GDN 0.00% 1.7¢ golden state resources limited

read this as neighbour just had gusher

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    OPERATIONS UPDATE - NEW DRILLING VENTURES


    Paradox Basin, CO and UT, 70% WI -- The Company has reached total depth on the Salt Valley State 25-12, the Greentown State 36-11, and the Greentown State 32-42. The Salt Valley State 25-12 has been completed in approximately one-third of the potential pay intervals, and the remaining completion activities should be finished within the next 3 to 4 weeks.

    The Company has perforated the first interval in the Greentown State 36-11 as part of a multiple-zone, multiple-stage completion. During post-frac flow back, the well encountered unexpectedly high pressures that exceeded the rated limits of the wellhead equipment, thereby causing the well to produce in an uncontrolled situation. Flow rates were estimated to have exceeded 12 million cubic feet of gas equivalent per day (Mmcfe/d) from less than 15% of the projected productive intervals. Company personnel worked in conjunction with a leading well control company and contained the well over the next five days without property damage and without injury. Subsequent production testing indicates that the well will produce at a stabilized rate of 3.8 Mmcfe/d from this interval alone. Additional intervals will be tested over several weeks.

    Completion efforts are expected to begin soon at the Greentown State 32-42, which is located seven miles south of the Greentown State 36-11. The Company plans to construct a gas pipeline and gathering system to access the Greentown and Salt Valley project areas.

    The Company is currently permitting four new locations at the Greentown Prospect, two at the Salt Valley Prospect and two at the Gypsum Valley Prospect. Further drilling should resume in November.

    Central Utah Hingeline Project, UT, 65% WI -- The Company has received a federal drilling permit for the Joseph Federal #1, and the drilling location is currently under construction. The Company will have a 32.5% working interest and will operate the drilling of the first well on the Joseph structure which should spud within the next week and will target the Navajo sandstone. On the remaining acreage the Company will have a 65% working interest and operate all wells.
 
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