GCHR -- Golden Chief Resources, Inc. - Golden Chief to Begin Production Operations - June 24, 2005
News Release
Carrollton, Texas - Golden Chief Resources, Inc. (GCHR PinkSheets) expects to begin production operations on the Ownbey lease located in southeastern Kansas within the next ten days. The Ownbey property, which comprises approximately 1230 acres was the subject of a matching grant study funded by the US Department of Energy which explored the feasibility of re-injecting natural gas into a dead oil producing zone to increase the oil formation pressure thus increasing the production of oil from the lease. While the study was evaluated for only a few months, the production continued to increase during the test resulting in the improvement of production by as much as 300%. Testing of the 22 wells on the lease indicated proved producing reserves in excess of 5,000 barrels of oil per acre with additional probable producing leasehold locations for at least 150 more new wells. The Company expects that resumption of the repressurization of the oil producing zone should result in continued improvement in production.
After many delays, the Company also expects to receive the audit of the Company's financials as of September 30, 2004 and file the Form 10-K for that period. The Company expects to receive the audit later this week, and preparation of the 10-K will require two to three days from that point. After the 10-K is filed the Company will also diligently work to prepare and file the Form 10-Q's for the periods ending December 31, 2004 and March 31, 2005.
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News: Golden Chief Resources, Inc. Enters Negotiations for Acquisition
CARROLLTON, Texas, Jun 30, 2005 (BUSINESS WIRE) -- Golden Chief Resources, Inc. (Pink Sheets:GCHR) has entered into negotiations for the acquisition of another oil and gas property in Chautauqua County, Kan. This lease is in excess of 1,500 acres and is currently held by production from several existent gas wells.
There are at least six (6) shut-in oil wells on the property, each having potential productive zones remaining to be tested. Preliminary geological information identifies numerous in-field drilling locations for further development of this acreage.
This property is located in close proximity to our other Chautauqua County leases making operations more economical. If our due diligence produces favorable results, we will attempt to complete the acquisition of this property and begin operations and development as soon as possible.
SOURCE: Golden Chief Resources, Inc. CONTACT: Golden Chief Resources, Inc., Carrollton Fred Oden, 214-731-9400 .
Posts: 1113 | Registered: Jun 2005
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Golden Chief Acquires Additional Properties 9/28/2005 12:08:01 PM LEWISVILLE, Texas, Sep 28, 2005 (BUSINESS WIRE) -- Golden Chief Resources, Inc. (Pink Sheets:GCHR) has finalized the acquisition of an oil and gas property located in Chautauqua County, Kansas. The property was acquired for the issuance of common stock and the property consists of existing producing gas wells as well as certain shut-in wells capable of producing oil.
Additionally, the Company acquired an undeveloped lease consisting of 160 acres located in Jefferson County, Kansas. This property is a candidate for the drilling of at least two wells to test the McClouth and Burlington-Keokuk formations. The Company expects to arrange for the funds to drill these two wells during the next 60 days.
The Company has also completed testing and planning for the resumption of production on the Ownbey and Troyer leases in southeast Kansas. We expect to resume limited production early next month while planning for the implementation of the gas repressurization project on the Ownbey.
On Monday, September 27, 2005 the Company filed the remaining 10-Q's for this year. This makes the Company "current" in its filings to the SEC. Our next filing will be the 10-K for the year ending September 30, 2005. We expect to make this filing during December of this year.
SOURCE: Golden Chief Resources, Inc.
Golden Chief Resources, Inc., Lewisville Mike McIlvain, 972-219-8585
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Golden Chief Places an Additional Well on Production Last Update: 10:00 AM ET Feb 15, 2006
LEWISVILLE, Texas, Feb 15, 2006 (BUSINESS WIRE) -- Golden Chief Resources, Inc. (Pink Sheets:GCHR) has placed an additional well on production on the Lindley lease in Montgomery County, Kansas. These operations were completed over the last few days. The Company installed a new downhole pump, and new production tubing on the well. The Company sent fluid samples for chemical analysis for well treatment procedures which can help reduce lease operating expenses.
The Company also began the review of legal and title issues relative to beginning the gas repressurization project on the Ownbey lease. We expect to be able to implement this project as soon as our due diligence process is completed.
