Hi Sharemadder.See below from Gdn 22/04/09Richard ScianoWhile...

Hi Sharemadder.

See below from Gdn 22/04/09

Richard Sciano
While Golden State would like the options exercised for its continuous drilling programme, the directors believe the current share price is not indicative of the true value of the company with all this potential. We have also seen a significant increase in debt funding opportunities as a result of drilling results to date.
Proactive Investors
Monetising the gas shows found in Paradox #1 and Paradox #2 is all important for GDN shareholders. Is there a timetable for analysis of the data from the wireline logs from the latter once all formation targets have been reached and evaluation of both wells vis a vis future production? How long do you envisage it would take for Golden State to commence production from the Paradox wells?
Rick de Boer
Productivity can only be assessed when testing is complete, however the presence of hydrocarbons can be established from logging. The logs could be available within 15 days. We expect to complete the well within 30 days. Testing would occur within 60 days after completion of the well. At this juncture, the connector pipeline would need to be built over a 60‐90 day period.
Proactive Investors
How long do you envisage it would take for Golden State to commence production from the Paradox wells?
Richard Sciano
Approximately 60 days after commercial flow rates are achieved.
Proactive Investors
Can you indicate whether there is a strategy to drill Paradox Well #3, or beyond? If so, when would this likely occur?
Richard Sciano
Placement of PB # 3 will depend on which zones are confirmed as producing zones and these zones will be targeted once PB #2 is fully analysed. We anticipate drilling permits for future wells will be obtained within a few months after we apply for them.
Proactive Investors
Based on valuations of one or two companies with oil/gas assets in Utah through acquisition and sale, it is possible to infer a significantly higher value on Golden State Resources based on RPS Energy Group’s independent valuation. Care to comment?
Richard Sciano
Once testing and production is established, the upside will become apparent to the market.
Richard and Rick, thank you for participating in this Proactive Investor Q&A with CEO®.

It would seem most things are in place to capitalize on this well. If Rps choose to simultaneously multitest and fracture the well, which can be done, it will be very interesting indeed. If at June 30 the oppies are in, p Rig 234 may be used to horizontal drill any tight zones while gas lines are laid and permitting for pb3 are under way.

And of course the question is still there< are pb1 & pb2 connected? and how big is the known field?

IMO DYOR