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GDN - Golden State Resources

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A story huh...
ok,are we all sitting down?? good.
Once apon a time there was a company drilling for oil and gas in a beautiful valley in Utah.They drilled one well which was visited by the 'bad drill fairy" who cast a spell on the well and evil times beset it.
Try as they may they couldnt get the well to shine its golden light,so they left it, as they were tired and spent (the money that is)
A couple of eons later a golden stead was seen coming from afar, ridden by a handsome geo called Prince Richard the Borer.
Richard spoke with a voice like thunder..
"Follow me, and I will cast out the wicked witch who beset such ill fortune apon ye!!
"We will set afresh apon our task with brave and fealess warriors, and not callow types who no notteth how to mix cement."
They proceeded with a second well and glimpses of the golden light were seen and there was much rejoicing,and all was good until the bad fairy returned and smote them again,
"Take that Prince Richard"!! she wailed, like a crazy banshee.
The wicked fairy told tales of woe to the good people of the villages via their internet forums and they panicked and ran wildly like rabbits and madmen.
All the time the old naysayers where crowing and strutting like peacocks .
We dont know how the story ends...will the evil,dirty and rude fairy ruin the land for centuries to come or will the brave Prince Richard triumph and The Golden Light emit from all the wells ,spreading peace and serenity across the land,all except for the naysayers who burn up in the flares from the well.
 



pilots,

think your forgetting that they finished the drilling early, so i doubt they would have all the fracing infrastructure just standing by would they !

do you know how much equipment it takes to frac a well........i think not.

cheers. lol
 

Mick z, yes I do know how much equipment they need to frack a well, but you don't frack a well first up. you first perforate it, then you flow test it, then if it wont flow, then you frack it. Now to set up a frack will take all of 12 hours only, you see a frack team is all Mobile, and you can find plenty on stand by just now waiting for work. Now the good part is just now the cost of a frack job has dropped in price big time.
 

Gee you guys are hard to please
I thought that was a pretty good story lol
Guess I should have put some sex and a car chase in.
 
This mornings pump and dump announcement is a good one,(yesterday the SP go's up, would be good to be in the inner circle, also know when to dump) GDN holds the worlds record for the most expensive well, now they have the worlds record for the longest time it takes to start to test a well. Now here is the good bit in to days announcement, if No 2 is successfully it will be brought in to production, what about the first well??? I thought that the first well was all ready commercial, are they now telling us that the first one is a duster, come on, after all the posts I have read telling me it is commercial..
 
Pilots,
4.2mill sold at .083c av yesterday(your pump)
2.09mill sold at .0825c av.today, so far (your dump)
They dumped at a loss.
 
Dazt49, The insiders will now be getting a little mad at GDN, they would have been told yesterday that it was going to be a good announcement today, what do you think about the fact that No1 won't come on line if No2 is a duster??
 
pilots said:
Dazt49, The insiders will now be getting a little mad at GDN, they would have been told yesterday that it was going to be a good announcement today, what do you think about the fact that No1 won't come on line if No2 is a duster??
Click to expand...

I didnt see where they said that pilots, can you cut n paste it?
Was that in this mornings ann?
Maybe you are one of those insiders?
 
They say IF No2 is commercial they will bring the Golden eagle field in to production, tell me this, you all tell me No1 is commercial, now if thats the case, why not bring the field in to production in No2 two is a duster.
 
pilots,
I am not getting sucked in to one of your round and round in circles arguments.
Suggest you head for OPSM and get your specs cleaned.
The only mention of Para 1 in the ann, is this..
"Gas bearing intervals in Paradox Basin #2 are likely to be the lateral extensions of
the previously discovered gas in the Upper Ismay and Barker Creek formations. These
zones produced gas on test in Paradox Basin #1."
No mention of not going ahead with Para 1.
They have indicated in previous ann's that they will reopen Para 1 when Para 2 is complete, by that I would imagine when it is connected to the grid.
Then you interpret the next sentence as an admittal of a duster.

"Testing of Paradox Basin #2 is the next step in confirming the commerciality of the Golden
Eagle gas field. Paradox Basin #2 will be completed as a production well if commercial
flow rates are sustainable."
They will complete Para 2 in this set of operations with the current rig (ie at the end of testing) as a production well.
IF the flow rates are sustainable, they are being careful with the wording there, (surely you would accept that as responsible reporting)
 
sure feel sorry for any GDNO holders out there that got sucked into it ...cant even sell them now ......... looks like a 100% loss for some

hope im wrong but sure dont look that way
 
beats me why they didnt/havent defer the expiry date for the oppies.
Surely the ASX would allow that??
 
