• Preliminary petrophysics by RPS Energy indicates Paradox Basin...

• Preliminary petrophysics by RPS Energy indicates Paradox Basin #2
encountered 200.5 feet (61m) of possible gas pay in a total of seven
zones.
• Gas pay is present in the following zones:
o Paradox Formation
o Ismay Formation
o Lower Ismay Formation
o Desert Creek Formation
o Chimney Rock Formation
o Akah Formation
o Barker Creek Formation
• Porosity averages 6.2 % with evidence of fractures in some zones.
• The Ismay Formation and Barker Creek Formation both of which
produced gas on test in the Paradox Basin #1 well have average
porosity of 7.41% and 6.16%
• The current operation is to run and cement the 7” casing which is
expected to take 4 days.
• Drilling is expected to resume on Saturday
• First target expected when drilling recommences is the Lower Barker
Creek Formation which is one of the major gas bearing zones in
Paradox Basin #1. The Lower Barker Creek Formation is expected
within 300’. Deeper targets include the Alkali Gulch, Pinkerton Trail
and Leadville Limestone.
The directors of Golden State Resources are very pleased to report that preliminary
petrophysical evaluation carried out by RPS Energy indicates a total of 200.5 feet (61m) of
possible gas pay in seven zones, which are the Paradox Formation, Ismay Formation,
Lower Ismay Formation, Desert Creek Formation, Chimney Rock Formation, Akah
Formation and Barker Creek Formation.
The Barker Creek Formation and Ismay Formation both produced gas on test in Paradox
Basin #1 and the presence of gas in these zones is expected to increase the currently
discovered gas in the Golden Eagle Field. An extensive testing and possible stimulation
programme is currently being planned for the well.