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drilling report

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    ABN 39 063 074 635
    Level 1 181 Roberts Road Subiaco Western Australia
    Postal: PO Box 616 West Perth 6872 Australia Ph: +61 8 9486 4633 Fax: +61 8 9486 4634
    Email: [email protected]
    Drilling Status Report – 1 November 2006
    • Paradox Basin #1 well is at 13,014 feet (3,967 m)
    • Currently running wireline log survey
    • Drilling expected to recommence 9 am WST tomorrow
    Golden State Resources is pleased to announce progress on the Paradox Basin #1 well in
    Grand County, Utah.
    Paradox Basin #1 is at 13,014 feet (3,967 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.
    A geophysical wireline logging survey was commenced early this morning. The survey will
    more adequately test the character of previously announced gas shows and define zones to
    be perforated and production tested at the completion of the well. It will also allow better
    correlation between seismic data and the geology exposed by this well, and aid in the siting
    of the next well on the prospect.
    The well is approximately 330 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 2 days of
    recommencement of drilling, which is expected to occur at 9 am WST tomorrow.
    Formation or
    Geological Age Lithology Depth
    Upper Ismay Pennsylvanian Limestone 2,987 9,800 * Gas shows
    Hovenweep Pennsylvanian Limestone 3,045 9,989 -
    Lower Ismay Pennsylvanian Limestone 3,050 10,006 Minor gas show
    Desert Creek Pennsylvanian Limestone 3,126 10,256 Gas shows
    Akah Pennsylvanian Limestone 3,209 10,528 * Gas shows
    Barker Creek Pennsylvanian Limestone 3,355 11,016 * Gas show
    Alkali Gulch Pennsylvanian Sandstone 3.705 12,154 * Major gas interval
    Pinkerton Trail Fm Pennsylvanian Limestone 3,962 12,950
    Leadville Fm Mississippian Limestone 4,084 13,350
    McCracken Devonian Sandstone 4,267 14,000
    Lynch Dolomite Cambrian Dolomite 4,389 14,400
    BOLD: Primary Targets
    ITALICS: Minor Targets
    • Potential Production
    Initial 100% Ownership and Operator
    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.
    Richard Sciano
    Executive Director
    1 November 2006
    Further information:
    Executive Director: Richard Sciano 0416 096 148
    Exploration Director: John Hasleby 0011 1 435 220 0720
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