D49, The same question was asked some time ago, the Gurus said that NO ONE can extend the expiry date. Now as for the first well, they have Tbg in the hole, why then if it is commercial is it not on line. When you test a well and find a commercial zone most normal company will start selling that zone, you all ways test from the bottom up, you don't want to have to squeeze cement in to any zone that has gas, as this will give you trouble when you want to flow it. Have a look at AZZ, they found three Gas zones, the bottom one is the secondary one, but they have it on sales, and they have not tested the primary zones yet. If the first well is commercial and they had it on line last year, GDNs SP now would be a lot more than it is to day.
 
pilots said:
They say IF No2 is commercial they will bring the Golden eagle field in to production, tell me this, you all tell me No1 is commercial, now if thats the case, why not bring the field in to production in No2 two is a duster.
Click to expand...

The only reason i can think of is that they are waiting for the gas price to come up. If that's the case it would kind of make sense what they are doing, that is is ascertain the viability of the both wells before commencing production while the gas price is presumably recovering in the meantime.
 
from memory Para 1 could only cough up .9mmcf/d so wasnt commercial on its own. Plan was to link up that flow with Para 2.:
This was before the workover rig tested Para 1 again.
IMO Para 1 will be commercial on its own after they go back in and stir the pot.
 
So does parra 2 have a commercial gas flow? or not

Ive followed this company for a while. One would think that they have an abundance of methane.

DYOR
 
Rob 17 said:
So does parra 2 have a commercial gas flow? or not

Ive followed this company for a while. One would think that they have an abundance of methane.

DYOR
Click to expand...
Well, if you look at the ASX action since they stopped the drill...the market says they have got nothing.
Pilots reckons its a duster
dazt49 reckons they have a commercial well with Para 2, A potential commercial and possibly company maker with a reworked Para 1 and a 20 year enterprise with the Paradox Basin.
 
Richard has spent $25,760; is he confident???

http://www.proactiveinvestors.com.a...resources-director-buys-more-shares-1742.html
Tuesday, June 16, 2009

Golden State Resources director buys more shares

Executive director of Utah gas explorer and ASX listed Golden State Resources (ASX: GDN) Richard Sciano has acquired shares in GDN. On 16 June, Sciano purchased 322,000 shares in GDN at 8 cents per share in on-market trades.

Operationally, GDN is soon to commence testing gas shows found in Paradox Basin #2 Well in Utah. GDN said today it had "reached a favourable settlement with Weatherford US, LP" in relation to work by Weatherford on Paradox #1 Well. The terms and conditions of the Settlement Agreement were not disclosed by the company because of confidentiality reasons.
 

All of 27k, how much did he get when he sold out when the SP was at its peak, he was hoping this would be a pump for them.
 
Does anyone plan to attend the Forum in Sydney where GDN will be presenting on June 17?
-- maybe our forum can prepare a list of questions!!

Register here: http://www.proactiveinvestors.com.au/register/event_details/2

http://www.proactiveinvestors.com.a...group-one2one-forum-24-june-sydney--1750.html

Wednesday, June 17, 2009

Golden State Resources, AusTex Oil, Rusina Mining and Silver Swan Group One2One Forum, 24 June, Sydney
by Golden State Resources, AusTex Oil, Rusina Mining and Silver Swan Group One2One Forum, 24 June, Sydney

You are warmly invited to attend our investor event on Wednesday June 24th, 6pm at the Sydney Marriott Hotel, 30 Pitt Street, Circular Quay, Sydney, and be the first to hear directly from the CEOs of Golden State Resources (ASX: GDN), Silver Swan Group (ASX:SWN), Rusina Mining (ASX: RMLA) and AusTex Oil (ASX:AOK).

It is expected that this forum will be oversubscribed, so please register early to avoid disappointment.

The presentations will start at 6:00pm and finish at 8:00pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception. Details on the presenting companies can be found here and below.

Golden State Resources (ASX:GDN) is an ASX-listed public company with headquarters in Perth, Western Australia. Floated in 1996, the Company is primarily focused on oil and natural gas exploration in the USA and gold projects in the Eastern Goldfields region of Western Australia.
 
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