GDN - Golden State Resources

[sharemadder]

G'day NT1984

Delta is a nice farmin partner if they want to. Thats a great little secret there hey. I would welcome their experience, management as operator and money to drill GDN's paradox leases.

Delta's success so far in the Paradox is huge major + for GDN confidence on their leases.

I really think GDN will get similar results. First hole was on outer edge of the first structure to drill. Second hole should hopefully be more well positioned to bring in the bacon. They hold nice large parcel of land that Delta I think would want to have access to.

If Delta build gas line through GDN's holding then another huge + for GDN to plug in to.

I think GDN will hold off announcing anything until the IPO is fully subscribed or closes.

GDN money spent last quarter should be at minimum.

For the record I think IPO will be fully taken up if not by entitlements but by others especially foriegn investors such as USA and Canada investors.

GDN will come through after IPO finishes with money to drill next well.

Happy to hold this through.

Cheers

 

[rottodiver]

Does anyone know if gdn have any requirement by the asx to answer questions from shareholders or are they allowed to just disappear. I too have emailed them asking when to expect to hear some information about the drilling, as yet no reply!!!

 

[sharemadder]

Well they havent answered any of mine for some time now.

Wait and see wait and see thats all we ever do but I'm sure we will get something for the quarterly report due soon.

 

[tropolite]

Are the bells tolling?

With the deafening silence from this company, quite clearly not giving a crap about its business partners, or another word for it shareholders, what else do we make of this? With the continual slide into oblivion of its market surely any company of diligence that has a future worth others taking note of and investing in, surely would give 'some' or 'any' simple notification as to its current status.

Is it time to cut losses, say g'bye to a hefty loss, and invest in another that truly does see shareholders as partners and treat them as such. With no announcements for 3months (or more), what else are we supposed to think?

This is just my rant and thoughts - does anyone have anything of substance to sway these and to have more patience with GDN.

Cheers

 

[sharemadder]

Are the bells tolling?

Maybe its dead already and we are awaiting a resurrection. Must be difficulties with Para#2 permit approval on the Federal side (BLM) side of things, and / or simply no money. One day they will have to talk, Qrtly due soon.

 

[Rob 17]

Im starting to think this company will fold.

No news for a long time and no reply's to emails.

These guys suck

 

[elcruzy]

Some courageous holders here since last April.

Is this an example of emotion getting in the way of analysis?
Hope in the way and logic?
Faith in the way of reality?

Good luck to longs.

it is called GREED. I was too greedy seeing $40k+ in paper profits and didnt sell both time the SP went $1++ now we are all waiting for that again before we can contemplate selling...with times as it is, i dont think even speculation will bring this to 50c so we all have to be in it for the 2nd drill results.

my guess it will be around june08, they need funds and wont begin drilling until they do. we also have to consider that they sued the drill operators so its a tense relationship. i'm guessing part payment upfront etc. meaning more delays to spud date...

 

[sharemadder]

Rob

It wont fold, they have 25% of WCU ipo. We should hear more on that after closing date 24th Jan.

If the BLM refuse the permit apllication totally (without retification process) then they will simply have to drill another target on state lease.

I understand money may be tight but if WCU lists (there is no reason why it wont get enough subscribtions here or overseas) then they will pick up about $3 million in cash.

Need an Ann. for sure but +ve!!!

 

[sharemadder]

it is called GREED

Yeah tell me about it - DOH!!!

Now do we take a punt and but $10K worth because "its at rock bottom price"

 

[tropolite]

Yeah tell me about it - DOH!!!

Now do we take a punt and but $10K worth because "its at rock bottom price"

I believe Sharemadder, that is the $10,000 question. And that will only be answered the very next time we hear from the other sections of GDN's management.

 

[bigdog]

ASX ANN can you believe it or not!

24-01-2008 01:47 PM GDN Capital raising completed
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00805614

Golden State raises $2.03 million in share placement to complete vendor payments for the Golden Eagle Oil & Gas Prospect, and for working capital

Golden State Resources is pleased to announce that funds of $2.03 million have been raised by the placement of 29,000,000 shares at a price of 7 cents per share. Each share shall have one free attaching listed option exercisable at 20 cents and having an expiry date of 30 June 2009. The issue of the shares is within the company's 15% placement capacity. The issue of the options is subject to the approval of Golden State Resources shareholders which will be sought at an extraordinary general meeting of shareholders. A notice of meeting will be circulated to shareholders shortly.

