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Red Fork Energy discovers new gas zone at West Tulsa

Published: 21:00 21 May 2010 AEST

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Red Fork Energy (ASX: RFE), has reported that the Moebius #2- 28 oil well, in successfully reaching its target depth of 5,604 feet, has identified a new productive zone for exploitation at the company’s 100% owned and operated West Tulsa project.

In a statement the company said that this well represents a very significant advancement in the development of the West Tulsa project.

It has extended the already large Red Fork Sand oil discovery at West Tulsa, opening up new undeveloped locations and a second phase of development, with the next well expected to spud in the week commencing 24th May 2010.

Logs completed on the Moebius #2-28 well highlighted several potentially productive zones logged from 3,000 feet to a depth of 5,400 feet. As previously announced, approximately 80 feet of Red Fork Sand formation has been logged.
 
David Prentice, managing director, said it was significant that "three new sections of sand were intersected between the Red Fork Sand and the Granite Wash area with a total 120 feet of possible future productive sand logged in this new interval."

"This area exhibited a strong show of gas upon drilling," he added.

Casing has now been run and cemented in preparation for completion of the Moebius #2-28 well. Following further evaluation, the company anticipates completing the well as a water disposal Well, servicing the wells that have been drilled but not yet completed at West Tulsa.

In addition, the drilling rig used to drill this well has been contracted to drill the next well (the Moebius #3-28) in the second phase of the development of this exciting project. As stated earlier, this well is expected to spud in the upcoming week.

Red Fork now has nine wells drilled and five producing at West Tulsa with significant permanent oil and gas facilities established.

Red Fork expects to continue the aggressive development of the West Tulsa project. This ongoing development will be funded from existing working capital and cash flow.

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