GDN - Golden State Resources

Haveacrack said:

good idea, will hold off a week and pray for good news.

What's your take on what's happening with the sp?

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I don't know. I still see it as high risk and the primary target didn't come in on this well so a lot of the upside is gone. The directors indicated some gas shows were likely commercial I just hope they are vindicated. And I hope they release some data to enable option holders to make an informed decision, beyond showing a couple of pictures of a pretty flare. I hope holders aren't left holding the bag and they make a lot of money for all the stress this stock has put them through. Good luck.

... bit of a risky thing to do.. but i sold mine yesterday... and bought back in only a short while later... to realise a cgt loss on this stock this year....

chance fate said:

... bit of a risky thing to do.. but i sold mine yesterday... and bought back in only a short while later... to realise a cgt loss on this stock this year....

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I did that on a stock I owned a couple of years ago but the volume was thin so I crossed them to myself (using an online broker). ASIC called me and asked me a question or two, then said don't do it again. Too bad ASIC aren't on the ball with the things that really matter.

Edit: maybe it was the ASX, I can't remember any more. It seemed like a good idea at the time, I thought why should I lose out on the spread when I can buy and sell at the same price.

Today I have sold my 2006 purchased GDN shares for the capital gains tax loss and bought back in today

bigdog said:

Today I have sold my 2006 purchased GDN shares for the capital gains tax loss and bought back in today

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but by doing so aren't you really losing more money...... buying 10000 shares for .40c will rebuy you much less..... no? or does it balance it self with the saving on the tax you had to pay?

helpmeunderstand said:

but by doing so aren't you really losing more money...... buying 10000 shares for .40c will rebuy you much less..... no? or does it balance it self with the saving on the tax you had to pay?

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you aren't losing more money, you are just realising the loss and can use it to reduce your tax if you have other capital gains. Suppose I buy 10,000 GDN @ $1, the price falls to 40c, I sell these shares for $4000. My loss is $6000. I then buy the shares back - $4000 worth - and once again hold the same number of shares as I did before. The loss from a dollar to 40c was there all along, but the sale made it actual for tax purposes. I don't know if this helps you or answers your question.

Nice ann. this morning right on 10 am as usual. Market not too impressed with ann. guess what's needed is bcf's before sp starts to recover.

Anyone tempted to buy back in or top up at tis level?

Who's doing what, with your options? who thinks Sp will drop below 30 and why (if you don't mind me asking)?

have a good day!!!

What is a "unit" .... and how many units do u reckon will be required to make this profitable.

Judging by the markets reaction a lot more units are required

SEMPER UBI SUB UBI

sp beginning to move last was 40 at 10.27 though volumes are very low - com' mon' people where's your ticker!!!!

here we go, that's more like it, volume at 40 gaining mommentum. Need sp to hold at this level for a while. just gone to 40.5

please sir may we have some more!!!!

Yeah right on 10am, they are good at that.
Still not the info we all want, as you say ..how many bcf's????
So we still have to wait for other rig to be brought in,set up,run, testing etc before we know what is really in Para 1.
I would love to bail out for a while...just for a breather on this mongrel stock.
But I have a feeling in my waters that it will turn out ok.
Drill on Para 2!!

refer back to previous threads - "what is a unit was discussed" - about 2 pages back - i think.

have i used enoght characters yet...............................................................................

what i thought was going to be a quick profit has turned ot a hold for the long term i think. i too slao think there is gas in them there hills. with some luck #2 will not have the drill problems of #1 so should be completed and reported back much more diligently.

previous threads (sorry can't remeber who spoke to GDN and posted) but said about 50 wells planned for paradox with potential for 5tcf...yes that's TCF - straight from the horses mouth (please don't take my word for it, check previous threads)

12-06-2007 10:01 AM GDN Progress Report
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00728786

PROGRESS REPORT• The completion rig for Paradox Basin #1 oil & gas well, Grand County, Utah, is due on location on Friday 15 June
• Site works at the Daneros Uranium Prospect, White Canyon Uranium District,
Utah, will commence this week. The rig for the initial drilling programme is mobilising on Monday 18 June

PARADOX BASIN #1 OIL & GAS WELL, GRAND COUNTY, UTAH
Well Stimulation Programme
The well completion rig is due on location on Friday 15 June to commence a stimulation and fracturing programme on the major Pennsylvanian Barker Creek gas interval and on the shallower gas zones indicated above the Barker Creek interval, in the Upper Barker Creek, Akah and Upper Ismay intervals.
As a first priority, perforation, testing and stimulation will be undertaken on the following Pennsylvanian section gas shows:

Formation.... Gas zone (feet) Gas zone (m) Oil & Gas Indication
Upper Ismay 9,845’ - 9,858’ 3,001 - 3,005
Gas in dolomite reservoir rocks at up to 520 units, with connection gas levels up to 3,000 units.

