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Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	GDN
Latest Price:	0.01 (0.00%)
52-week High:	0.05
52-week Low:	0.01
Market Cap:	8.50M

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Golden State Resources Full Golden State Resources profile here

Golden State Resources (ASX: GDN) is an ASX-listed public company with headquarters in Perth, Western Australia. Floated in 1996, the Company is primarily focused on oil and natural gas exploration in the USA and gold projects in the Eastern Goldfields region of Western Australia.

Independent study confirms Golden Eagle gas field, Utah as new discovery for Golden State Resources

Thursday, March 12, 2009

Golden State Resources (ASX:GDN) has announced the completion of an independent audit of the Golden Eagle gas field in Grand County Utah by RPS Energy. The results confirm Golden Eagle as a new field discovery which has confirmed discovered gas and significant upside potential.

Hydrocarbon (in place) estimates for the Golden Eagle gas field were prepared in accordance with SPE/WPC/AAPG/SPEE Resource Management System (PRMS, 2007), by a team of independent experts from RPS Energy.

The results confirm the large potential of the Golden Eagle gas field.

Full details are provided in the Opinion letter. In accordance with the above standards of resource management the Gas Initially in Place (GIIP) is categorised firstly into confirmed discovered gas which has been produced on test and is supported by petrophysical data. Both the Barker Creek and Ismay Formation accumulations fall into this category.

The second category is undiscovered gas. Undiscovered gas represents zones which have not produced gas on test but which have strong indications of gas initially from ditch cuttings and petrophysical evaluation indicates contain movable hydrocarbons.

The GIIP is estimated at Low volume and high confidence (P90), Mid volume and mid case (P50) and High volume lower confidence (P10) levels. These divisions reflect the expected ranges in key parameters such as areal extent, thickness, porosity, and hydrocarbon saturations.

The Paradox Basin #2 well will appraise both the discovered and the undiscovered GIIP and once completed will extend the area attributed to the P90 estimate which was determined by using a 640 acre area around the Paradox Basin #1 discovery well. Successful tests in the Alkali Gulch or Leadville Formation would move their respective GIIP into the discovered category.

Paradox Basin #1 did not successfully test the Alkali Gulch or Leadville Limestone. On completion of Paradox Basin #2 the additional data recovered will enable the resource estimate for Paradox Basin #1 to re‐defined at the Alkali Gulch and Leadville levels.

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