GDN - Golden State Resources

[bigdog]

DATZ49

Agree short on details

I will post ASX ann words
11/10/2007 Oil and Gas Update
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00768819

Oil & Gas Update
Paradox Basin #2 Well, Utah USA
The permitting process for the follow-up well Paradox Basin #2 is progressing. The State of Utah has approved the Application for Permit to Drill. Once the permit receives approval from the federal Bureau of Land Management, site works will be commenced on the drill location and access.

Paradox Basin #1 Shut-In Well
The Company is undertaking studies on the economics of putting Paradox Basin #1 directly into production or delaying until the completion of Paradox Basin #2.

 

[nahman]

Is it me or is there a deliberate dumping of shares particularly around the 19.5-20c mark to keep the SP down? Something is definitely happening

 

[sharemadder]

nahman

I think a capital raising is on the cards hence the dumping to keep it at 20c. Just a opinion.

The permit approval process is weird as I thought without BLM approval how can the State give it as it is on Federal lands which the BLM handle.

I don’t understand why they need two approvals (State and BLM) when the State site rules brochure says the BLM is responsible solely for Federal and Indian lands and approvals not the State. Then I speak to the BLM and they say what application and check the State web site in future. The State website clearly indicates the APD is approved??? Good to see the USA government same as ours, f^@#'d up.

RS is really turning out to be a jerk who obviously can't deliver. We need a new Director of substantial character with oil and gas experience.

Although I am pissed of with the waiting for Para#2 to spud I do believe there is a pot of gold at the end of the rainbow, just not sure if RS can deliver it.

Cheers all.

 

[Mousie]

nahman

I think a capital raising is on the cards hence the dumping to keep it at 20c. Just a opinion.

Sorry newbie question:

Why dump due to pending cap raising (if this is indeed the case), and who could be doing this? Current major shareholders/sophisticated investors/directors who wish to get more shares for lower prices?

Cheers

 

[nahman]

Sorry newbie question:

Why dump due to pending cap raising (if this is indeed the case), and who could be doing this? Current major shareholders/sophisticated investors/directors who wish to get more shares for lower prices?

Cheers

well raise capital through shares = greater access of funds for the company, that is what investing is after all, and secondly it would be the larger shareholders, the directors most likely, wouldnt be the average joe blow as the average joe blow would like to see the share price rise dont you think?
keep in mind the more $ you have the more power you have in determining the share price

 

[nahman]

Whats the probability of the number of hatemail the company will receive will triple before the release of a useful announcement? Perhaps we should use technical analysis to determine some sort of breakouts or trends in this. At this rate i wouldnt be surprised SP will fall down to 15 cents within the next week or two.

 

[sharemadder]

GDN down she goes again, maybe 10c again. This Directors are sad, sad people. They have promised much but delivered nothing for a long time. I can see why many scorn this mob and have left the building.

On a +ve note you can now download Paradox 2 well files including the apllication that was drafted 1st June 2007. It appears that they have waited to submit the complete package so the well apllication can be expedited as per the Government Directors (Utah Oil and Gas) letter to all Well Operators last year.

 

[sharemadder]

Oh there is also a letter from the BLM dated 19th Sept stating they have no objection to the well at this time. (Formal federal approval still required - see last page of files)

Leadville depth is proposed 13,300'

TD 16,000'

 

[DAZT49]

sharemadder,
Do we know when they made the application to the gov. body??
If it was at the same time as the BLM application (13th Sept) and we allow a best case of 30 days for approval by the gov. body, it means we MAY have notice of approval in the next couple of days.

 

[new_trader1984]

Hi sharemadder thanks for the post about the files on paradox basin 2.

With the letter from the BLm saying that there are no objections for the para 2 well and utah having approved the drilling of paradox basin 2 on 19th september why would the federal approval of the well be taking so long? Its been a month since they applied for the well hopefully sometime this week the federal permit will be approved.

 

[DAZT49]

In a reply to an email Marie Mcguan from BLM said..
"If we receive a complete, accurate permit and the location is in an
area
with few environmental concerns, a permit approval may take as little
as 30 days."

 

[alcy]

02:42:32 PM 0.180 1,000
02:41:21 PM 0.175 4,000
02:36:17 PM 0.180 1,000
02:29:36 PM 0.175 15,100
02:14:46 PM 0.180 6,000
02:06:46 PM 0.180 6,487

I dont understand the reason behind for someone to buy 1000 shares to keep the SP above 0.175?... he done it 3 times today.

