https://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Sat, 20 Oct 2018 09:05:13 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Brookside Energy’s oil and gas production results confirm productivity in the SCOOP Play ]]> https://www.proactiveinvestors.com.au/companies/news/206340/brookside-energys-oil-and-gas-production-results-confirm-productivity-in-the-scoop-play-206340.html Brookside Energy Ltd (ASX:BRK) has achieved a production rate of 1,828 barrels of oil equivalent per day (BOE/day) (67% oil) from the Bullard 1-18/7H well at the Anadarko Basin plays in Oklahoma, US.

The company has a 20.57% working interest in the well which recently commenced producing from the Woodford Shale in the SCOOP Play.

The well has produced about 73,000 BOE (69% oil) in its first 60-days of production (about 50,000 barrels of oil and 136 million cubic feet of gas).

These results were achieved from a 7,500-foot lateral producing from the Woodford Shale formation at a depth of about 8,050 feet.

Significantly, this well is located adjacent to (within about 5-miles) Brookside’s SWISH area of interest (SWISH AOI), which is the focus of the current leasing campaign.

 

The initial production results provide Brookside with further confirmation of the productivity of the Woodford Shale in this part of the SCOOP Play and validate its SWISH acreage acquisition strategy targeting both the Sycamore and Woodford Formations.

Brookside managing director David Prentice said: “We are again delighted to present the early production results from a new well to our shareholders and investors.

“These are very strong initial production results and we are thrilled that the Woodford Shale in this well is delivering great early indications of its productivity and reserve potential.

READ: Brookside Energy shares surge on achieving sustained production from Anadarko Basin wells

“The Bullard well is located in close proximity to our SWISH AOI and it provides us with an early look at what we can expect there when development gets underway.

“The Woodford, together with the Sycamore are central to the value creation model for SWISH and it is wonderful to have achieved this milestone so early in the evolution of the SWISH story.”

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Thu, 04 Oct 2018 11:35:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206340/brookside-energys-oil-and-gas-production-results-confirm-productivity-in-the-scoop-play-206340.html
<![CDATA[News - Brookside Energy shares surge on achieving sustained production from Anadarko Basin wells ]]> https://www.proactiveinvestors.com.au/companies/news/205702/brookside-energy-shares-surge-on-achieving-sustained-production-from-anadarko-basin-wells-205702.html Brookside Energy Ltd’s (ASX:BRK) shares are trading about 19% higher intra-day after achieving outstanding sustained production results from its two wells in the Anadarko Basin Plays in Oklahoma, US.

The Herring and Kevin FIU wells have produced about 860,000 barrels of oil equivalent (BOE) (9% oil) in the last 10- months and generated US$860,000 in net revenue for Brookside over the same period.

Key performance metrics for the Herring #1-33 1513MH and Kevin FIU #1-20-17XH wells

These wells are forecast to generate additional combined future net revenue of about US$2.4 million for Brookside, assuming US$65 flat price for oil and US$2.85 flat for gas.

Importantly, both wells are set to achieve payout in less than 2.5 years (Herring in 28 months and the Kevin FIU in 17 months).

The outstanding sustained productivity of these wells is further evidence of the high-quality oil and gas reservoirs being exploited and this ultimately points to higher per acre valuations.

 

Brookside managing director David Prentice said: “We are once again delighted to be able to update our shareholders and the market generally with production results from two of our non-operated working interest wells in the STACK Play.

“These wells now have several months of production history and they continue deliver outstanding results.

“We are particularly pleased to report on the success of the Herring well which is our second highest working interest well at about 18%.

READ: Brookside Energy achieves payout for its well in the Anadarko Basin plays in 11 months

“This well has produced almost 500,000 barrels of oil equivalent in less than 12-months and is set to achieve payout in just over 2 years.

“These results support our acreage selection methodology which is key to the success of our acreage acquisition and revaluation business model.”

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Wed, 26 Sep 2018 12:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205702/brookside-energy-shares-surge-on-achieving-sustained-production-from-anadarko-basin-wells-205702.html
<![CDATA[Media files - Brookside Energy progressing well with land leasing and development strategy ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10460/brookside-energy-progressing-well-with-land-leasing-and-development-strategy-10460.html Thu, 13 Sep 2018 13:30:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10460/brookside-energy-progressing-well-with-land-leasing-and-development-strategy-10460.html <![CDATA[News - Brookside Energy achieves payout for its well in the Anadarko Basin plays in 11 months ]]> https://www.proactiveinvestors.com.au/companies/news/204782/brookside-energy-achieves-payout-for-its-well-in-the-anadarko-basin-plays-in-11-months-204782.html Brookside Energy Ltd’s (ASX:BRK) shares are trading about 9% higher intra-day at 1.2 cents after achieving payout for its Landreth BIA 1-14H well in the Anadarko Basin plays, Oklahoma, US in just 11 months.

The Marathon Oil, Co. (NYSE:MRO) operated well (Brookside 2.5% working interest) has produced about 208,000 barrels of oil and 801,000 MCF (million cubic feet) of gas in its first 12 months of production (about 342,000 BOE total).

Brookside’s 2.5% Interest in this well has generated a net revenue of US$230,000 in less than 12-months and achieved payout (i.e. the time taken for a well to recover 100% of drilling, completion and operating costs from sales).

The results were achieved from a 4,600-foot lateral producing from the Meramec formation in the world-class Anadarko Basin plays.

READ: Brookside Energy reveals strong initial production rates for two wells

The company is now set to receive 75% of future net revenue from this well following the return of drilling and completion capital (about US$210,000) to the drilling joint venture.

