egads...an announcement, page-2

Good luck to holders

ANNOUNCEMENT
BLM completes engineering and environmental review for proposed
Paradox Basin 2 well location, Grand County, Utah
Golden State Resources is pleased to announce the US Bureau of Land Management (BLM)
has completed its engineering and environmental review for the proposed Paradox Basin #2
oil & gas well location, in Grand County, Utah.
Before issue, the permit is subject to a 2-week public comment period, to conclude on 11
August 2008.
Paradox Basin #2 will be drilled on a site one mile (1.6 km) from the previous successful
Paradox Basin #1 well. The new well will test a similar section to that in Paradox Basin #1 in
a shallower, more structurally advantageous position. Multiple targets will be tested over a
5,000 foot (1,500 m) thick section, from the Upper Ismay zone of the Pennsylvanian Paradox
Formation, through to the Mississippian Leadville Formation.