• Preliminary petrophysics by RPS Energy indicates Paradox Basin #2 encountered 200.5 feet (61m) of possible gas pay in a total of seven zones. • Gas pay is present in the following zones: o Paradox Formation o Ismay Formation o Lower Ismay Formation o Desert Creek Formation o Chimney Rock Formation o Akah Formation o Barker Creek Formation • Porosity averages 6.2 % with evidence of fractures in some zones. • The Ismay Formation and Barker Creek Formation both of which produced gas on test in the Paradox Basin #1 well have average porosity of 7.41% and 6.16% • The current operation is to run and cement the 7” casing which is expected to take 4 days. • Drilling is expected to resume on Saturday • First target expected when drilling recommences is the Lower Barker Creek Formation which is one of the major gas bearing zones in Paradox Basin #1. The Lower Barker Creek Formation is expected within 300’. Deeper targets include the Alkali Gulch, Pinkerton Trail and Leadville Limestone. The directors of Golden State Resources are very pleased to report that preliminary petrophysical evaluation carried out by RPS Energy indicates a total of 200.5 feet (61m) of possible gas pay in seven zones, which are the Paradox Formation, Ismay Formation, Lower Ismay Formation, Desert Creek Formation, Chimney Rock Formation, Akah Formation and Barker Creek Formation. The Barker Creek Formation and Ismay Formation both produced gas on test in Paradox Basin #1 and the presence of gas in these zones is expected to increase the currently discovered gas in the Golden Eagle Field. An extensive testing and possible stimulation programme is currently being planned for the well.
GDN Price at posting:
20.5¢ Sentiment: Buy Disclosure: Held