Importantly, about 70% of the total net revenue forecast for this well is generated in the first 28-months of its operation.

 

Brookside managing director David Prentice said: “We are pleased to report another very significant milestone for both the company and the drilling joint venture, with our first well achieving payout.

“For a well to return 100% of the drilling and completion capital in just 11-months in the current pricing environment is remarkable.

“The Anadarko Basin Plays continue to deliver excellent reservoir quality rock that is driving outstanding economics and supports higher per acre valuations.

“We are very much looking forward to replicating this kind of result in some of our higher working interest wells and ultimately into our SWISH opportunity where we are focused on securing much larger working interests.

“Our non-operated working interest wells keep delivering and the opportunity to “scale this up” as we increase our Anadarko basin land holdings is very exciting.”

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Thu, 13 Sep 2018 11:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204782/brookside-energy-achieves-payout-for-its-well-in-the-anadarko-basin-plays-in-11-months-204782.html
<![CDATA[News - Brookside Energy reveals strong initial production rates for two wells ]]> https://www.proactiveinvestors.com.au/companies/news/204083/brookside-energy-reveals-strong-initial-production-rates-for-two-wells-204083.html Brookside Energy Ltd (ASX:BRK) has received initial flow rate data for two new STACK Play wells that it has a non-operating working interest in, located in the world-class Anadarko Basin, US.

The company has a 3.7% working interest in the Dr. No. 1-17-20XH well which achieved 1,769 barrels of oil equivalent (BOE) per day of which 64% is oil.

Brookside also has a 2.2% working interest in the Ladybug 1-22-27XH well which achieved 3,200 BOE per day.

READ: Brookside Energy will use sale proceeds of US$1.475 million to continue aggressive US leasing strategy

Brookside’s managing director David Prentice said: “We are delighted to present these latest production results from our non-operated working interest wells in the STACK Play.

“These are prolific producers and these results together with those that we have previously announced, confirm our view that the Anadarko Basin Plays are world-class, sitting comfortably alongside the very best oil and gas resource plays in the US.

“We continue to see outstanding results from the wells that we have participated in; both in terms of initial production and estimated time to payout.

“We have now established a “body of work” in terms of initial and sustained production that will feed into our maiden reserve report and provide further support for our acreage acquisition and revaluation business model.”

16 horizontal wells now drilled in Anadarko

Brookside has now participated in the drilling and completion of sixteen horizontal wells within the STACK and SCOOP Plays in the Anadarko Basin.

Production has now been established in fourteen wells, with average IP24 of around 2,400 BOE per day achieved across these wells.

Using this data, Brookside estimates the average payout is estimated at around 30 months for wells, which is a relatively short amount of time.

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Tue, 04 Sep 2018 11:29:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204083/brookside-energy-reveals-strong-initial-production-rates-for-two-wells-204083.html
<![CDATA[Media files - Brookside Energy earns almost US$1.5 million from sale of acreage package ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9989/brookside-energy-earns-almost-us15-million-from-sale-of-acreage-package-9989.html Wed, 01 Aug 2018 08:50:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9989/brookside-energy-earns-almost-us15-million-from-sale-of-acreage-package-9989.html <![CDATA[News - Brookside Energy will use sale proceeds of US$1.475 million to continue aggressive US leasing strategy ]]> https://www.proactiveinvestors.com.au/companies/news/201959/brookside-energy-will-use-sale-proceeds-of-us1475-million-to-continue-aggressive-us-leasing-strategy-201959.html Brookside Energy Ltd (ASX:BRK) will use US$1.475 million from the sale of acreage within its STACK Play holdings to pursue an aggressive leasing strategy within the world-class Anadarko Basin plays in Oklahoma, USA.

Sale of the RA Minerals Royalty Acreage achieved approximately US$15,300 per acre for a mix of partially developed and undeveloped acreage.

The price per acre represents about 80% of the estimated ‘fully developed’ PV10 value per acre.

This compared to approximately 72% of estimated PV10 value per acre achieved in a previous sale of ‘working interest’ leasehold in STACK.

 

Brookside managing director David Prentice said: “We are once again very pleased to report the results of a successful acreage sale from within our STACK Play holdings.

“The sale of the RA Minerals Royalty Acreage has provided further validation of our business model.”

Advance SWISH leasing strategy

Proceeds from the sale will enable Brookside to advance its strategy of leasing prospective acreage within the SWISH area of interest of the SCOOP Play.

Prentice said: “The proceeds from this sale can now be re-invested in our ongoing leasing efforts in SWISH where we believe we can create very significant value.

“The investment capital generated from the sale of about 100 acres effectively leverages us into the acquisition of around 1,000 acres.

“We strongly believe that the greatest value for our shareholders comes from acquiring the very best undrilled acreage, unlocking the value as wells get drilled and the reserve potential of each acre becomes apparent.”

SWISH area of interest comprises 35,000 acres

Brookside and its partner Black Mesa, which manages the US operations, are aggressively pursuing a leasing campaign within the 35,000 acres SWISH area of interest.

The partners are targeting an ‘operated position’ of around 8,000 acres within the area that includes at least 10 drilling units, with unit sizes ranging from 320 acres to 1,280 acres.

Brookside Energy leasehold focus areas in the Anadarko Basin plays.

“The model is clearly working, we are very confident as we now continue our work to significantly increase the scale of the business,” Prentice said.

“In our view, Brookside provides shareholders and investors with a unique opportunity to own part of a world-class oil and gas resource play and be rewarded as reserve value is demonstrated and acreage values increase.”

