GDN - Golden State Resources

[sharemadder]

NT1984

Excellent post dude, luv it . GDN have huge exponential value here. Although not cashed up like Delta, GDN can still get there albeit well by well. I think they will now go for Leadville again on Para #2. 90 days to drill without hiccups and about $3 - 5 million to complete. Worst case we get 840 mcfd again from upper zones but because it is further up dip would expect higher yield (gas rising to top of traps) from upper zones. Leadville still unknown but they stated expect formation to be 1000 ft higher and above gas / water transition zone.

Anyway its because of the intense action by Delta earlier on that made me decide to stay put with GDN as the area is certainly got potential. IMO anyway. Bring on the Permit approval and spud this lady well!

Cheers all

 

[sharemadder]

NT1984

Another Google Earth pic of the ridge elevation between Paradox #2 and the Delicate Arches. You can see that the ridge clealy blocks out the Arches view to Paradox #2. The greenie arguement about the Arches could be in view of the well therefore the permit will not be approved are not valid. The Delicate Arche have a elevation of 1470 mtrs with a maximum elevation of surrounding view points of around 1490 mtrs (best I could find). Cheers.

 

[new_trader1984]

Thanks sharemadder for the image of the arches.

While we are all waiting for an announcement i have been using google earth some more. I found a list of oil and gas fields for grand county utah. I think most are only small fields, but there was 3 that have a large number of producing wells. Bar x gas field has 39 producing wells currently but that doesnt include shut in wells. Bryson canyon has 36 producing wells. Greater cisco has 75 producing wells.

http://www.lat-long.com/ListLocations-1-Utah-Oilfield.html the link is where i found the latitude and longitude of the fields to put into google earth.

The markers in orange are of the oil and gas fields that i could find that are currently producing gas or oil from. There is also a few markers in orange that are of the wells that are producing.

The markers in red are of all the fields in grand county that i was able to find.

You can see at the bottom of the page an orange marker near the yellow markers where tidewater has permits to drill that orange marker is a recent producing well for the greater cisco field. That well isnt far from paradox basin wells at only 32.58Km.


Just thought to share what i have found since it shows there is a lot of production in the area for oil and gas and with delta and tidewaters recent large number of permits going through it atleast can offer confidence knowing companies as big as them are willing to spend so much money near by to our wells.

 

[DAZT49]

sharemadder,
thanks to you and Nt for some great posts.
Are you able to "export" those settings and post them??
You may have read over on the "dark side" that I emailed GDN ..again.
Makes me feel better anyway.
daz

 

[sharemadder]

Datz I have sent you a copy of the Google Earth folder link which should give you the map page + place markers. Cheers.

PS GDN must have plenty of hate mail now

Cheers

 

[DAZT49]

Sharemadder,
thanks for the link, My para 2 is a bit futher southwest than yours but close enough.
21c atm and I am not comfortable
I see EGO is like a shadow of GDN, Overtime on the drill,hold ups ,breakdowns and poor gas shows and still drilling to intersect there target.
Even there thread sounds like GDN lol

 

[sharemadder]

Hi Datz49

Yep EGO looking like GDN all over or should I say

I only hold small amount so not fussed but I see some are working O/T on venting there spleens.

I haven't emailed GDN yet but thinking of sending one off soon. Probably tomorrow. I wonder if they meant 'early October' not September about pulling gauges??? just a thought. They are sloppy with their announcements. No changes on permit application data for Para #2 since 18/9.

21c today hmmmm those that bought RS shares off market must be pissed off that they now have paid a premium of some 40%.

Oh well, back to waiting.

Cheers

 

[Bushrat]

I think they meant early October...I'm sure they dont know what day of the week it is, the last announcement was on 17 September but it is dated 7 September on the bottom. They really are pretty hopeless when it comes to announcements and it provides no confidence to those holding. I sent them an email last week and no response..

 

[DAZT49]

Dont think it is Oct.
They would have noticed that mistake and they are able to amend an ASX ann.
I have given up guessing when any ann will come.

 

[hoppielimp]

Hi Guys,

As for the last ann Bushrat, the date on announcement is consistent with the date on GDN letter which is the 7th. The 17th is the Directors interest ann.

