GGP – Rating BUY – Penny stock Picks

We bought GGP( golden Gate petroluem ) at 0.037 @ 28000 units  and are quite pleased with the results. At today asx price of GGP ( 0.056) we are already  made a small tidy sum and waiting to price in more.

Penny stock Price look Up – > GGP STOCK PRICE

Golden Gate is an independent oil and gas exploration and production company listed on the Australian Stock Exchange. Its focus of operations is onshore Texas and Louisiana Gulf Coast region of the USA.

There was a update on  golden gate news  today.

8 February 2010  ( Global stock Market )

Market Release GGP ( Golden Gate Petroluem )

The Board of Golden Gate Petroleum Ltd (ASX:GGP) is pleased to advise the T.G.R. Land Company, Inc #1 well at Fausse Point has begun testing the initial zone of interest in the lowest of three identified hydrocarbon formations. Perforation of this first zone of interest resulted in an immediate pressure build at the surface.

The pressure increased as the well bore liquid was unloaded (produced) and gas was registered at the surface along with a high percentage of clear high gravity distillate (light crude oil or condensate). For logistic
and safety reasons the well was shut in until Monday USA time when production testing will be continued to determine flow rates and the commercial significance of the discover

The GGP Board is very pleased with the results to date which seem to confirm its expectations and now looks forward to the extended production testing operation to determine the commercial significance.

GGP ( golden Gate Petroluem ) CANDLE CHART STOCK PRICE

Fausse Point is part of GGP’s strategy to invest in low-cost, high impact, known hydrocarbon bearing areas which in the Company’s view are moderately low risk in onshore Louisiana or Texas where its knowledge base and operational experience has been established from its other projects.

The Fausse Point exploration project provides a high impact exploration opportunity with near term upside to its current planned Bowtie West project. These high impact exploration wells which are relatively low cost provide good upside for GGP when combined with the current strong cash flow from Bullseye.