Excellent production rates

The company’s non-operated ‘working interest’ wells in the Anadarko Basin plays continue to deliver excellent initial production rates.

Brookside, which was established in 2004 and listed on the ASX via an IPO in October 2005, is focused on the mid-continent region of the US that is highly prospective for oil and gas.

Its goal is to build value per share through a disciplined portfolio approach to the acquisition and development of producing oil and gas assets, and the leasing and development of acreage opportunities.

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Wed, 01 Aug 2018 08:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201959/brookside-energy-will-use-sale-proceeds-of-us1475-million-to-continue-aggressive-us-leasing-strategy-201959.html
<![CDATA[Media files - Brookside Energy’s transformational business model validated with successful strategic divestment ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9290/brookside-energys-transformational-business-model-validated-with-successful-strategic-divestment-9290.html Tue, 15 May 2018 11:55:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9290/brookside-energys-transformational-business-model-validated-with-successful-strategic-divestment-9290.html <![CDATA[News - Brookside Energy attracts $3.16 million for Anadarko Basin plays ]]> https://www.proactiveinvestors.com.au/companies/news/194394/brookside-energy-attracts-316-million-for-anadarko-basin-plays-194394.html Brookside Energy Ltd (ASX:BRK) has received commitments from existing shareholders and new investors to raise $3,16 million via the placement of shares at 1.6 cents each.

The new funding will enable Brookside to expand and accelerate its leasing activities in the world-class SCOOP Play in the Anadarko Basin, Oklahoma, US.

$BRK.AX #AAA_BRK;  Funding Secured for SCOOP Play Acquisitions - https://t.co/Xfz7tMcSGN

— Brookside Energy (@BrooksideEnergy) April 6, 2018

Brookside will target the liquids-rich fairways of the eastern margin of the prolific Anadarko Basin.

The company has already identified an 8,000-acre position named ‘SWISH’ that includes at least 10 drilling units.

Exploring oil and gas prone source rock

Interestingly, target reservoirs are already being successfully exploited by tier-one independent companies operating on adjacent acreage.

The target reservoirs in SWISH include the 340 feet to 500 feet thick Woodford Shale (the organic rich, oil and gas prone source rock for entire Anadarko Basin).

Brookside managing director David Prentice said: “We are pleased with the platform we have created from our foray into the STACK Play, where in a short period of time, we have secured a tier-one acreage position, succesfully particpated in 14 horizontal wells and have already seen acreage values increase significantly.

“The successful execution of this part of our plan has given us great confidence to take what we have learned as a non-operating particpant in STACK and apply that in SCOOP, specifically in our very exciting SWISH AOI.“

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Fri, 06 Apr 2018 15:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194394/brookside-energy-attracts-316-million-for-anadarko-basin-plays-194394.html
<![CDATA[News - Brookside Energy to raise funds ]]> https://www.proactiveinvestors.com.au/companies/news/171987/brookside-energy-to-raise-funds-171987.html The company is pending details in relation to an equity raising.

The halt will remain in place until the opening of trade on Wednesday, 25th January 2017, or earlier if an announcement is made to the market.

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Mon, 23 Jan 2017 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171987/brookside-energy-to-raise-funds-171987.html
<![CDATA[News - Brookside Energy to update on acquisition, raise capital ]]> https://www.proactiveinvestors.com.au/companies/news/167672/brookside-energy-to-update-on-acquisition-raise-capital-167672.html Brookside requested the halt pending details in relation to the acquisition of additional non-operated working interest leasehold acres in the STACK Play, and an equity raising.

The halt will remain in place until the opening of trade on Monday 24th October 2016, or earlier if an announcement is made to the market.

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Thu, 20 Oct 2016 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167672/brookside-energy-to-update-on-acquisition-raise-capital-167672.html
<![CDATA[News - Brookside Energy Ltd expands holdings in Oklahoma oil region ]]> https://www.proactiveinvestors.com.au/companies/news/165983/brookside-energy-ltd-expands-holdings-in-oklahoma-oil-region-71054.html Brookside Energy Ltd (ASX:BRK) has expanded its lease holdings in the highly prospective STACK Meramec oil region in Oklahoma, U.S. to circa 300 acres.

The new acreage has been secured within a productive, over-pressured oil window.

Brookside’s latest acquisition represents a strategy to build a position in one of the few on-shore regions that remain economic at the current oil price.

The productivity of the core STACK acreage was reinforced last week with the release of initial production data on two recently drilled and completed extended-reach wells.

The wells delivered high initial 24-hour rates of 3,700 barrels of oil per day per well (70% oil).

A current industry type curve for a single extended-reach horizontal well delivers a target recovery of 1,700 Mboe (thousand barrels of oil) (58% oil) with 380 Mboe produced in the first 12-months.

This well generates a pre-tax rate of return in excess of 70% at current pricing, on an estimated completed well cost of US$9 million.

Based on this type curve and the recent successful increased density pilots, Brookside’s current STACK acreage could support the company’s initial target of 10 million barrels of oil in proved reserves.

