•
Paradox Basin # 2 has intersected a significant gas interval and traces of oil show associated with a drilling break in the Pennsylvanian Barker Creek Formation.
•
Gas levels increased from a background of 12 to 25 units to a peak of 1042 Units and 103,690 ppm Methane.
•
Shows are present in heavily fractured sandstones and siltstones over the interval 11,602’ to 11,621’. Abundant crystalline calcite, which is believed to represent fracture cement was observed.
•
Traces of oil fluorescence with a yellow/green cut were associated with the gas show.
Paradox Basin #1
Paradox Basin #2
Formation
Geological Age
Depth
(feet)
Result
Depth
(feet)
Result
Paradox
U.Pennsylvanian
9040
No shows
9740
Gas shows
Upper Ismay
U.Pennsylvanian
9744
Gas shows*
10270
Gas shows
Lower Ismay
U.Pennsylvanian
10006
Minor gas show
10560
Gas shows
Chimney Rock
U.Pennsylvanian
10279
Minor gas shows
10986
Gas shows
Akah
U.Pennsylvanian
10528
Gas shows
11500***
Gas shows
Barker Creek
L.Pennsylvanian
11016
Gas shows*
11600
Gas and oil shows
Alkali Gulch
L.Pennsylvanian
12960
Major gas interval**
13220
Not reached
Pinkerton
L.Pennsylvanian
15280
Major gas interval**
14840
Leadville Limestone
Mississippian
15573
Gas Shows**
15133
* Gas recovered on test. ** No valid production tests due to well problems in PB#1. *** Subject to stratigraphic review. Italics indicate predrill predicted depths. Drilling Breaks associate with softer formations and are usually an indicator of porosity.
The directors of Golden State Resources are very pleased with the new gas and oil shows within the Barker Creek Formation. The gas show in PB#2 (1042 units) is almost triple the 390 unit show in PB#1 which produced gas. The directors are optimistic that the show represents a potential zone of natural gas production. The gas show occurred within fractured sandstones and siltstones. The show is associated with traces of oil.
The gas bearing zones will be further evaluated when electric logs are run prior to the next scheduled casing and will be production tested on completion of the well. As several of the gas zones encountered in Paradox Basin #2 have associated with better quality
2
reservoirs than previously seen in the Golden Eagle Field, Golden State Resources consider these zones may represent a significant commercial zone.
As previously mentioned it appears Paradox Basin #2 is located along a long acting basin hinge line and hence the lithology has tended to have higher levels of sandstone with good visible porosity.
Paradox Basin #2 is currently in the Pennsylvanian Barker Creek Formation at 11,630’. Operations have continued to plan with the well currently approximately 19 days ahead of schedule. Remaining operations should take approximately 34 days. Drilling operations have taken 62 days since commencing.
Golden Eagle gas field Upper Pennsylvanian gas shows
Richard Sciano
Executive Director
17 April 2009
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