Akah 10,815 - 10,834’ 3,296 - 3,302
A gas show of up to 790 units.

Upper Barker Creek 11,015’ - 11,031’ 3,357 – 3,362
A 16’ gas-bearing interval (390 units), in a sandstone unit marking the top of the Barker Creek member.

* Barker Creek 12,561’ - 12,599’ 3,828 - 3,840
A major pressured gas interval in dolomitic sandstone. Gas (methane, ethane and trace propane) was present at levels of up to 2,300 units, with connection gas up to 3,300 units.

* In May, following perforation and initial fracturing using carbon dioxide of the above Barker Creek interval, gas flowed to the surface and was flared with progressively increasing levels of gas before shutting in. 37 tons of was injected into the formation to clean up the productive interval without effecting any of the reservoir characteristics. The zone will be further fractured and tested using the completion rig.

The Pennsylvanian-age Barker Creek was one of the primary targets for Paradox Basin #1.

The well location was chosen as an optimal place to test this deep target due to good seismic control at this point and coincidence with a large flexure throughout the Pennsylvanian section. The oil and gas shows encountered at this level are very encouraging and indicate a further potential accumulation east and up-dip from the well.

This provides a priority target to be tested in the second well location, Paradox Basin #2, currently being permitted.

A review of the well results in the Pennsylvanian section above the Barker Creek interval, conducted by an independent consultant, announced on 12 October 2006, concluded:
“This remains one of the most significant wells to be drilled in this region if not in the US this year.”

WHITE CANYON URANIUM PROJECT, SAN JUAN COUNTY, UTAH
Uranium drilling
Site access works to commence on Friday 15 June. The initial drilling programme will begin on the Daneros uranium-vanadium ore body at White Canyon on Monday 19 June, initially with 10 holes to confirm width and grade of earlier drill holes used to generate the historical reserve (see announcement of 3 May 2007).

Complete results of this initial drilling programme will be available within three weeks of completion.

White Canyon Uranium Project is subject to a Memorandum of Agreement (MOA) between Golden State and White Canyon Exploration LLC, a Utah-based uranium explorer and miner.

Details of this agreement are contained in the 3 May announcement.

Prospectus for Uranium IPO
Snowden Mining Industry Consultants has been appointed Independent Expert for the IPO capital raising for the spin off of the uranium assets of Golden State and White Canyon under the MOA. Snowden field investigations have been completed.

Haveacrack,
That was my post (868) on 2/6/07
(It was my broker not GDN) 40 wells....and yes he did say 5tcf.
SP under pressure at the moment...come on you little bugger!!

thanks for clarifying. Nothing to worry about. i've already lost my dough - just have to wait, be patient and work on my handicap, though i don't if that is such a good idea - i don't know which is more frustrating, Golf or GDN. Might need to take up Ti chi.....ty chee......tie shee........

Hi Dazt... I was wondering how CK Locke can substantiate the 5Tcf potential that they've mentioned to you... I'd give them a call myself to find out but they're not my broker... so was wondering if wouldn't mind next time you talk to your bro' whether he could shed some light on the basis for that number... e.g. has there been some new geological information that has upgraded the reserves potential... 5Tcf is huge - i can't see that coming out of the mapped area GDN carry in there presentations for the barker creek... i.e. 16km² by 10m deep.... i'll send gdn an email at this end ... could possibly check for a consistent story.... would it be appropriate to quote CK Locke on the number? Thanks CF

PS.. the garden is coming along pretty good at this end... running out of jobs to do!!!

HI Chance,
The guy I spoke to wasnt my normal broker (from CKL tho), and was very upbeat about the whole thing.
My normal bro is hard to extract info out of, but I will call him am tomorrow as I have to discuss my options re GDN and others that are not performing at all well, while the all ords keeps pushing thru the clouds.
You are right tho 5tcf would be huge,( i found it hard to believe too)
The ann today didnt shed any light on the potential reserves (as usual)

Thanks Dazt... I've fired off an email to Golden for their comment on the range of numbers... will report back... i'm quietly suspecting they are still carrying the Leadville in their forward looking plan... if they are then we are looking at 50Bcf pending the do or die confirmation report to be factored into the short term share price and the 5Tcf is just hype.

What happens to the persons/company , when figures of 3 tcf or 5 tcf are bandied around , if it isn`t there.This dude calling 40 wells(40 years at present rate) is spreading information that isn`t documented or available to the share holders.

The motive could be to drive the price lower I suppose but the legality of such far out claims is in question.Like most I am optimistic , but bull****ting to shareholders is despicable don`t you think.

ok good stuff. Think you are right about the hype. 50bcf ann would (hopefully) get the SP moving.That or dynamite.
Dont know if you have had a look at the Hot Cropper threads.
I take look now and again but there is so much crap on it you have really sort thru the bull.