The company’s share price has increased by about 38% in the past 3 months, last trading at $0.011.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 16 Sep 2016 13:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165983/brookside-energy-ltd-expands-holdings-in-oklahoma-oil-region-71054.html
<![CDATA[News - Brookside Energy Ltd granted an ASX trading halt ]]> https://www.proactiveinvestors.com.au/companies/news/165557/brookside-energy-ltd-granted-an-asx-trading-halt-70606.html Brookside Energy Ltd (ASX:BRK) has been granted a trading halt by the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Thursday 25th August 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 23 Aug 2016 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165557/brookside-energy-ltd-granted-an-asx-trading-halt-70606.html
<![CDATA[News - Brookside Energy Ltd to reveal details on drilling joint venture ]]> https://www.proactiveinvestors.com.au/companies/news/133465/brookside-energy-ltd-to-reveal-details-on-drilling-joint-venture-69948.html Brookside Energy Ltd (ASX:BRK) is focused on oil exploration in the U.S., and today has been granted a trading halt by the ASX - pending details of a drilling joint venture.

Brookside already has an agreement in place with Black Mesa Production, LLC, which low-cost exposure to the energy sector.

The halt will remain in place until the opening of trade on Monday 25th July 2016, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 21 Jul 2016 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133465/brookside-energy-ltd-to-reveal-details-on-drilling-joint-venture-69948.html
<![CDATA[News - Brookside Energy Ltd to reveal acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/133464/brookside-energy-ltd-to-reveal-acquisition-67737.html Brookside Energy Ltd (ASX:BRK) has some acquisition news pending, with the ASX granting the company a trading halt to prepare.

In the final months of 2015, the company invested in a U.S. focused start-up.

The halt will remain in place until the opening of trade on Thursday 31st March 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 29 Mar 2016 12:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133464/brookside-energy-ltd-to-reveal-acquisition-67737.html
<![CDATA[News - Red Fork Energy's shares in pre-open ]]> https://www.proactiveinvestors.com.au/companies/news/133463/red-fork-energys-shares-in-pre-open-59480.html Red Fork Energy (ASX:RFE) has been granted a trading halt regards the status of the company’s senior secured lending facility.

Red Fork's shares have been placed in pre-open.

The company had $6.6 million cash at bank at the end of September 2014.

The halt will remain in place until the opening of trade on Thursday 11th December 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 09 Dec 2014 12:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133463/red-fork-energys-shares-in-pre-open-59480.html
<![CDATA[News - Red Fork Energy, MacPhersons Resources among ASX % Gainers ]]> https://www.proactiveinvestors.com.au/companies/news/133462/red-fork-energy-macphersons-resources-among-asx-gainers-59055.html Wednesday's leading % Gainers on the ASX intra-day.

CompanyCodeLastChangeVolume Red Fork Energy RFE $0.011 120% 45,081,752 De Grey Mining DEG $0.002 100% 460,000 Siburan Resources SBU $0.028 47.37% 60,000 Lachlan Star LSA $0.030 42.86% 10,867 Rectifier Technology RFT $0.004 33.33% 500,000 Beacon Minerals BCN $0.004 33.33% 500,000 MacPhersons Resources MRP $0.100 25% 14,800 Torian Resources TNR $0.005 25% 716,250 Victory Mines VIC $0.005 25% 79,000

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 19 Nov 2014 14:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133462/red-fork-energy-macphersons-resources-among-asx-gainers-59055.html
<![CDATA[News - Red Fork Energy farms out oil acreage in Oklahoma, U.S. ]]> https://www.proactiveinvestors.com.au/companies/news/133461/red-fork-energy-farms-out-oil-acreage-in-oklahoma-us-54251.html Red Fork Energy (ASX: RFE, OTCQX: RDFEY) should trade higher after entering into a Farm-out Agreement with Blue Quail, covering up to 160-acres in Noble County, Oklahoma in the U.S.

The agreement with Blue Quail grants them the right to drill vertical wells to a depth sufficient to test the Misener Formation, while Red Fork will retain the right to drill and complete horizontal wells.

Blue Quail must spud the first vertical test well on or before May 21, 2014, and will have a 100% working interest and bear 100% of the cost to drill and complete this initial earn-in well.

Thereafter, all costs and all revenues attributable to the initial well will be shared between Blue Quail (85%) and Red Fork (15%).

In addition, Red Fork will take over operations when this well has been completed for production.

Red Fork's existing infrastructure in the area will be utilized and Blue Quail will be subject to a fee for produced water disposal and gas transportation.

By establishing commercial production, Blue Quail will additionally earn 50% of Red Fork’s leasehold interest in the 40-acres in which the well is spud.

Red Fork will have the option to join in any subsequent wells proposed by Blue Quail with its 50% retained working interest or be carried for the same 15%.

Establishing commercial production will also earn Blue Quail a continuous drilling right and option to drill over the balance of the Farm-out Lands.

These rights will be subject to the same terms and conditions described above.

All interest earned by Blue Quail in the Farm-out Lands shall be covered by an overriding royalty interest to be retained by Red Fork of the difference between lease burdens and 20%, thus delivering to Blue Quail an 80% net revenue interest.

The primary zone of interest is the Cleveland Sandstone - The Orlando Cleveland Unit about 1.5 kilometres west of the Farm-out Lands has produced in excess of 2.6 million barrels of oil.

This agreement provides Red Fork with a zero-risk opportunity to participate in the testing of conventional oil and gas targets identified by Blue Quail within the Farm-out Lands.

Red Fork’s large Mississippian/Woodford acreage position has the potential to host multiple similar conventional oil and gas targets.

Production history indicates a number of fields within the region of the Company’s Big River holdings that have produced in excess of 5 million barrels of oil equivalent from vertical wells completed in conventional targets.

