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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 raises $800,000 for extension of Golden Eagle Gas field

Thursday, April 28, 2011
Golden State Resources raises $800,000 for extension of Golden Eagle Gas field

Golden State Resources (ASX: GDN) has raised $800,000 through the placement of 80,000,000 shares at $0.01 per share.

Funds raised will go toward analysing data from the Paradox Basin wells at the Golden Eagle Gas Prospect development in Utah, USA, and attending to the engineering and preliminary work for the application permit to drill the next well.

The placement of shares was through Otsana Capital to 708 sophisticated investors.

The company is engaged in demonstrating 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 (BLM) by the 15 May 2011.

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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