GDN - Golden State Resources

[DAZT49]

Hopp,
The roller coaster continues.
Whether the approval is market sensitive and should be announced is debatable,but I hope, for us market basket cases, they do.

 

[new_trader1984]

hi sharemadder,

I sent an email last night to the email you gave me and got a reply.

A little confusing though, when i sent the email paradox basin well 2 was still new permit on the website. Marie who i sent the email to said at that stage when i sent the email that the BLm has not recieved an application for permit to drill yet since on federal land. This was because i asked about the files not being on the oil and gas website in utah which has 189 page document for paradox basin 1 which was last updated august 7. Marie says they havent recieved an application to drill but the state of utah oil and gas website says the paradox basin 2 well has been approved and pecora gave the link where it shows the application was approved 4 days after the application was recieved and was approved on the 19th of September.

Hopefully it has been properly approved, but since it was 15 days ago when was approved to drill i would have expected gdn to announce this since they said in previous reports as soon as application to drill was approved they would start drilling the paradox basin well 2.

The state of utah website says paradox basin 1 is producing but in our reports from gdn says the well was shut in with down hole gauges.

GDN hopefully will start explaining whats really happening soon. Almost a month since the last oil and gas update.

 

[DAZT49]

new trader,
i had a similar confusing reply from Marie, maybe they are typical beaurocracies and one dept. doesnt know what the other one is doing.
A poster on HC ses RC told him there will be an ann tomorrow.
I will believe that when I see it.

 

[new_trader1984]

Hi dazt49,

I saw the post hope they do update us tomorow, would be good to hear they have a drill rig ready to move onto site. I am waiting on some news to explain why it says they are a producing well but gdn tells us the well is shut in.

This is a photo of some producing wells in the lisbon field in some of the intervals we are drilling. There is one that has produced more than 26bcf of gas and still producing from leadville currently at just under 2mmcf per day. In december it was producing above 3mmcf and when first started was producing at 7mmcf per day. The well originally was producing from mccracken but now moved up to leadville. The well has also produced over 179000 barels of oil too.

Other wells in the area that are in green have produced 300-400 000 barrels of oil plus lots of gas.

The lisbon d-616 well which you can see in the photo has produced 1.7million barels of oil and 20bcf of gas.

Those wells ar about 100kms from the paradox basin wells.

The wells to the left of paradox basin are in the cane creek formation and havent produced as much gas as the lisbon field but they are only 40kms away and are still producing. The cane creek formation is the one that is best drilled horizontally, but thought worth showing since shows even more wells in the area are very productive.

Just thought to share this while waiting on the next announcement.

 

[sharemadder]

NT1984 and Datz49

It is all really too confusing and the company should provide an update.

One would trust I think the Utah State Oil and Gas Website for correct information.

I found the BLM disjointed. My first email was passed around about 4 times before it got to Marie.

GDN do need to announce something to clarify whats the go.

How it may of hapened imo is any permit requirements (they would know that from previous well application) would of been attended to prior to submitting the new well aplication.

These off course would be in the required submitting format and drafted by appropiate contract suppliers. Some reports can take considerable time to produce.

I also note that GDN have a well known law firm "Welborn Sullivan" who work in this sort of practice doing the permit application for them. When the permit for Para#2 first appeared on the website after much complaining by myself and others it said the division was waiting on Welborn Sullivan for the particulars of the permit (location etc.).

IMO I seriously believe the items (whatever they were) were attended to prior to the application. teh application was submitted in a complete form and approval was expedited because of this.

Hence after my long winded typing GDN could confidently announce some time ago that a rig was being secured for a expected October spud.

We need GDN to announce the APD for sure but dont be surprised the announce also that they will be quickly moving to spud phase for Para#2.

Anyway here's hoping guys.

Cheers

 

[explod]

A very sorry state of affairs. I am sure the chart will give plenty of notice if and when.
....................................................................................................

 

[sting]

To help alleviate the boredom maybe we should run a pool on when the next announcement will be... time and date

I pick wed 10th oct at 1430hrs aest... please note i did not select what yr...

