Golden Gate is a focused petroleum exploration and production company with an exploration portfolio in the Gulf of Mexico and the Permian Basin containing world-class prospects.

Corporate Profile
*Built a substantial Operating capability on the Texas/Louisianna Gulf Coast.
*Production is presently coming from both Padre Island, Texas and the Bullseye Project in Lousianna.  Fausse Point is presently been completed.
*Drilled and placed on production Jumonville #1 in Sept 08. GGP has a 42.25% working interest.
*Drilled and placed on production Jumonville #2 on 30 June 2009. GGP has a 42.25% working interest.
Golden Gate Petroleum (ASX:GGP)
Company Directors
Mr Chris Ritchie (CFO, Investor Relations)
Mr Frank Brophy (Non Exec. Director)
Mr Frank Petruzzelli (Non Exec. Director)
Mr Stephen Graves (Executive Chairman, Managing Director)
Contact Information
Phone: +61 3 9349 1488
Email:
Website:

Address
566 Elizabeth Street, MELBOURNE, VIC, Australia, 3000
Media Releases
Golden Gate Petroleum Ltd, Update Permian Basin Project
06 Feb,2012 10:15 AM

Golden Gate Petroleum Ltd (ASX:GGP) is pleased to provide an update of operational activities in our Permian Basin Project located in Reagan County, Texas.

SRH-1 well is having a new down hole pump installed to accommodate the rich gas being produced. It is expected to return to production this week.

SRH-2 well is unloading frac fluid along with oil, gas and formation water. A gas pipeline has been installed. The well is currently averaging a little over 100 BBL of oil per day and 125 MCF of Gas for the last week. The gas is selling for over US$7 per MCF and the oil is sold at WTI less transportation. We are also planning a pump change out on this well to enhance production and deal with the high gas content in the oil, so as to increase the fluid production.

SRH-3 well is currently undergoing a seven stage hydraulic fracture stimulation program. We are including two additional intervals in this well versus the first two wells in order to test their productive capabilities. The actual fracturing has now been successfully completed with drilling out plugs and clean out commencing this week.

SRH-4 well has been successfully completed to a depth of 9,454 feet. A new bottom hole interval (Strawn) has been drilled in this well and a separate hydraulic fracture program has been completed in this lower interval as part of the SRH-3 well stimulation program. Flow testing this interval separately will determine if it is a candidate for horizontal drilling similar to the Wolfcamp interval. Other oil companies in the area are also testing the Strawn interval for possible horizontal drilling. Once sufficient information is gathered on the Strawn, the remaining frac stages will be added over the balance on the known productive intervals.

SRH-5H well, our first horizontal well is completing its planning phase. Locations have been identified and surveys started. A “sleeve” fracture stimulation program is being reviewed with Haliburton.


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