The shares and options are to be issued to various sophisticated investor clients of Cunningham Securities Pty Ltd (“Cunningham”) of Perth. The Company will pay Cunningham a commission of 6% of total funds raised.

The proceeds of the share placement will be applied to the final vendor payment of US$624,912.59 due to Eclipse Exploration Inc on 15 February 2008, pursuant to the Company’s farm‐in agreement for the Golden Eagle Oil & Gas Prospect, Grand County, Utah. The balance will be used for working capital.

 

[sharemadder]

Nothing to worry about I think just because they have extended the public offer. They are chasing every dollar they can get including over subscriptions.

They have proved they can raise money which is good. The recent raising ($2 mill) is a confidence booster as it means they are still serious about the lease potential and drilling paradox #2.

Maybe drilling ann. soon for Para#2 because why else would the recent participants in capital raising give money to GDN.

Investment agencies still want to put money in.

At <8c GDN was cheap. They will drill this next well. So the sp will go up. Also GDN's share of WCU is significant.

Time is what is killing us all.

 

[Sean K]

At <8c GDN was cheap. They will drill this next well. So the sp will go up. Also GDN's share of WCU is significant.

Time is what is killing us all.

Under 8 cents is cheap? What intrinsic value do they have that leads you to this conclusion? And why will the sp go up when they drill. Haven't they been doing such things since they were $1.20?

 

[sharemadder]

When they drill the punters will be on it, gamblers gambling will give rise to the sp, simple really hey.

People looking at Delta's huge success nearby and yes hoping GDN will see the same on their next drill.

Regards <8c cheap. 25% WCU exploration and mining development plus Paradox leases exploration potential.

Also small rally Friday now 9.3c. If you bought some traders at <8c like me then sold some like me >8c then you would of made a profit like me.

 

[helpmeunderstand]

have been waiting quietly and patiantly for GDN return to at least 1.2, they better get there soon as patiant is getting low!

 

[bigdog]

Today's share price is looking very good with high of 12 cents!!
-- what is happening?

GDN $0.105 +$0.017 +19.32% high of $0.12 low of $0.087 2,915,218 shares $303,394 @ 31-Jan 12:02:02

 

[diddy]

:bananasmiahhh good 2 c a date
drilling set for march and we have conformation that they are looking at making the other drill set economic operational pending the installation of the pipeline connector but not til paradox 2 is complete. i guess this would suggest if they get the prediction right about the gas reserves they can focus on the most economical site then the money made in revenue can be then spent on the set up of drill site 1 but if they bung up with the predicted results in paradox 2 they can cut our losses and focus on paradox 1 to recover the losses

ok this is a good question they spent $170 000 this quarter on admin costs ... thats almost half of the 12 month costs of $380 000, who got a pay rise :knightrid or have they been pushing papers thro government making more jobs or have they included the costings of Uranium IPO Prospectus in that? Caus I would have thought the prospectus costs would of went on to the new company :horse:

so what are our predictions for here with the market as is? as this is a small company all the floaters should of been scared off already and at one stage 6.5 cents was very attractive which was below 0.4 book to market value and with a date now set, will this company's SP react with the markets up and downs or will it react on its own performance now?

 

[sharemadder]

diddy

Personally I reckon will will see a sharp rise tomorrow but hugely sold into as those who have been locked in for sometime try to escape with their shirts on as not willing to risk Para#2 not coming off.

At least Para#1 is shut in as a producer

Para#2 permit Federal approval delayed due to BLM site visit. Basically the rules of the Permit offices (federal and State) is get in line and no que jumping.

$2 million cash plus what they get as payment from WCU ($3 million from memory) should get the action happening.

They have also proved they can raise cash even during very dark times. Further capital raising may happen if required.

Cheers

 

[sharemadder]

plus what they get as payment from WCU ($3 million from memory)

ipo for WCU item 2.9 table

*Repayments of Loans for Vendor payments and Exploration costs to Golden State

$3.39 million

Its all looking good.

 

[new_trader1984]

Hi,

After the ipo for wcu goes through gdn should have about 5-6 million for the next well.

The 3.39 million from the ipo that is given to gdn, the 2 million they already have at end of quarter and the 1 million left after pay the final payment to eclipse and the 6% they paid to the brokers who did the recent raising.

After the final payment to eclipse on 15th of Feb they should have the full 25900 acres of land in paradox basin.

I also read on the investor village forum for dptr that they have increased their land holding in paradox basin mostly in the salt valley and gypsum area for them. The salt valley project is the closest to gdn only about 20kms from gdn. Thought it might be of interest being close to gdn.