What’s Golden Gate Petroleum up to?

This Jan. 2012 document says they are drilling the **** out of Napoleonville with the DNR’s blessing. And interestingly it talks about “numerous growth faults both parallel and radial to the dome”. And this all seems to be old information that was readily available to Texas Brine before they wrecked their salt dome.

growthfaults

CLICK ON IMAGE FOR FULL SIZE

Additionally it has some interesting key words here like – “Permian Basin Project” and – “Hensarling-1 well in Louisiana
– “The Napoleonville Project is located within the Lower Micocene Planulina – Upper Frio Marg vag trend of south Louisiana.”

4 Traders has an  article (2012) on Golden Gate’s doings in Texas and has this interesting bit at the end – “The Company also has been approached by other oil and industry related companies interested in partnering with us in the development of our acreage position. A partner in this project would provide added capital to take advantage of the multiple intervals that may have potential for horizontal drilling. It would also accelerate the development program to our financial benefit.”

When Richard Heinberg talked about his new book,  Snake Oil: How Fracking’s False Promise of Plenty Imperils Our Future, he mentioned all this drilling is really just scraping the barrel. It costs more and more and to make money these companies do more and more tricks to make a project look productive so they can flip the property like a house hunter. The money is in the re-selling, not in the resource. A huge ponzi scheme *he says.

See what we mean about flipping –

Jan. 3, 2012 – Australia-listed Golden Gate Petroleum (GGP) has spudded a well on the Shallow Laurel Ridge Huth prospect at its Bullseye project in Louisiana.
and then, in the blink of an eye, – Aug. 31, 2012 – Australia-listed Golden Gate Petroleum (GGP) and its working interest partners have agreed to sell their Bullseye project in Louisiana after it lost its appeal from “too many mechanical challenges”.

Although Golden Gate is mostly working in Texas they are all over Assumption Parish. Some news links are at the bottom of this article.

It is repeated about 16:25 min. mark in this audio file.

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