Red Fork expects that there will be opportunities to pursue these in the future through similar farm-out arrangements or on its own behalf.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 10 Apr 2014 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133461/red-fork-energy-farms-out-oil-acreage-in-oklahoma-us-54251.html
<![CDATA[News - Red Fork Energy closes US$150M loan from Guggenheim Partners to fund U.S. oil and gas drilling ]]> https://www.proactiveinvestors.com.au/companies/news/133460/red-fork-energy-closes-us150m-loan-from-guggenheim-partners-to-fund-us-oil-and-gas-drilling-49948.html Red Fork Energy (ASX: RFE) has closed an agreement with Guggenheim Partners to provide a US$150 million Secured Term Loan to replace its existing US$45 million credit facility and fund its Mississippi Lime drilling program in 2013 and 2014.

The larger facility will allow the company to increase its Reserve base and production over this period.

Guggenheim Partners is a privately held global financial services firm with more than $180 billion in assets under management.

Red Fork had increased production by 35% in the September 2013 quarter to 238,400 barrels of oil equivalent and a 43.4% increase in sales to US$10.02 million.

It currently has Proved Reserves of 14 million boe.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 07 Nov 2013 15:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133460/red-fork-energy-closes-us150m-loan-from-guggenheim-partners-to-fund-us-oil-and-gas-drilling-49948.html
<![CDATA[News - Red Fork Energy gets pleasant shale surprise at Mississippian lease ]]> https://www.proactiveinvestors.com.au/companies/news/133459/red-fork-energy-gets-pleasant-shale-surprise-at-mississippian-lease-46772.html Red Fork Energy (ASX:RFE) has completed a geological review of its Mississippian acreage in Northern Oklahoma, indicating a that a larger than expected portion of the Woodford Shale underlies RFE ground.

Studies of production data, source rock and mineralogy of the Woodford shale demonstrate the shale is present with productive characteristics and thicknesses across more than 90% of Red Fork’s Mississippian leasehold, delivering more than 650 unrisked drilling locations.

The Woodford shale is considered to be the source rock for the hydrocarbons in the Mississippi Lime.

Regional third party studies, including vitrinite reflection studies, confirm that the Woodford shale within Red Fork’s acreage lies in the “oil window” with expected gas to oil ratios of over 70% oil.

The shale is also silica rich which is easily fractured, enabling enhanced permeability through stimulation.

In addition to its 100% controlled Mississippian leases, RFE is committed to participate in seven horizontal Woodford shale wells, six being operated by Devon Energy, averaging a 12% working interest across the program.

A significant stream of results will flow from this activity in the coming months.

Emergence of the liquids-rich nature in the Woodford shale has vast implications for RFE's future production and reserve potential.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 15 Aug 2013 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133459/red-fork-energy-gets-pleasant-shale-surprise-at-mississippian-lease-46772.html
<![CDATA[News - Red Fork Energy raises the bar with $47.7M raising for Mississippian project ]]> https://www.proactiveinvestors.com.au/companies/news/133458/red-fork-energy-raises-the-bar-with-477m-raising-for-mississippian-project-45503.html Oklahoma based, dual listed Red Fork Energy (ASX:RFE, OTCMKTS:RDFEF)  has lifted the capital raising bar, managing to raise $47.7 million from a placement at A$0.43 per share to institutional and sophisticated investors.

As impressively, the issue was not underwritten, funds raised will see the oil and gas exploration and production company continue development of its Big River Mississippian project.

It will allow increased participation in non-operated wells and fund a potential acquisition of ~2,000 acres within one of the company’s core areas and provide additional working capital.

Over the past six months there has been strong growth in production and reserves. The placement will support a lending facility.


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Fri, 12 Jul 2013 11:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133458/red-fork-energy-raises-the-bar-with-477m-raising-for-mississippian-project-45503.html
<![CDATA[News - Red Fork Energy is on the acquisition trail ]]> https://www.proactiveinvestors.com.au/companies/news/133457/red-fork-energy-is-on-the-acquisition-trail-45386.html Red Fork Energy (ASX: RFE) is currently poised to make an announcement regarding funding for a potential acquisition, and the ongoing development of the Big River horizontal Mississippian oil and liquids rich gas play in northern Oklahoma.

The ASX has granted Red Fork a trading halt, with its shares placed in pre-open.

Since the beginning of calendar 2013 the company has increased drilling and permitting activity (for both horizontal Mississippian and Woodford shale wells) within the non-operated portion of its acreage position East of the Nemaha Ridge in the Mississippian play.

Red Fork’s inventory of non-operated horizontal wells at various stages from proposed, to drilled, drilled and completed and in production has grown to 24 wells.

Red Fork’s Working Interest in these wells ranges from ~1% to 43% with an average Working Interest across these wells of ~15%.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 12th July 2013.

 

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Wed, 10 Jul 2013 08:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133457/red-fork-energy-is-on-the-acquisition-trail-45386.html
<![CDATA[News - Red Fork Energy continues to ramp up Oklahoma oil and gas production ]]> https://www.proactiveinvestors.com.au/companies/news/133456/red-fork-energy-continues-to-ramp-up-oklahoma-oil-and-gas-production-44425.html Red Fork Energy’s (ASX: RFE) ongoing productivity improvements have borne fruit, increasing gross production in Oklahoma to 2,357 barrels of oil equivalent in May, up 30% from the previous month.

Notable improvements include record well spud to rig release of 17 days and consistent delivery of well spud to sales in less than 50 days.

Initiatives directed toward post completion production optimisation are also delivering positive results with the introduction of jet pumps in the initial phase (first 30-days) of production testing of new wells and in some cases to improve productivity on more mature wells.