SEMPER UBI SUB UBI

 

[DAZT49]

Put me down for 9.58am on 17th Oct.
First well is commercial but not enough to be stand alone. It wiil be combined with flows from 2nd and subsequent wells. IMO

 

[kelvin8r]

hahaha nice work sting

i'll have a crack at thurs 11th at 11:43am but then again i dont even think the board members would be able to pick when the next ann would be

 

[Bushrat]

i'm outta this today..could've got out near 30 and kicking myself for not doing so...cant trust the management of this co...they may get the results, but when they do..can they be trusted...I dont believe all information positive or negative has been released...entry price of 11 out at 20, could've been better, but i can sleep tonight....good luck holders.

 

[new_trader1984]

Hi,

This company seems to have a good project for their oil and gas, since just looking at some of the wells that have been large producers in the area and the 2 companies tidewater and delta petroleum drilling close by to gdn's wells they must be in a good area for success which hopefully will be seen in the 2nd well.

The directors do have to start informing shareholders with more details. Its been over a month since the last update on the oil and gas project and since then the oil and gas website for utah has said paradox 1 is a producer but gdn's reports say its shut in with gauges in place but they havent told us anything more about them yet.

The approval for paradox basin 2 was on the 19th of September, but shareholders have still not been told that the 2nd well has been approved.

In some previous announcements they said as soon as the application was approved they would start drilling straight away, the application was approved 19 days ago and still no news on if they even have a rig ready.

In the report on September 7 they said preperations continues for commencement of drilling paradox basin 2 but still no firm dates.

The directors need to start answering some of these questions with the agm getting closer, especially when they said they plan to start drilling well 2 mid october.

Hopefully a report will be out this week with answers to a lot of questions shareholders have.

 

[DAZT49]

nt,
While i am sure we will get an ann....one day... I am not so sure we will get
"answers to a lot of questions shareholders have" lol
I am getting a bit nervy with the SP popping under 20c all the time.

 

[diddy]

well we have an announcement of some sort anyway
doesnt really help 2 much in the short term

DATE OF ANNUAL GENERAL MEETING
The Annual General Meeting of Golden State Resources Ltd will be held on Wednesday 28 November 2007.

also ummm
what was the final estimation of the gas in the basin, caus i found some article just surfn thro, and it said 4 billion barrels of gas. is gas measured in barrels for 1 and how do they measure if a well is economic or not just by pressure or flow of gas?

y is the company refering to the well as oil? is this just an admin issue or are they refering 2 something not yet disclosed. because gas sits on top of oil, so depending on level of the drill is it possible that oil is down there and they just arent reaching it?

also i notice they said they were getting a fair bit of water per hour, now coming from such a distance under will that effect the operation of a working well if it ever does go in to commerical operation? as depending on pressure and temp it freezes the well.

 

[sting]

With regard to the ongoing pool ..see above.. yesterdays announcement of the AGM does not count as it was an ann with no information... wait out.... nearly ALL the ann this mob put out have no information ...........

 

[DAZT49]

It was a Claytons ann..the ann you have when you are not having an ann.lol
Notice they were not game to say where or what time.

 

[nahman]

Frustrating wait, only part good news is that there was a decent interest in volume yesterday and possibly again today, all over a useless announcement

 

[sting]

Datz as soon as they ann details of the timings of the AGM im on the net booking my flight... wont do any good as im not a major shareholder but will make me feel better telling them face to face what I think of their reporting system.


SEMPER UBI SUB UBI

 

[nahman]

New announcement up, almost useless again except theres a positive note of the permitting process progressing. Seems like another wait to come.

 

[sharemadder]

It really was a announcement about nothing that we didn't already know.

Although I find it strange that they have a APD at state level but not Federal (BLM). This is to say the least Stupid of the USA government agencies especially after inquiries to the BLM always ended with referring me to the State web site to see the status of the well application.

Another month waiting here we come...

 

[DAZT49]

What was the point of that ann??Obsolutely about nothing
I guess I am gunna have to tap out another email to Ricky baby.