Hi, todays announcement even though is still not much of a gas flow from the intervals still must be good enough for a lot of investors since the drop in share price wasnt that much when only 2 weeks ago gdn was at 10 cents and earlier this week was around 22 cents.
In todays announcement and several others when reporting on the upper ismay intervals they always make it clear that there is 3 intervals being tested, they say the total number of feet between the 3 but is it possible that when they say they flowed gas from the 3 intervals and give the flow rate of 0.34mmcf that it is 0.34mmcf per interval and there is 3 of them that flowed similar results which would mean 1.02mmcf for the upper ismay intervals in total if flowed all together? If its this way then a combined flow rate of 1.52mmcf for the well with barker creek flow rates added.
They have set down hole gauges and are meant to be retrieved early september if they are on time when they say early september they should be able to tell us some more news next week? The results from the gauges will help decide if the well is economical alone or will need to drill the 2nd well before going into production.
Hopefully if they can tell us that the well is economical then the project has a commercial amount of gas even though at a low flow rate from the first well.
They planned to drill the 2nd well in early october hopefully this will happen and it wont be long before the 2nd well will start to be drilled and maybe reach leadville and get better results for gdn.
They did make a comment that the flow rate was stabalised which is the amount they told us. If you look at todays BUR announcement on their first well where they drilled a horizontal well and meant to of hit a hot spot they have a stabalised flow rate of 1.9mmcf per day after originally having a flow rate of 3.324mmcf in july. GDN isnt that far behind at 1.52 if the 3 upper ismay levels are all 0.34mmcf each and can be combined with barker creek, would be good to know if the upper ismay is 0.34mmcf in total between the 3 or each interval since its not very clear with the recent announcements.
Also in today's announcement in the first paragraph they say gdn has completed the first phase of the workover operations. They still havent tested the oil which if they plan to test would be after the results from the gauges i would have thought. Also on another website lynden ventures, they had similar flow rates on one of their first wells which is now being developed into a multy well project in the paradox basin. In the announcement where both wells are mentioned including the first well which flowed at 0.3mmcf, they say additional operations are under consideration to optimize flow rates, im not sure what can be done to increase flow rates from the current levels but if one company is looking at optimizing the flow rate then maybe gdn could look at that in the future too?
I have mentioned before about the recent volumes, between 29 and 34.5 where there has been a large amount of trading happening has the most volume on a daily basis.
On the 28th of August, the first day from when the high volume started that 30 cents was reached. The total volume that day was 133,734,335 shares traded and between 29 and 34.5 cents 114,110,492 shares were traded which means only 19,623,843 shares were bought and sold between 23 and 29 cents that day.
On the 29th of August a total volume of 49,673,253 shares was traded and 49,004,468 shares were traded between 29 and 34.5 cents.
On the 30th of August the entire days trading which was 24,691,814 shares were all trading in the range of 29.5 and 33.5 cents for the day.
On the 31st of August a total volume of 12,671,875 shares were traded with the highest volume for one price was at 28.5 cents with 2,277,014 shares traded. Between 29 and 30 cents a total volume of 2,081,095 shares were traded.
The 3rd of September was the first day since the 27th of August when the high volume started that the price didnt go above 29 but the volume was a lot lower then on previous days at only 7,092,578 shares traded.
The 4th of September a total volume of 20,032,660 shares were traded between 22.5 and 31 cents. the volume traded between 29 and 31 cents was 7,643,411 shares. The largest one price level was 29 cents with 2,537,995 shares traded.
The 5th of September a total volume of 18,426,479 shares traded. Between 29 and 32.5 cents a volume of 15,940,441 shares traded.
Yesterday the total volume was 15,833,791 shares between 26 and 31 cents. Between 29 and 31 cents a volume of 13,097,168 shares traded.
Ive looked at the total volume from the 28th of august when gdn reached above 30 cents on high volume up to yesterday. The total volume between 28-08-07 to 06-09-07 was 282,156,785 shares. Out of this amount 206,945,046 shares were traded between 29 and 34.5 cents and 75,211,739 shares at prices below 29 cents since the 28th of August.
This doesnt mean anything just thought to show the high volumes mostly have been bought and sold around the 30 cent mark in the last 2 weeks, there has to be more than the small gas flows reported so far, atleast there seems to be some confidence in the stock for the price to trade around 30 cents in such high volume compared to the low volume when was 10-15 cents.