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golden state finds major gas interval

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    Sydney - Tuesday - October 31: (RWE Australian Business News) -
    Golden State Resources (GDN) reports progress on the Paradox Basin #1
    well in Grand County, Utah.
    Paradox Basin #1 is at 12,985 feet (3,958 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.
    The well intersected a major pressured gas interval, from
    12,549 ft to 12,577 ft in dolomitic sandstone at the top of the Alkali
    Gulch
    member.
    Gas (methane and ethane with trace propane) was present at
    levels of up to 2,300 units.
    Connection gas ranges from 2,000 to 3,300 units.
    Background gas has increased 40-fold to consistent levels of
    500-900 units.
    Trip gas ranges up to 3,520 units.
    All gas levels are highly significant.
    However, full assessment of the production capacity of reported
    gas shows will follow testing at the completion of the well.
    The well is approximately 350 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 3 days.
    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.
 
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