait it out untill they hit the primary target..

 

[SevenFX]

Trading Halt.... NEWS OUT.

 

[chris1983]

Yep..news will be out on Wednesday when they hit their primary target..or earlier.

 

[SevenFX]

Yep..news will be out on Wednesday when they hit their primary target..or earlier.

Thanks Chris,

I can't get the asx site up (or pdf links) for some reason, but commsec alerted me...

 

[stiger]

There should be an ann. today and if you read hc it will all be good news.regards

 

[Dar_g]

whats hc?

 

[Wysiwyg]

Since today may be a trading halt I found some stats. on Lisbon to draw a parallel with (don`t know where GDN pull the 3 trillion figure from...seismic or speculation I suppose).

Interesting to note that there was a well blow out at Green River (see map)which indicates a lot of pressure down there!

Article Last Updated:10/13/2006 02:03:22 AM MDT


Authorities near Green River are monitoring a natural gas well that has been venting since Monday. The well is about 4 miles southeast of Green River and was posing no danger on Thursday evening, said Grand County sheriff's Deputy Brent Pace, but the sheriff's office and state officials are keeping the public away from the well until work crews can fix the problem. On Monday, Delta Petroleum Corp. was drilling a well on state land. The corporation was prepared for well pressure of 5,000 pounds per square inch, but the pressure increased to 8,000 PSI, overtaking safety valves on the well, said Tammy Kikuchi, a spokeswoman for the Department of Natural Resources. Rig operators are allowing the gas to vent until a higher-capacity safety valve can be installed. Pace said crews hope to install that valve this afternoon.

Field/Oil & Gas Characteristics (circa 2004)

Lisbon Field
• 23 Producing (or shut-in)
Wells
• 10 Abandoned Producers
• 5 Injection Wells
• 4 Dry Hole

Oil Characteristics
• Oil Gravity – 54-62.6 ° API (light oil)
• Sulfur – 0.2%
• Color – Yellow to Red

Discovery Well
• Pure Oil Company, #1 NW
Lisbon USA
• T.D. – 8440 ft
• Completed January 5, 1960
• IPF – 4376 MCFG, 179 BOPD
• Initial Pressure – 2713 psia
• GOR – 1417-3153:1

Reservoir Data
• Productive Area – 5120 acres
• Net Pay – 225 ft
• Porosity – 1-21%, average 5.5%
• Permeability – 0.01-1100 mD,
average 22 mD
• Water Saturation – 39%
• Bottom-hole Temperature – 53 °C
to 73 °C
• Type of Drive – Expanding Gas
Cap and Gravity Drainage

 

[chris1983]

Its good news guys. congrats to the holders

 

[Agentm]

spectacular.. you have to be happy if you hold this stock now!!!


well done..

 

[chris1983]

Below is the drilling report announce today

• Paradox Basin #1 well is at 12,985 feet (3,958 m)
• Significant gas discovery in Alkali Gulch zone of Paradox Formation
• Drilling on to primary objective, the 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 12,985 feet (3,958 m), in the Alkali Gulch Member of the Pennsylvanian Paradox Formation (see table and graphic below). The Alkali Gulch Member comprises a cyclic sequence of sandstone, dolomite, black shale, salt and anhydrite.

The well intersected a major pressured gas interval, from 12,549’ to 12,577’ in dolomitic sandstone at the top of the Alkali Gulch member. Gas (methane and ethane with trace propane) was present at levels of up to 2,300 units.
Connection gas ranges from 2,000 to 3,300 units. Background gas has increased 40-fold to consistent levels of 500-900 units. Trip gas ranges up to 3,520 units. All gas levels are highly significant, however full assessment of the production capacity of reported gas shows will follow testing at the completion of the well.

The well is approximately 350 feet above the primary objective of the well, the Leadville Limestone Formation (estimated depth: 13,350 feet).
It is anticipated that the well will reach the top of the Leadville Limestone within 3 days.

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.

 

[SevenFX]

Hi Chris,

What your take on where this will go today....do you think it will hit it's high or close again as it looks little weak atm.

EDIT: Spoke to soon...

 

[chris1983]

Profit takers coming in. Wont last. The buy strength is too strong. I think it will keep going..too much upside now..They have allready announced a significant gas discovery..which is on top of all the other gas shows..and they are yet to hit the Leedville Limestone formation.

 

[SevenFX]

It's hard to beleive mox up 40% yesterday and now gdn up 28%........surely 30-40% must be the highs for the day...???? ...but who's complaining

 

[chris1983]

Im holding on untill they do the full assessment for production capacity. They allready know its a producing well. Ill sit back and let the good times role now. I topped up this morning actually..avg entry price is in the low to mid 90's. I dont see it as much of a risk anymore now that they know it will be a producing well.

"Connection gas ranges from 2,000 to 3,300 units. Background gas has increased 40-fold to consistent levels of 500-900 units. Trip gas ranges up to 3,520 units. All gas levels are highly significant, however full assessment of the production capacity of reported gas shows will follow testing at the completion of the well."

 

[Wysiwyg]

Interest @ $1.19-$ 1.20

 

[SevenFX]

Are my eyes seeing thing on the buy orders 800,000 odd at 1.195 all of a sudden...

Had to take some profits just b4 that order came in

EDIT: It's dissapeared as soon as it came in...

 

[Wysiwyg]

Interesting to note that if one side muscles up the other side counters.

:shoot: :bigun2:

 

[chris1983]

I dont think the good results will stop..hence i'll hold

 

[SevenFX]

Chris

Do you think it will retrace back tommorow after such a BIG day, or could it gap up some...????

Thanks
SevenFX

 

[chris1983]

hmm.

Im no professional..but I think they will keep going? Tech-a or someone like that should be able to tell us chartwise...I think they would agree its definately due for a pull-back after such a sharp rise?

If they have a large discovery it will keep going though..I just like them and what they could have. They are going to hit the primary target within 3 days and they seem to have a producing well allready. I think more investors will want to jump onboard before they actually do reach their primary target. Wont want to miss it..IMO there is more upside that can be gained than the downside.