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GDN - Golden State Resources

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Well!! Should they get the permit, what will they use for money to drill the well?? It was one of the best ramped stocks last time, could they do it all over again? I for one hope they don't use the same rig or drilling team this time if they get it together. One thing that scares me is you have a lot of burnt holders waiting, they will ramp the hell out of this if it looks like they could get some of what they have lost back.
 
GDN still don't have a permit to drill this well, the well site has some environmental troubles to over come yet(I read this on another forum). Second, by now they will be very short of money. GDN tells us they will get money back from Weatherford for the drilling muck up, Weatherford will win any time they are taken to court, GDN will not have a hope in hell of winning a case, once any thing goes past the rotary table you have payed for it, that stuff up, is all GDNs. As to the first well, the flow rate is so low I cant see how they can say it is commercial. I will still watch this lot, remember, CAZ,GDN,CVI, they are all good, if you got out at the right time, you will have made a killing.
 
So, with the latest announcements from our much beloved GDN today what does that hold in store for us?

Seriously, what does that mean for us plebs... we are always being innundated with an abundance of details it's SO hard to keep up...

(sorry if you feel an air of sarcasm in my post) :)

Cheers
 
Okay... now I'm really confused.

Did I miss an announcement or something? WTF?

Don't get me wrong - I love seeing the volume @ 5.2Mil with a high today of
.120, a 14+% increase today... but why?

Does someone who has more of an understanding of this beast called the ShareMarket tell us??? PLEASE????!

Ta :)

Have a great w'end

tropolite
 
All I can say is I am glad they are able to rise and stay there... it is frustrating but it is a step in the right direction.....
 
Does any one know if they got the drilling permit? are they going to strat drilling soon? they were supposed to start last month.

God............................ it will be really nice to hear anything from the management, may be we should send them the link to this forum so they can understand what we are going through!:banghead:

lets hope that simley will get through the brick wall some day!!
 
BLM responded 17/05/08 WST to my email sent 16/05/08 asking for any publicly available information regards the permit apllication progress for Para#2.

See below, reply was short and sharp but not sweet.

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++

The Paradox Basin #2 permit has not yet been approved by the BLM. The company has been advised of deficiencies in their permit and have been given a time frame to correct them.
 
I have also emailed our company directors in response to my last communique with the BLM, asking them -

When do you anticipate the deficiencies in the permit application for Paradox #2 to be addressed?

What is the given timeframe to correct them?

What is the amended, proposed & anticipated drilling month to spud Paradox #2?

Of course they will reply with plenty of information and may even inform all shareholders by way of a ann. on Monday what is happening.

What a good bunch they are.
 
I can't believe it is taking so long to remedy the requirements of BLM.
How long is now since the inspectors were on site?
 
dazt49

First of all :eek: welcome back

Second they were on there 10th April I believe.

BLM want certain things added I believe to the original permit application.

I give GDN 3 months from 10th April only because they are so damn slow.
 
Hey Dazt, following from Energy Info Administration,


Btu - One British thermal unit (Btu) is the heat required to raise the temperature of one pound of water by one degree Fahrenheit.

Therm - One therm equals 100,000 Btu.

Mcf - Mcf is the volume of one thousand cubic feet of natural gas and equals 1.031 million Btu on average.

//edit Sorry this link is probably easier..

http://www.eia.doe.gov/kids/energyfacts/science/energy_calculator.html#natgascalc
 
Hi people, good to read all the positive vibes.
Why do I keep remembering the utterances of a couple of 'loudmouthed' HC contributors re. "no permit because of enviromental problems" a few months back???
 
Shanty, what we want is positive announcements from GDN as to when they will get the permit, and what is the hold up with the permit,is it a environmental problem they have? if it is not environmental, what is the hold up?
 
I can't remember, ever seeing in any announcement, but can anyone recall if a target reserve or quantity was ever put forth, apart from specualtion ?

Anybody ?

I think another leak seems to have sprung towards the close of today aswell :eek:
 
Below link refers to table information regards 2003 average costs of drilling onshore wells in USA.

Para#1 was TD of 16471 feet

Para#2 is susposed to be TD of 15500 feet (1000 feet less than Para#1 as updip in location)

We are looking at $3 to $5 million US plus inflation from 2003 to drill Para#2 and complete it.

http://pangea.stanford.edu/ERE/pdf/IGAstandard/SGW/2006/augustin.pdf

2003onshoreUSAwellcosts.gif
 
Plots,

You must have a lot riding on GDN? I can understnad your frustration. I guess you are like all the other investors that got caught up in the hype and just held on.

I still hold a heap, well not that many now as my average buying price was 50c.

I want this one to go big aswell. I know they have a heap of potential but again the funds they need is going to be the almighty ruler.
 

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