The use of jet pumps is allowing wells to more effectively clean up prior to the installation of the electric submersible pumps. In some cases this will impact on timing for reaching stable peak production and therefore IP 30 rates.

Strong initial production results achieved in May include Jardine 1-26H (302boe/d), Flinders 1-25H (438boe/d) and Santana 1-30H (221boe/d).

 

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Thu, 13 Jun 2013 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133456/red-fork-energy-continues-to-ramp-up-oklahoma-oil-and-gas-production-44425.html
<![CDATA[News - Red Fork Energy cranks up Oklahoma oil and gas production ]]> https://www.proactiveinvestors.com.au/companies/news/133455/red-fork-energy-cranks-up-oklahoma-oil-and-gas-production-41965.html Red Fork Energy (ASX: RFE) has delivered a record high gross production rate of about 2,100 barrels of oil equivalent per day in March from its Mississippian Development Areas in Oklahoma.

Gross production is currently averaging about 1,700boe per day and set to rise further as more horizontal wells are brought into production.

Red Fork has 33 gross horizontal Mississippian wells across eight Development Areas at various stages from drilling to planning.

Its completion planning and scheduling initiatives have delivered outstanding results with 20 wells now completed for production.

Well details

The Mawson 1-03H and Hartog 1-10H wells have both achieved higher maximum rates of 4056boe/d and 396boe/d respectively while the Jardine 1-26H and State 1-13H wells have also reached higher maximum rates of 283boe/d and 124boe/d respectively in the last 30 days.

Red Fork has also completed, stimulated and is now testing the Forrest 1-21H, Hammer Head 1-22H, Mako 1-27H, McMurtry 1-27H, Whitney 1-30H, Phil 1-19H and the Santana 1-30H wells.

The company had $36.7 million in cash at the end of the December 2012 quarter. It has also secured a US$65 million revolving credit facility with Oklahoma-based F&M Bank for its forward Mississippian development program.

 

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Fri, 12 Apr 2013 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133455/red-fork-energy-cranks-up-oklahoma-oil-and-gas-production-41965.html
<![CDATA[News - Red Fork Energy closes US$65 million credit facility ]]> https://www.proactiveinvestors.com.au/companies/news/133454/red-fork-energy-closes-us65-million-credit-facility-41018.html Red Fork Energy (ASX:RFE, OTCQX:RDFEY) is set to complete a US$65 million revolving credit facility with Oklahoma based, F&M Bank.

The initial borrowing base amount of US$20 million is based on the proved reserves for the Company’s Mississippian holdings as at December 31, 2012.

The facility has an interest rate of 3.25% per annum.

It will be used in conjunction with operating cash flow to fund overall capital expenditure requirements for the Company’s forward Mississippian development program and for general working capital purposes.

Receipts from oil and gas sales for the December quarter totaled US$3.51 million (a 57% increase on the previous quarter).

Gross production for the quarter was 99.75Mboe (1,108Boe/day) (an 89% increase on the previous quarter).

Cash at bank was $36.7 million at the end of the December quarter.

 

 

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Wed, 20 Mar 2013 11:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133454/red-fork-energy-closes-us65-million-credit-facility-41018.html
<![CDATA[News - Red Fork Energy on track to complete 20 production wells in Mississippi ]]> https://www.proactiveinvestors.com.au/companies/news/133453/red-fork-energy-on-track-to-complete-20-production-wells-in-mississippi-40868.html Red Fork Energy (ASX:RFE) is on track to have 20 wells completed for production at its Mississippian Development Areas in Oklahoma by the end of March.

Gross production for February averaged about 1,303 barrels of oil equivalent per day while the current gross production is averaging slightly higher at 1,590 barrels of oil equivalent.

The McMurtry-1-22H well has averaged 328 BoE following optimisation work, while Mawson-1-03H and Hartog-1-10H wells have been completed and are testing with average production rates in the first five days of 380 BoE and 98 per day.

Jardine-1-26H and State-1-13H well have both achieved higher maximum rates of 160 BoE and 113 BoE respectively in the last 30 days.

The company now has thirty gross horizontal Mississippian wells across eight development areas at various stages from drilling to producing.

It had a cash balance of $36.8 million at the end of the December quarter.



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Fri, 15 Mar 2013 14:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133453/red-fork-energy-on-track-to-complete-20-production-wells-in-mississippi-40868.html
<![CDATA[News - Red Fork Energy continues to increase oil and gas production from Oklahoma well ]]> https://www.proactiveinvestors.com.au/companies/news/133452/red-fork-energy-continues-to-increase-oil-and-gas-production-from-oklahoma-well-38682.html Red Fork Energy (ASX: RFE) has received further encouragement in its Mississippi Lime play in Oklahoma with production at the McMurtry 1-22H well reaching a higher peak rate. 

McMurtry 1-22H in Development Area 2 has hit a peak production rate of 455 barrels of oil equivalent per day with average daily production over the last seven days of 365boe (60% crude oil), about 100 boe per day.

Other wells are also contributing to production with the State 1-13H and Warburton wells undergoing production testing.

The wells are currently producing at 80boe and 168boe per day respectively. This could increase further as there is still a large amount of fluid over the pump.

Reservoir stimulation operations have also been completed at the Jardine 1-26H well and it is currently cleaning up in preparation for the installation of the electric submersible pump.

