When i held gdn i posted many reasons for holding this stock...

When i held gdn i posted many reasons for holding this stock with info from various sources.

Today i sold gdn to move into another stock at the same price, but with more upside, and less shares on offer, and producing gas.

I did not make this decision lightly. For every tenth of a cent downwards it cost me more $500.00.

Here are a few reasons why.

GDN ANN. 29/06/09

"A detailed completion test and stimulation programme is currently being prepared by RPS
Energy in Calgary, and will be available next week. Work on procurement of test
equipment has been underway since the preliminary petrophysical results were issued."

The above clearly states that RPS will have completed the programme and it will be available next week.

DIDN'T HAPPEN. With no reason WHY!

Have a look back through GDN announcements back from this Announcement and you will see that RPS have been preparing this programme for quite some time and yet there is nothing to release to the market!!! Not even on the highest zones!! There is also the question of procurement of equipment.



Gdn ANN 12/06/09

"Production testing of the five major gas bearing zones in Paradox basin #2 is expected to
commence this month. The completion design is being finalised with recommendations
from RPS Energy and Halliburton anticipated imminently. F.J Brown and Associates are
sourcing the production testing equipment."

Note That F. J Brown and Associates are now the equipment
sources and RPS AND HALLIBURTONS are now the programme designers. If RPS were designing this programme for so long then why call in Halliburtons NOW????

But reading further theres another statement

" In addition other specialised
service providers are providing required formation analysis and advice."

THIS Might be good management decisions or it could be bad?

But there is no reasons stated as to why extra help has been called!!!



"The testing programme will be ready this week..."

Again Didn't happen- it may have been a typo but nothing was Announced today either.



THE Single Statement that really concerned me is

"Paradox Basin #2 will be completed as a production well if commercial
flow rates are sustainable."

THE DIRECTOR HAS JUST CAST DOUBT ON THIS WELL WITH THE WORDS "IF COMMERCIAL FLOW RATES ARE SUSTAINABLE"

In all announcements there seems to be great care with the choice of words, so here is the first time I see he may be casting doubt. SUSTAINABILITY IS THE KEY TO SUCCESS OR FAILURE.

I make this post to let other people make their own decisions and I wish them all the best of luck.


IMO DYOR