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GDN - Golden State Resources

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The US guys are s clearly pushing Delta Petroleum with big find being "Saudi-Sized Oil Fields Found in Utah" for higher Delta SP

-- GDN's success will add to SP
 
Good News At Last

Drilling Status Report – 6 November 2006

Paradox Basin #1 well is at 13,720 feet (4,182 m) New significant gas shows in Cane Creek member of Paradox Formation

Drilling on towards Leadville Limestone primary target
Golden State Resources is pleased to announce progress on the Paradox Basin #1 well in
Grand County, Utah.

Paradox Basin #1 is at 13,720 feet (4,182 m), in the Cane Creek member of the
Pennsylvanian Paradox Formation (see table and graphic below). The Cane Creek Member
comprises a cyclic sequence of salt, dolomite and shale.

Two significant gas shows have been encountered, from 13096’ to 13104’, and from 13148’
to 13152’, in vuggy dolomite between salt horizons. The host dolomite is the best quality
reservoir rock so far seen in this well. The well continues to have consistent elevated levels of
background and connection gas.

The Cane Creek Member is thicker than originally expected and will result in the projected top
for the primary objective, the Leadville Limestone Formation, to be approximately 400
feet deeper than last projected.

The well is approximately 200 feet above the projected top the Leadville Limestone
(estimated depth: 13,900 feet). It is anticipated that the well will reach the top of the
Leadville, expected to be at least 500 feet thick, within 2 days.

The geophysical wireline logging survey completed last week is undergoing petrophysical
analysis, to be completed early this week. The results will aid in definition of zones to be
perforated and production tested at the completion of the well.
 
GDN ANN just posted GDN 9:40 AM Drilling Status Report
 
SP up 10 cents this morning

Drilling Status Report – 6 November 2006

Paradox Basin #1 well is at 13,720 feet (4,182 m) New significant gas shows in Cane Creek member of Paradox Formation

Drilling on towards Leadville Limestone primary target Golden State Resources is pleased to announce progress on the Paradox Basin #1 well in Grand County, Utah.

Paradox Basin #1 is at 13,720 feet (4,182 m), in the Cane Creek member of the Pennsylvanian Paradox Formation (see table and graphic below). The Cane Creek Member comprises a cyclic sequence of salt, dolomite and shale.

Two significant gas shows have been encountered, from 13096’ to 13104’, and from 13148’ to 13152’, in vuggy dolomite between salt horizons. The host dolomite is the best quality reservoir rock so far seen in this well. The well continues to have consistent elevated levels of background and connection gas.

The Cane Creek Member is thicker than originally expected and will result in the projected top for the primary objective, the Leadville Limestone Formation, to be approximately 400 feet deeper than last projected.

The well is approximately 200 feet above the projected top the Leadville Limestone (estimated depth: 13,900 feet). It is anticipated that the well will reach the top of the Leadville, expected to be at least 500 feet thick, within 2 days.

The geophysical wireline logging survey completed last week is undergoing petrophysical analysis, to be completed early this week. The results will aid in definition of zones to be perforated and production tested at the completion of the well.
 
MalteseBull said:
buyer depth on GDN looks amazing from .955-.965

seller side reducing fast
Click to expand...

Warning.....BUYERS PULLING BIDS...
 
I wouldnt worry too much about todays action. The news today is some positive signs. We need them to hit leadville and see the results of the wireline logging results.

Everything is looking good though boys. Thats my opinion.
 
bigdog said:
The US guys are s clearly pushing Delta Petroleum with big find being "Saudi-Sized Oil Fields Found in Utah" for higher Delta SP

-- GDN's success will add to SP
Click to expand...

The promo with this headline is somewhat exaggerated. Delta (DPTR) is now drilling it's first well on the Utah hingeline play. It has a large lease position there. It's partner in this one is Woolverine O&G (private firm) which firm is the 2004 discoverer of the Covenent Field that is close by. The Covenent Field now has proved reserves of 96 million barrels and it is believed likely that there are several billion barrels nearly. It's the biggest US land discovery in 30 years. DPTR however has an even bigger confirmed play - the Columbia River Basin in Washington state which is believed to have 218 T of gas - DPTR has 20% of the leases there. GDN's success won't add anything to DPTR unless DPTR decides to buy in and is able to make a deal with GDN.

Regarding GDN's Paradox well, those who worry that this well is not for real should go back and read GDN's own 2005 promotional material. The guy who runs Eclipse, who GDN got the prospect from, has been into this prospect for years & years. It's for real. I saw a copy of the material on fixx.co.nz the day before yesterday; if it's not on the GDN website it can be found in the few fixx.co.nz forum's GDN posts.
 
Rose,

We will all value you input being closer to things in the US and look forward to your further updates
 
I don't like to see it sold down on good news, suggests too many in this stock have unrealistic expectations and it could get smashed if Leadville disappoints. Either that or today was a pump and dump.
 
Rose

Today Nov 6, GDN SP opened at $A0.98, hit high of $1.015 and finished at $0.87
-- the Friday close was $0.89
 
Lots of investors got in around 1-1.25. They are worried. Hence selling out.

"The geophysical wireline logging survey completed last week is undergoing petrophysical analysis, to be completed early this week. The results will aid in definition of zones to be perforated and production tested at the completion of the well."

Everything still looks positive to me? Wireline logging results should be out tomorrow or wednesday. Im expecting good news again. We'll see how the SP reacts to that. Overall the well continues to hit Gas. Good signs? Leadville is next.
 
To be honest, I am not impressed with GDN. They have continually been pumping their stock and also been dishonest in their announcments (i feel delberately). Very unprofessional IMO. If you compare their original announcments with more recent ones, their probable gas plays are getting smaller and smaller.
 
maverick11 was complaining about GDN reporting of affairs; what about directors selling shares?

http://www.wabusinessnews.com.au/en-story.php?/1/45070/Today-s-business-headlines-updated

THE WEST AUSTRALIAN (BUSINESS NEWS HEADLINES)
Nov 1 2006

Explorer's boss cashes in

Golden State Resources executive director Richard Sciano has already cashed in on the stock's four-fold increase, yesterday revealing he had offloaded a chunk of his stake in the fast-flying gas explorer.
 
i am no GDN investor, but if there are $111 million in shares traded and a loss of value of 28% since the 1st november, surely everyone cant be in front?

the directors selling shares is not something i look upon with any pleasure, i wont invest in anything that a director is dumping, but i keep wondering about who is buying the stock and putting all those dollars in when its falling like it is at the moment?

each day i seem to see reports from the company, yet its selling down each day.. has there been too much upselling on the secondaries?
 


I have some shares in it bought some more today. I know alot of people that bought it at 30 cents and they have bought quite a bit in the past few days. According to them and the company the well is a production well and at this stage the value is around 1.50 per share . This is the first well out of 11. They are confident of more gas to be hit. If everything do go well 20 -30 dollar share if not what you have to loose? i think is worth the gamble
 
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