 

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Thu, 24 Jan 2013 17:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133452/red-fork-energy-continues-to-increase-oil-and-gas-production-from-oklahoma-well-38682.html
<![CDATA[News - Red Fork Energy expands Oklahoma oil production ]]> https://www.proactiveinvestors.com.au/companies/news/133451/red-fork-energy-expands-oklahoma-oil-production-38058.html Red Fork Energy (ASX: RFE) continues to build up its portfolio of producing wells with 10 horizontal Mississippian producers in Oklahoma now successfully completed for production.

Of these, eight wells are producing to sales through permanent production facilities.

These include the Warburton 1-23H well, which has just started flowback operations and is already producing an average of 75 barrels of oil per day to sales.

Production may rise as there is still a large amount of fluid over the pump.

A further two wells are currently undergoing testing while completion and reservoir stimulation is underway and/or set to commence on a further five wells.

 

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Fri, 11 Jan 2013 12:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133451/red-fork-energy-expands-oklahoma-oil-production-38058.html
<![CDATA[News - Red Fork Energy adds further oil production in Oklahoma ]]> https://www.proactiveinvestors.com.au/companies/news/133450/red-fork-energy-adds-further-oil-production-in-oklahoma-38002.html Red Fork Energy (ASX: RFE) has received a production boost after a non-operated well in northern Oklahoma flowed high rates of oil.

The PQML-9 well operated by PetroQuest Energy (NYSE: PQ) flowed at a maximum rate of 1,291 barrels of oil equivalent (87% crude oil).

PQML-9 had flowed at an average rate of 629boe per day over its first 27 days of production.

The results highlight the production potential for horizontal Mississippian wells drilled in the oil prone area east of the Nemaha Ridge.

Red Fork has a 12.5% working interest in the well, which is located within Development Area 7.

The company has interests in 32 640-acre sections in this area.

Red Fork is currently negotiating with PetroQuest on an agreement to facilitate data sharing within the play and expects to work together on further horizontal wells.

 

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Thu, 10 Jan 2013 12:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133450/red-fork-energy-adds-further-oil-production-in-oklahoma-38002.html
<![CDATA[News - Red Fork Energy adds another Mississippi Lime producer ]]> https://www.proactiveinvestors.com.au/companies/news/133449/red-fork-energy-adds-another-mississippi-lime-producer-37035.html Red Fork Energy (ASX: RFE) continues to build up its producing base, bringing yet another horizontal Mississippi Lime well in Oklahoma online for sales.

The company now has seven horizontal wells producing to sales through permanent production facilities in Development Area 2.

Completion and reservoir stimulation is underway or is set to be completed in December on three additional horizontal producers.

Three more horizontal producers to be completed and stimulated in January 2013.

Red Fork has also drilled or is drilling nine water disposal wells in Development Areas 2, 3 and 4.

The company has increased production at its McMurtry 1-22H well, which has now produced at an average rate of 271 barrels of oil equivalent per day over the last 22 days. This is up from the 232boe/d that was last reported.

Production testing of the State 1-16H well is also underway with average production at this early stage of 112boe/d.

 

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Fri, 07 Dec 2012 10:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133449/red-fork-energy-adds-another-mississippi-lime-producer-37035.html
<![CDATA[News - Red Fork Energy adds more oil and gas production in Oklahoma ]]> https://www.proactiveinvestors.com.au/companies/news/133448/red-fork-energy-adds-more-oil-and-gas-production-in-oklahoma-36187.html Red Fork Energy (ASX: RFE) has brought an additional two horizontal Mississippi Lime producing wells in Oklahoma online as it continues to develop its acreage.

The company now has six horizontal wells producing to sales through permanent production wells with another 15 wells across four development areas at various stages from producing, completing, awaiting completion and drilling.

This includes stimulation underway or set to commence on two additional horizontal producers.

Its Bunch 1-19H well is currently producing 184 barrels of oil equivalent per day (74% oil and 26% wet gas) while the McMurtry 1-22H well is producing at an average rate of 232boe/d (79% oil).

Production testing has just started on the State 1-16H well.

 

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Wed, 21 Nov 2012 14:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133448/red-fork-energy-adds-more-oil-and-gas-production-in-oklahoma-36187.html
<![CDATA[News - Red Fork Energy accelerating Oklahoma oil and gas drilling ]]> https://www.proactiveinvestors.com.au/companies/news/133447/red-fork-energy-accelerating-oklahoma-oil-and-gas-drilling-35538.html Red Fork Energy (ASX: RFE) continues to accelerate drilling over its Mississippi Lime acreage in Oklahoma with a fourth rig scheduled to start operations in the first quarter of 2013.

This will join the three rigs operating across the four development areas with two horizontal wells underway and a third well set to spud.

Red Fork currently has four horizontal wells producing to sales through permanent production facilities with another three wells successfully completed for production and stimulated during October.

Two more wells are expected to be completed for production and stimulated during November.

This has positive implications on the company’s exit production for 2012, having produced oil and gas at a rate of 587 barrels of oil equivalent per day during the September 2012 quarter.

Red Fork has also completed recording of the 124.3 square kilometre Phase 5 3D seismic survey over the Big River project.

This brings the total coverage up to over 256 square kilometres with permitting underway for an additional three smaller shoots with combined coverage of about 46.6 square kilometres.

The seismic coverage will underpin drilling well into 2015.

 

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Wed, 07 Nov 2012 10:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133447/red-fork-energy-accelerating-oklahoma-oil-and-gas-drilling-35538.html
<![CDATA[News - Red Fork Energy expanding its Oklahoma oil and gas drilling ]]> https://www.proactiveinvestors.com.au/companies/news/133446/red-fork-energy-expanding-its-oklahoma-oil-and-gas-drilling-34832.html Red Fork Energy (ASX: RFE) has made progress at two new Development Areas in Noble and Payne Counties, Oklahoma, that have the potential to hold an initial 100 wells.

