When golden states first well was drilled,they were chasing a massive target with an upside of 3TCF gas in place.
If this has actually turned out to be the case this stock would be worth in the high single dollar figures now or even more.
As thing have progressed todate, they now appear to have arond 80bcf gas in upper horizons and a p50 estimate of around 40bcf from the pinkerton and leadville horizons.(which they havent actually drilled in the second well).
So with 336m or so shares on issue now and a p50 target for all horizons of around 120bcf gas in place,a lot of the big bang for your buck has disappeared.
In saying all that it probably still offers value at current prices.
Thats my take.all the best.
GDN Price at posting:
8.5¢ Sentiment: Hold Disclosure: Not Held
