They had this in their March 2012 update:Shale Gas StudyThe...

They had this in their March 2012 update:

Shale Gas Study
The Company previously advised that it had commissioned AWT to conduct a study on the shale gas prospectivity of the Golden Eagle Gas Field. The draft report has been received for review. On preliminary analysis it appears that the productive wells on Golden Eagle have penetrated high organic content source rocks providing very strong initial gas flows with subsequent depleting rates which recovered quickly on shut in. The source rock which is commonly known as shale was penetrated vertically which gives limited exposure to the gas producing strata.

Traditional vertical wells on other prominent shale fields have demonstrated similar characteristics to the Golden Eagle wells and it is noted that in these shale plays horizontal wells are generally producing excellent results.

A project some 25 miles south of the Golden Eagle is being developed by Stone Energy.
Stone is the operator and has an approximate 75% working interest in the 46,000 acre field (35,000 net acres). They have discovered significant hydrocarbons in the Cane Creek shale utilising horizontal well technology. On that project the first well completed in this manner produced over 800bopd in initial testing. [Source: Stone Energy Corp – NYSE: SGY Announcements]

The AWT study report projects the Golden Eagle Gas field as economic on the basis of its shale profile alone. Significant conventional hydrocarbon targets were identified in the 2005 original geological analysis of the field with the main subsurface structure representing a “look alike” to the geology of the nearby Lisbon field. That field has produced massive quantities of oil and gas.

Based on the excellent work conducted in the shale study, Golden State has commissioned
AWT to complete an evaluation of the original geological analysis of the Golden Eagle field to define potential of specific conventional targets.

Current GDN Plan is to farmout or monetise Paradox (per March 2012) which could be tough with current US gas prices.

Are your bullet points from current management or are they old? I'm struggling to find any recent stuff on pilot production etc.