 

[alcy]

AGAIN! But with 500 this time

Last 10 Trades
Time Price Quantity
03:18:58 PM 0.180 500
03:17:53 PM 0.175 19,100
03:14:47 PM 0.175 50,000
03:06:46 PM 0.175 30,900
02:42:32 PM 0.180 1,000
02:41:21 PM 0.175 4,000
02:36:17 PM 0.180 1,000
02:29:36 PM 0.175 15,100
02:14:46 PM 0.180 6,000

 

[nahman]

reason: limit hit, signals insititutional investors, announcement coming very soon. (may not necessarily be correct but its a trend you find on some stocks)
if you havent noticed GDN is extremely manipulated.

03:59:21 PM 0.175 32,000
03:59:11 PM 0.175 20,000
03:58:32 PM 0.175 120,000
03:58:00 PM 0.175 28,000
03:58:00 PM 0.175 7,000
03:37:02 PM 0.180 200
03:32:48 PM 0.175 37,000
03:32:48 PM 0.175 38,000
03:22:45 PM 0.175 57,000
03:18:58 PM 0.180 500

 

[renmc]

Hi guys

I feel your pain. I had 50k in this at .245, iIgot out at a 4k loss as this a frustrating dog. I would be down 16k today if I were still in.

I bought into irl with the money and im up already. I bought 168000 irl at .25 and for this I will receive 1 for 1 share at .20 and a free extra attaching option at .20, so 336000 shares at .20 and its price has remained .25 even after the rights issue closed.

I was always told to never realise loss but if you have another sure thing I think it is wise. I could not sleep with GDN as it offers little or no hope for the future. I bought it just before they closed paradox basin 1. happy as larry to be out as they are hopeless, I called their office many times and they never replied. Hope it goes up for you guys, if it breaks even, run.

 

[DAZT49]

I sent another email to Marie McGann of BLM, asking for an update on the Para 2 application, ...
"Hello Marie,
I sent you an email on 28th Sept regarding this application
43-019-31556-00-00
GOLDEN EAGLE EXPLORATION, LLC
PARADOX BASIN 2
Oil Well
New Permit (Not yet approved or drilled)
to which you replied (see below)
I wonder If you can futher update me on the application, as it has been
approved by the Utah Division of OIl, Gas and Mining.
http://utstnrogmsql3.state.ut.us/UtahRBDMSWeb/scan_files.cfm?fileno=4301931556
Thanks"

Her reply????
"The BLM has still not received a drilling permit application for the
Paradox Basin #2 location."
What IS going on
I have forwarded this email to GDN this morning

 

[Sean K]

Hope you long termers are managing here.

Looks like another good example of why having a sell plan in place using price action is warranted...

Good luck.

 

[Bushrat]

Management treating the shareholders like mushrooms, keep them in the dark and feed them BS...going to be an interesting AGM.

 

[DAZT49]

kennas, bushy,
The chart looks sick but squeezing bolly bands and oversold RSI are signs of a breakout to the upside IMO
The long downtrend reflects the frustration of punters for the lack of frequent, accurate and honest reports.
I still think the potential for finding commercial quantities of gas in the Paradox area is good, I also think there will be upside (be it short term) for people who take up the u spinoff entitlements.
The other side of the equation is management and the poor record they have for keeping the people who have financed the project (us) informed.
Bushy, I cant see that things will change at the AGM, unless there are some large holders who can flex some muscle, they can fend off the small punters.
And in the Australian way, apathy will keep the "most indignant posters" away.

 

[sharemadder]

Hi Datz49

Yep, the BLM still waiting for the application although they do know about the well as they replied to the State Utah Oil and Gas dudes on the 19th Sept saying they do not have any objections (at this stage) to the well.

Once they get the application they will do a site visit and check all the API details supplied to the State Division and rubber stamp it. IMO of course.

BUT what we want is the GDN Directors to get of their butts and submit the application. Another thing though we must remember the API is already 1/2 way there through the Approval process and it was expedited very quickly (6 days) through the State Division. My money is once they submit it to the BLM same deal will happen.

In the mean time SP goes down and another buying opportunity presents itself as we know the IPO for the U JV will arrive soon and POL are presently doing JV stuff on the Iron Ore development. It also goes to say that punters will flock to GDN once Para#2 spuds.

Still crappy management style who have allowed serious decay of SP through mismanagement.

Cheers