SOURCE: Golden Chief Resources, Inc. Golden Chief Resources, Inc., Lewisville Mike McIlvain, 972-219-8585
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I had occasion to speak with the HQ this morning, and there are now 4 wells on line and producing, and I believe 6 or 7 more to refurb and hook up. The storage tank is filling up, so there should be another load to sell to a refiner pretty soon. Black Gold in the bank, as it were. They will soon try some natural gas injection in the field to improve oil flow in all the wells.
The last few rounds with the beancounter of i-dotting, t-crossing and nit-picking are happening with the financials currently. It also sounds like serious effort is being placed on getting the 15c211 filing done. IR-PR firm selection is in process, also.
Next items on the agenda will be developing a local/sustaining relationship with a helpful Broker-Dealer/Market Maker, and the creation of an appropriate GCHR website.
-------------------- Success is the ability to go from one failure to another with no loss of enthusiasm. -W. Churchill Posts: 89 | From: Beaumont, Texas | Registered: Feb 2006
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Golden Chief Adds Geological Team Last Update: 9:00 AM ET Feb 23, 2006
LEWISVILLE, Texas, Feb 23, 2006 (BUSINESS WIRE) -- Golden Chief Resources, Inc. (Pink Sheets:GCHR) has reached an agreement with a geological team with more than fifty years of experience in eastern Kansas.
These geologists have an exemplary record of success, especially over the last three years, with their projects being successful more than ninety percent of the time. Golden Chief looks forward to working with them in the upcoming drilling campaign.
SOURCE: Golden Chief Resources, Inc. Golden Chief Resources, Inc., Lewisville Mike McIlvain, 972-219-8585
It has been awhile since my last report, so I thought I would write a "state of the company" message. I will begin with what has occurred since the end of last year with the "pledge drive" we did with Diane Birt and several of our top stockholders. In that drive we raised $64,000. Although it was short of our goal of $100,000, I believe you will agree that we accomplished a lot and started the year off with a bang, as I thought we would.
We managed to get 2 more wells on line and producing (a total of 4 on the Lindley Lease). Most of you have seen the pictures of our work there. When we started this endeavor, we had hoped we could use the existing equipment on the wells (tubing, etc.) but we have had to replace the tubing on all the wells therefore spending a few dollars more than anticipated. But with that said, the wells are working and we sold our second tank of oil in March. It would appear that these wells will do the total projected 2-5 bbls per day, but we still need another 45 to 60 days of production to properly analyze this.
While the work on these wells was going on, we made the decision to spread our funds out in other areas to help the company. We employed a firm to help us get the word out about the stock and with that came a web site. I hope all of you have seen it, since many of you requested that we get one. I believe it was an important step. Now everyone has a place to go to see what is happening with the company. All information will now flow through www.gchr.net .
We completed the year-end 10K filing after the audit was finished. The December 31, 2005 10Q filing will be done as soon as the audit is completed, which is expected any day. If you have any questions as to where the money is going, you can see it in the December 10Q and the last of it in the March 10Q.
We now have a sponsoring broker. They are Legacy Trading out of Oklahoma City. Barron Moore will continue to service the retail side of the stock. Legacy is helping us with the paperwork necessary to become "piggyback qualified" or on the Bulletin Board. As people in the know tell us, this step will help us move forward and affect the price of the stock.
With a combination of what we have accomplished and news releases the stock quickly jumped to .05 per share. Over the last few weeks it has settled in at .015 to .025. Considering it started at .0004 and has weathered some sell offs, I believe we are doing pretty well. Daily volume and activity have been very good.
From the calls and emails we've been getting, most of you believe in what we are doing and approve of what has happened so far this year. We would like to continue on that path. Things are in place where we could see a dramatic change in the stock price over the next several months. So for a limited period we are making a one-time offering to our shareholders of restricted shares for a special price below current market value with a $2,000 minimum investment. With these funds we could get more wells on line and start the repressurization process on the Ownbey. If you are interested in this one time opportunity please call or email John Stafford or myself and we will be glad to go over the details with you.
Also we have started funding the first drilling project for Golden Chief on our Northeast Kansas property. Several of you have expressed interest in investing directly at the wellhead. For those of you who are interested, the advantages are threefold:
1. The potential revenue generated from the oil well. 2. The tax benefits associated with an oil and gas investment (intangible drilling costs, oil depletion allowance, etc.). 3. Any production recovered should help the price of Golden Chief Resources Stock.
If you are interested in this program, let us know and we will be happy to discuss it with you.
