general update, page-22

„h Golden State Resources has earned an 83.33% interest in the Golden Eagle gas field by completing the Farm-in obligations to Eclipse.
„h The company is reviewing options for recompleting the current wells.
„h Both wells have indicated potentially commercial gas flow rates.
o Paradox Basin #1 produced gas at rates up to 3.3 Million cubic feet per day.
o Paradox Basin #2 produced gas at rates up to 1.6 Million cubic feet per day confirming the presence of gas in the Ismay Formation approximately 400 feet lower in the Golden Eagle structure than Paradox Basin #1.
„h Planning is underway for the placement and design of a third well which will specifically target Ismay Formation production.

My take is...PB#2 P&A...PB#1 rework with side track later...PB#3 permit issue v quickly as plan to drill from PB#1 site...Ismay is target from now on...debt funding for further well(s)