Sydney - Tuesday - October 31: (RWE Australian Business News) - Golden State Resources (GDN) reports progress on the Paradox Basin #1 well in Grand County, Utah. Paradox Basin #1 is at 12,985 feet (3,958 m), in the Alkali Gulch Member of the Pennsylvanian Paradox Formation (see table and graphic below). The Alkali Gulch Member comprises a cyclic sequence of sandstone, dolomite, black shale, salt and anhydrite. The well intersected a major pressured gas interval, from 12,549 ft to 12,577 ft in dolomitic sandstone at the top of the Alkali Gulch member. Gas (methane and ethane with trace propane) was present at levels of up to 2,300 units. Connection gas ranges from 2,000 to 3,300 units. Background gas has increased 40-fold to consistent levels of 500-900 units. Trip gas ranges up to 3,520 units. All gas levels are highly significant. However, full assessment of the production capacity of reported gas shows will follow testing at the completion of the well. The well is approximately 350 feet above the primary objective of the well, the Leadville Limestone Formation (estimated depth: 13,350 feet). It is anticipated that the well will reach the top of the Leadville Limestone within 3 days. 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.
GDN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