Well people, we are almost where we all want to be, mainly because of the shareholders who supported in the pledge drive. We greatly appreciate your support and if you have any questions please contact us by phone (972) 219-8585 or email goldenchiefresources*comcast.net
Sincerely, Hugh Fowler Golden Chief Resources .
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For those who aren't aware of it, GCHR is "..fully reporting.." and is in now their 3rd 'go around' with the SEC questions prior to OTTCBB approval.
"..Oil, ..black gold, ...Texas tea... and a whole buncha natural gas, also.
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GCHR HQ sez: In response to several inquiries concerning future plans for drilling and production, I am offering the following information.
We currently have four (4) leases in our inventory. On these leases there is a total of 35 wells, four of which have been reworked and are producing and three of which are salt water disposal wells. We have sold over 130 barrels of oil to date from these producing wells. We have completed our analysis of seven additional wells and are currently in the process of funding their rework. There are approximately 147 potential drilling sites on our current leases. This number will be adjusted as we accumulate more current geological data as we drill new wells and place additional wells into production. We also have completed analysis of another 980 acre lease and are currently analyzing an additional 1300 acres containing 25 wells located in an adjoining county. Our preliminary review of these leases indicates numerous potential pay zones for both oil and gas.
We have a 25 percent carried working interest position in our first drilling project in Kansas. This lease contains 5 shut-in gas wells that were producing approximately 200 mcfpd when they were shut-in due to a depressed NG market. Recoverable reserves are estimated to be 158,000 BO and 600,000 mcfg. This equates to approximately $14,000,000.00 in potential revenue for the project at current prices. The remaining 75 percent working interest is currently being funded by Striker One Resources, Inc.
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GOLDEN CHIEF RESOURCES, INC. -- THREE YEAR BUSINESS PLAN
Golden Chief Resources, Inc. 896 N. Mill St. #203 Lewisville, Texas 75057 TEL: 972-219-8585 Officers: Mike McIlvain -- Fred Oden -- Hugh Fowler Created by Fred Oden -- June 10, 2006
I. OVERVIEW
A. Description
Golden Chief Resources, Inc. (GCHR) is a fully reporting company with corporate offices in Lewisville, Texas. GCHR is an energy based company whose mission is to establish or increase production from known oil and gas properties through the application of new advanced technology.
GCHR has spent the past eighteen months researching and analyzing oil and gas properties in Eastern Kansas and has acquired over 1,500 acres of Oil & Gas leases in the counties of Montgomery, Chautauqua and Jefferson. There are forty-six shallow oil and/or gas wells on these properties. Analysis of the subsurface data for these properties indicated oil reserves in excess of twenty million barrels with a depletion of less than five percent.
GCHR has initiated the developmental phase of this three year plan which allows for the reworking of the existing oil/gas wells and an aggressive drilling program on these leases. The further development of which should enable a minimal depletion of thirty percent of the known reserves. The total cost of the development is an estimated $6,390,000.00 to be expended over the next eighteen months. Upon completion of this developmental phase, we anticipate minimal production of approximately 400 barrels of oil and 400,000 cubic feet of gas per day. Utilizing a basis of $60.00 per barrel of oil and $6.00 per thousand cubic feet of gas, this equates to gross monthly revenues from oil and gas sales to be approximately $792,000.00 and a net of $594,000.00 per month after the payment of royalties. This equals a return of capital invested of approximately eleven months.
B. Allocation of Funds.
The plan for development of our leases consists of three stages. Each stage is designed to increase production from known reservoirs while accumulating new data from previously identified but unproven horizons.
Stage One consists of reworking ten existing Weiser wells, drilling one new Weiser Well on the Ownbey Lease in Chautauqua County and drilling two wells on the Noll Lease in Jefferson county. This stage will require approximately sixty days to complete and requires a capital investment of $550,000.00 with a production target of 60 barrels of oil per day. If successful, this will establish initial monthly revenues of approximately $108,000.00.
Stage Two involves both development and acquisition. We will acquire two producing gas wells on the Ownbey/Troyer lease in Chautauqua County to provide the necessary gas for initial pressurization of the Weiser Sand. This will require a $250,000.00 capital outlay. Once this gas is acquired, we will clean and test existing lease flow lines and make any repairs necessary to facilitate our pressurization program. The cost projection for testing and clean up is approximately $15,000.00 with a compression cost of approximately $1,500.00 per month. We will rework the four existing gas wells on our Jefferson County lease and return these wells to their productive status. Capital outlay for Jefferson County is approximately $40,000.00 and a compression cost for this project is approximately $2,500.00 per month. We will rework eight oil wells and drill one new well on our Montgomery County lease. Capital outlay for Montgomery County is approximately $180,000.00. Our production target is 25 barrels of oil and 200,000 cubic feet of gas per day. It is estimated this stage will require approximately 120 days for completion. If successful, our monthly revenues will be increased to approximately $189,000.00 per month.
