re: drilling stat rep
Drilling Status Report – 11 December 2006 • Paradox Basin #1 well is at 15,397 feet (4,692 m) in the Pennsylvanian Molas Formation • The well has been cased to the bottom, and the rig is recovering pipe attached to the casing hanger prior to drilling into the Leadville Limestone objective Golden State Resources is pleased to announce progress on the Paradox Basin #1 well in Grand County, Utah. Paradox Basin #1 is at 15,397 feet (4,692 m), in the Pennsylvanian Molas Formation, a distinctive terra rossa palaeosol horizon formed on the top of the Leadville Limestone. The well is cased to the hole bottom at 15,397’. The rig is currently running washover pipe to recover 1,000’ of drill pipe left in the hole attached to the casing hanger at 9,150’. Recovery rates have been significantly reduced due to difficulties in cutting cement within the casing. A custom heavy duty mill bit has been ordered for the washover pipe and is expected on location on Tuesday. Once the new equipment is installed it is expected to take approximately two weeks to complete the recovery operation. The recovery operation method is slow but has negligible risk. Once recovery is completed the well will drill on into the primary objective Leadville Limestone. PARADOX BASIN #1 WELL Formation or Zone Geological Age Lithology Depth (metres) Depth (feet) Result Upper Ismay Pennsylvanian Limestone 2,991 9,814 * Gas shows Lower Ismay Pennsylvanian Limestone 3,050 10,006 Minor gas show Desert Creek Pennsylvanian Limestone 3,133 10,279 Gas shows Akah Pennsylvanian Limestone 3,209 10,528 * Gas shows Barker Creek Pennsylvanian Limestone 3,358 11,016 * Gas show Alkali Gulch Pennsylvanian Dolomite 3,950 12,960 * Major gas interval Cane Creek Pennsylvanian Dolomite 4,613 15,135 * Gas shows Pinkerton Trail Fm Pennsylvanian Limestone 4,657 15,280 * Major gas interval Leadville Fm Mississippian Limestone 4,709 15,450 McCracken Devonian Sandstone 4,923 16,150 Lynch Dolomite Cambrian Dolomite 4,953 16,250 BOLD: Primary Targets ITALICS: Minor Targets * Potential Production The production potential of the above intervals will be determined upon setting production casing and conducting flow tests at the completion of drilling.
DEFINITIONS Palaeosol: A buried soil horizon of the geologic past. Terra rossa: A reddish-brown soil overlying limestone rock. Washover pipe: A pipe of slightly larger diameter run at the end of drill pipe, which can slide over pipe (“fish”) left in the hole, to wash out the space between the fish and the outside casing of the hole and thus free the fish. In this case this space is occupied by cement, requiring the use of a cutting bit or mill on the end of the washover pipe.
Initial 100% Ownership and Operator Golden State holds an initial 100% interest in this well, and operatorship through its 100%- owned US subsidiary, Golden Eagle Exploration LLC. Denver-based joint venture partner Eclipse Exploration Inc has the right to back in with a 16.67% working interest after the drilling of two wells by Golden State. John Hasleby Director - Exploration 11 December 2006
GDN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