Although I do agree that GDN's attention to detail is lacking. I've mentioned it before on the interval reporting not being consistent. However this is all minor stuff, and I hope we are investing in GDN for the drilling opportunities and finds....not their ability to proof read announcements.

//edit
I think they meant October too...and just forgot about it....I hope

 

[sharemadder]

Hi all

I see Richard has converted some of his options (2.3 million) but not the full lot, still 4.6 million to go. Looks like he is not going to convert those.

His holdings now as follows.


Richard Sciano:
16,300 Ordinary Shares
By Auctor Group Pty Ltd:
2,300,000 Ordinary Shares
2,300,000 Director Options Class D
2,300,000 Director Options Class E


So it appears he has some confidence at 20c SP.

Cheers

 

[hoppielimp]

Hi Sharemadder,

Do you know what Class D, Class E Options are ? I was trying to find out, just incase there is some bearing on how they are converted etc...etc...

I guess the conversion injects some capital back into the company, which is always good.

 

[shanty]

Hi Folks, these shares, D and E would seem to be those unlisted director's shares which, as I understood it, were subject to a sp hurdle. They were granted on May 22nd 2006. Hurdles per tranche were 0.30, 0.35, 0.40, 0.45 and 0.50 cents. They were exercisable, as mentioned, at 0.20 cents.
Thus imo the share price for D and E must reach 0.45 and 0.50 respectively before they can be exercised.
The only reference to these letters that I can find is in the ann for app.3B dd 4 dec 2006.

 

[hoppielimp]

Hmmmm, thanks Shanty


...I presume that the share price does not necessarily have to maintain those levels....just hit thos targets ? GDN was up at about $1.26 or there abouts...briefly

 

[shanty]

Hi Hoppie,
Yea! Maybe that's how it works. I was thinking the sp had to be at the specified level when the oppies were exercised.
Maybe one of the more knowledgeable dudes would be kind enough to clarify??

 

[new_trader1984]

Hi, i just saw the new report by delta petroleum, they mentioned in the report the drilling budget for 2007 is 250 million for all their projects which would include the greentown project.

Currently samson federal 28-11 well and greentown federal 35-12 wells are being drilled at the moment with completion results to be release in the 4th quarter report.

They are also about to start drilling a well in the utah hingeline, the well is federal 23-44.

I also saw this powerpoint presentation by tidewater oil and gas

http://energy.ihs.com/NR/rdonlyres/816AB997-C3D0-47BD-B5D7-20DEEAB274D0/0/NAPEPresentation_rev.pdf

In presentations by both delta petroleum and tidewater oil and gas they mention tcf potential. Not saying gdn will be the same but looking at where tidewater and delta have all the wells drilling and new permits and being close by and the amount of money they are both likely to be spending in the area it would show that there must be a lot of gas in the area even though the recent wells are only showing very small flow rates.

Thought it was worth sharing about deltas current drilling in grand county utah.

 

[Bushrat]

Status of Paradox 1 well has just been updated to PRODUCING on the Utah Oil and Gas website....
http://utstnrogmsql3.state.ut.us/UtahRBDMSWeb/scan_files.cfm?fileno=4301931455

which suggests the well is economic..announcements should be forthcoming..SP seems to have stabilised and formed a base around 20c.

 

[DAZT49]

Bushrat,
Good snooping!! Can you find the application and status of Para 2 on that site?
Bring on the ann.

 

[sharemadder]

Thanks Bushrat.

I see the Full Statutory Accounts are out as well. Looks like 8 1/2 cash at 30 June 2007. I'd say cash burn since then of around $6K to $8K a day for current work over rig so another $600K - $800K burn last 90 days. Plenty of money in the pot.

Cheers

 

[Bushrat]

Well Status for Pardox 2 is still set to New Permit (not yet approved or drilled). The permit shouldn't be too far off, due to the close proximity to Paradox 1, and most of the hoops and hurdles should have been cleared under the umbrella of Paradox 1.
Heres hoping, we can get some announcements and confirmation of progess.