Stage Three is the most extensive and expensive of the stages. It consists of drilling one new Chattanooga Test well and forty developmental wells on the Ownbey/Troyer leases in Chautauqua County. The estimated cost for this stage is $5,100,000.00 and will require approximately twelve months for completion. Our target production for this stage is 320 barrels of oil and 200, 000 cubic feet of gas per day. This will increase our daily production levels to approximately 400 barrels of oil and 400,000 cubic feet of gas. If successful, our monthly gross revenue will be approximately $792,000.00, with a net of approximately $594,000.00 after payment of royalties.
Our plan is to accumulate and interpret new subsurface information obtained during the development of our existing properties. This new information, coupled with our current data, will enable us to make more informed decisions on completion and production procedures and formations previously identified. The drilling of these new wells will enable us to test these formations. If successful, we will be able to establish production from additional formations and greatly enhance the profitability of our lease.
The production figures listed above are conservative and based upon our best estimates via historical data. The definitive benefit of the pressurization project can only be determined once target formation pressures have been reached. The revenue figures listed above do not include the sale of the gas used to pressurize the Weiser formation. The sale of this enriched gas and the construction of the gathering system needed to deliver our gas to market are stages IV and V in next phase of our developmental plans. By using our own system, we will not be subject to commercial pipeline tax rates and third party transportation fees. This information will be discussed further at a later date.
LEWISVILLE, TX, Jul 17, 2006 (MARKET WIRE via COMTEX) -- Golden Chief Resources, Inc. (PINKSHEETS: GCHR) announces the acquisition of approximately 1,100 acres of oil and gas leases located in Elk County, Kansas in exchange for 200,000 shares of its common stock.
The 80% net revenue leases contain 13 existing oil and gas wells which are currently shut-in. Two of the wells can be brought on production with the installation of only minimal surface equipment which the Company has in inventory. The Company expects to install the equipment and begin producing the wells early in August.
CONTACT: Golden Chief Resources, Inc. Lewisville Mike McIlvain 972-219-8585 SOURCE: Golden Chief Resources, Inc.
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(Current GCHR 'FYI' Website Message): GCHR announces change in management July 31, 2006
A Board of Directors Meeting for Golden Chief Resources, Inc. was held at the corporate offices in Lewsiville, Texas. The purpose of this meeting was to elect officers for the company. All directors were present at the meeting. The meeting was called to order by President/CEO Michael McIlvain. After a brief discussion, a motion was made to elect B. Fred Oden III as President/CEO, Michael McIlvain as Executive Vice-President and Hugh Fowler as Secretary/Treasurer. These changes become effective at the close of this meeting.. The motioned was seconded and passed unanimously. After further discussion, the decision was made for Michael McIlvain to retain the position of Board Chairman.
There being no further business, a motion for adjournment was made and seconded.
The new corporate management structure for GCHR effective July 31, 2006 is as follows: B. Fred Oden III - President / Chief Executive Officer Michael H. McIlvain - Executive Vice-President / Chariman of the Board of Directors Hugh Fowler - Secretary / Treasurer
This is shaping up to be an active month. We have established a drilling window for our first well in Northeast Kansas. The geologist have staked the location for the well and drillsite preparations should begin by the end of this month. Striker One reports the drilling project is 3/4 funded and paperwork has been delivered for all of the remaining units.
We acquired an additional 1100 acres in Elk County containing 13 existing wells. Our field crews have started pulling and testing the work strings in preparation to begin producing several of the wells by first week of August.
We entered into negotiations with mineral owners in Elk County for an additional 8,000 acres in Elk County. If successful this will provide us with an substantial acreage position in the center of the gas play being developed by Layne Energy and Dart Resources, two of the largest and most active oil and gas companies in the region.
And finally we have completed negotiations with joint venture partner to begin developing our Ownbey Lease. Contracts have been prepared and are schedule to be signed the first of next week. The first phase of development consists of drilling four wells on the lease. The locations have been staked with a target window of September 2006 to commence drilling.
We are excited about our new acquisitions and the arrangements to begin our drilling programs.
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