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.
Golden State Resources reports drilling at Paradox Basin # 3 on track
US-focussed oil and gas company Golden State Resources (ASX: GDN) is on track with operations at the Paradox Basin # 3 production well in Utah, United States.
In a statement today, the Perth-based company said drilling has commenced at the well, which is the company's its third well on the Golden Eagle Gas field in the highly productive Paradox Basin region.
The $24 million market-capped Golden State Resources secured debt funding of $5.0 million to drill Paradox Basin # 3 well.
Drilling of the PB#3 Ismay Formation production well commenced on schedule on 27 January 2010.
13 3/8” surface casing was set at 1028’. The well was at 2,334’ and is directionally drilling towards the next scheduled casing point at 4,200’.
Drilling operations are being managed by F.J. Brown and Associates, a Subsidiary of AGR Group.
The Paradox Basin is highly productive. Currently, it is home to 171 oil and gas fields containing estimated recoverable reserves of one billion barrels of oil, or six trillion cubic feet of gas.
The potential for more hydrocarbon reserves is thus enormous. Over its history, the Paradox Basin has produced 500 million barrels of oil and 3.5 trillion cubic feet of gas.
Even at current prices that equates to approximately US$57 billion that the area has already produced, with a similar amount again estimated still to be recoverable.
The producing fields in Paradox Basin run along the same northern/southern producing trend plain, notably, the Lisbon Field (which is 64 km to the projects south and has produced 50 million barrels of oil and 780 billion cubic feet of gas), the Greater Aneth Field (150 km south with production of 385 million barrels of oil).
