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Additional Information
Market:ASX
Sector:Oil and Gas Exploration and Production
EPIC:GDN
Latest Price: 0.02  (0.00%)
52-week High:0.02
52-week Low:0.01
Market Cap:18.54M
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Golden State Resources Full Golden State Resources profile here

Golden State Resources (ASX: GDN) is primarily focused on oil and natural gas exploration in the USA and Ukraine

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Golden State Resources appoints new director and considers reconstruction proposal

Wednesday, March 16, 2011
Golden State Resources appoints new director and considers reconstruction proposal

Golden State Resources (ASX: GDN) has appointed Anthony Kain as a non-executive director of the company.

Kain brings 15 years experience as an executive in the oil and gas industry to the board.

Golden State is also considering a reconstruction of capital, which would include a consolidation of its existing shares on a 1 for 2 basis.

The company is also proposing a capital raising, of up to 320 million shares at $0.01 (on a post consolidation basis) payable in full on application, to raise up to A$3.2 million.

The offer would include 300 million options exercisable at $0.02 on or before 31 January 2015, issued at $0.01, (on a post consolidation basis).

Golden State is currently placing a priority on securing the Golden Eagle Gas Field, and is working in conjunction with Interactive Exploration Solutions.

The company is required to demonstrate an economic case for the Paradox Basin #3 well located within the Golden Eagle 70 Unit as a “paying well” to the satisfaction of the United States Federal Bureau of Land Management by the 15 May 2011.

This is in order to retain the lands within the Golden Eagle 70 Unit area from which the well obtains its production of gas, which area has not yet been determined.

Should a “paying well” determination be achieved, to retain the remainder of the lands in the Golden Eagle 70 Unit outside of the participating area, a new well must be in progress on the anniversary of the fifth year from the date of first approval, being 15 May 2006.

 

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