GDN 0.00% 1.7¢ golden state resources limited

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    DRILLING STATUS REPORT – 1 APRIL 2009
    Paradox Basin #2 Well, Grand County, Utah
     Intermediate casing has been set and cemented at 9,800 feet
     Wireline logging has confirmed Paradox Basin #2 intersected the top
    of the Paradox Basin sequence at 9,738 feet (2,968m), 352 feet
    higher than expected
     The look ahead is to drill‐out the casing shoe, then to conduct a
    formation integrity test before running cement bond logs
     Drilling is expected to resume within 24 hours of completion of cased
    hole logging
     The first major objective, the Upper Ismay Formation, should be
    reached later this week
     The Paradox Basin sequence contains 8 major objectives in the
    Pennsylvanian and Mississippian over a 5,000 foot (1,542m) interval
     The well is currently ahead of schedule and under budget
    The directors of Golden State Resources are pleased to announce that intermediate
    casing has been set and cemented at 9,800 feet within the Upper Pennsylvanian Paradox
    Basin sequence. The intermediate casing point is a major commercial and operational
    milestone for the Paradox Basin #2 appraisal and development well. Operations to date
    have taken 45 days, 17 days ahead of schedule, representing a large improvement in
    operations in comparison to the previous well, which took 132 days before drilling out of
    the intermediate casing.
    Wireline logs have confirmed that the casing has been set into the top of the prospective
    Paradox Basin Sequence, which was intersected at 9,738 feet (2,968m), 352 feet higher
    than predicted. It is expected that the Upper Pennsylvanian objectives should also be
    higher based on formation thicknesses in Paradox Basin #1. The variation in depth is due
    to seismic imaging close to the bounding faults, rather than depth conversion, and
    consequently deeper objectives are not affected.
    Paradox Basin #2 will appraise the Upper Ismay Formation approximately 730 feet (222m)
    lower than the tested interval of the discovered gas accumulation in Paradox Basin #1.
    This places Paradox Basin #2 within the known extent of Upper Pennsylvanian gas shows
    in the previous well which extended from 9,743’ to 11,368’.
    2
    During April Paradox Basin #2 will test eight major reservoir objectives over a 5,000 foot
    (1,542m) interval in the Pennsylvanian and Mississippian. The objectives are the Upper
    and Lower Ismay, Desert Creek, Akah, Barker Creek, Alkali Gulch, Pinkerton and Leadville
    formations. Gas was produced on test in Paradox Basin #1 from the Barker Creek
    Formation and Ismay Formation.
    Paradox Basin #2 is positioned to optimally test the Akah, Barker Creek, Alkali Gulch,
    Pinkerton and Leadville formations. The strongest indications of gas in the previous well,
    in the Pinkerton Trail and Leadville formations, were not definitively tested due to
    mechanical problems.
    The Paradox Basin #2 well remains ahead of schedule and, provided the current drilling
    performance can be maintained, is expected to be under budget. In the event Paradox
    Basin #2 encounters commercial gas the well will be cased and suspended and a test rig
    will be mobilised.
    Richard Sciano
    Executive Director
    1 April 2009
    Golden Eagle Gas Field schematic section
 
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