A Delta Rig is drilling this.
bloomberg.com
Golden State Resources Ltd. (GDN AU), which explores for gold in Western Australia state, surged 12.5 cents, or 17 percent, to 87 cents, the highest in over six years. The company said drilling at its Paradox Basin well in Utah shows potential for 3 trillion cubic feet of gas.
Market Cap $ 144 million US
Shares O/S 165 million Fully Diluted 200 million
Each TCF would be approx.$ 1 Billion so even if it is only 1 TCF the market cap would be that.
finance.yahoo.com
goldenstate.com.au
ABN 39 063 074 635
Level 1 181 Roberts Road Subiaco Western Australia
Postal: PO Box 616 West Perth 6872 Australia Ph: +61 8
9486 4633 Fax: +61 8 9486 4634
Email: gsr@goldenstate.com.au
Drilling Status Report – 31 October 2006
• Paradox Basin #1 well is at 12,985 feet (3,958 m)
• Significant gas discovery in Alkali Gulch zone of
Paradox Formation
• Drilling on to primary objective, the Leadville Limestone Golden State Resources is pleased to announce progress on the Paradox Basin #1 well in Grand County, Utah. Paradox Basin #1 is at 12,985 feet (3,958 m), in the Alkali Gulch Member of the Pennsylvanian Paradox Formation (see table and graphic below). The Alkali Gulch Member comprises a cyclic
sequence of sandstone, dolomite, black shale, salt andanhydrite.
The well intersected a major pressured gas interval, from 12,549’ to 12,577’ in dolomitic sandstone at the top of the Alkali Gulch member. Gas (methane and ethane with trace propane) was present at levels of up to 2,300 units. Connection gas ranges from 2,000 to 3,300 units. Background gas has increased 40-fold to consistent levels of 500-900 units. Trip gas ranges up to 3,520 units. All gas levels are highly significant, however full assessment of the production capacity of reported gas shows will follow testing at the completion of the well.
The well is approximately 350 feet above the primary objective of the well, the Leadville Limestone Formation (estimated depth: 13,350 feet). It is anticipated that the well will reach the top of the Leadville Limestone within 3 days. |