At Development Area 3, the company has drilled its first well Mawson 1-3H to a target depth of 9,581 feet and is carrying out logging operations.

Oil and gas shows were observed throughout the lateral section in this well.

Development Area 3 has the potential for an initial 30 horizontal wells.

In Development Area 4, which could hold an initial 70 wells, Red Fork is waiting on the Unit Rig 303 to complete rigging up to drill three wells.

These include the EastOK-Holland 1-21 SWD water injection well and two horizontal Mississippi wells.

The company is also constructing permanent production facilities as well as gas and water gathering pipelines at the two areas to facilitate an efficient transition to sales.

In Development Area 2, Red Fork is continuing production testing on the Tasman 1-15H well, which has produced at an average rate of 181 barrels of oil equivalent (boe) per day in the last seven days.

Production is still rising with just over 2,000 feet of fluid over the pump and only 60% of load water recovered.

Reservoir stimulation has been completed at the Bunch 1-19H well while operations are underway at the McMurtry 1-22H well.

 

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Tue, 23 Oct 2012 14:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133446/red-fork-energy-expanding-its-oklahoma-oil-and-gas-drilling-34832.html
<![CDATA[News - Red Fork Energy pens Mississippian reserves ]]> https://www.proactiveinvestors.com.au/companies/news/133445/red-fork-energy-pens-mississippian-reserves-34339.html Red Fork Energy (ASX: RFE) has released its maiden reserves for its Mississippian play in Oklahoma with proved and probable (2P) reserves of 4.7 million barrels of oil equivalent (MMboe).

The independent certification by Lee Keeling and Associates also estimated proved (1P) reserves at 2MMboe; proved, probable and possible (3P) reserves of 29MMboe and considerable upside in the contingent resource of 166.9MMboe.

This consists of 79% crude oil and 21% high value gas.

With strong funding – including an underwritten A$50 million placement underway – and the reserves certification in place, Red Fork is now poised to de-risk and unlock the value contained in its contingent resource and possible reserves categories.

Further upside could exist from increased density of wells from the current three wells per 640 acre section and improvements in well performance through well design and completion efficiency.   

 

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Wed, 10 Oct 2012 16:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/133445/red-fork-energy-pens-mississippian-reserves-34339.html
<![CDATA[News - Red Fork Energy marks success in Oklahoma with larger reservoir stimulation design ]]> https://www.proactiveinvestors.com.au/companies/news/133444/red-fork-energy-marks-success-in-oklahoma-with-larger-reservoir-stimulation-design-33605.html Red Fork Energy (ASX: RFE) has successfully completed reservoir stimulation operations at a well in Development Area 2, Oklahoma, that used a larger design to encourage more vertical and lateral fracture growth.

More than 93,000 barrels of water were pumped over 15 stages and operations at Tasman 1-15H were completed without communication with any large fractures or faults.

Tasman 1-15H is currently pumping back load water via the electric submersible pump at a rate of about 1,400 barrels per day.

Red Fork is also preparing to bring to bring its Blair 1-24H well back into production with the workover rig on site to service the electric submersible pump while equipment is being moved to the McMurtry 1-22H well to carry out reservoir stimulation operations, which are expected to start before the end of September.

Further reservoir stimulations will be carried out on the Bunch 1-19H and State 1-16H wells in October.

Red Fork is also due to spud within the next 24 hours the Mawson 1-3H well in Development Area 3.

Mawson 1-3H is the first of three wells – two producers and one water disposal well – to be drilled off this location.

Red Fork’s working interests in these wells range from 56% to 100%.

 

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Wed, 19 Sep 2012 13:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133444/red-fork-energy-marks-success-in-oklahoma-with-larger-reservoir-stimulation-design-33605.html
<![CDATA[News - Red Fork Energy raising A$50m to accelerate Mississippian drilling ]]> https://www.proactiveinvestors.com.au/companies/news/133443/red-fork-energy-raising-a50m-to-accelerate-mississippian-drilling--32234.html Red Fork Energy (ASX: RFE) is undertaking an underwritten conditional placement to raise A$50 million to allow the company to continue and accelerate an aggressive drilling program over its Mississippian acreage.

The company is planning to issue 74.63 million new shares at $0.67 per share, an 8% discount to the last closing share price, to qualified institutional and sophisticated investors.

Upon completion of the raising, Red Fork will hold cash in hand of $72.2 million, meaning the company will be sufficiently funded as it works to fast track development at its proven oil play.

The company has increased its Mississippian acreage to 75,000 acres (303.5 square kilometres) and now has 10 development areas planned across five key counties in the Eastern Limb of the Mississippian play.

Red Fork has drilled nine horizontal Mississippian wells with four completed for production, three awaiting completion and two currently drilling.

The wells completed for production are delivering strong results.


McMurtry 1-21H well

The company’s McMurtry 1-21H well in Development Area 2, Oklahoma, continues to be a winner for the company with production averaging about 470 barrels of oil equivalent per day.

The well has been producing uninterrupted since testing commenced and has been transferred to the company’s production monitoring team for permanent production.

Further production from the Mississippi Lime play is just waiting on completion works to be carried out on the McMurtry 1-22H, Bunch 1-19H and State 1-13H wells.


Crude oil deal

Red Fork has recently reached a deal to sell crude oil produced at the Mississippi Lime play to a subsidiary of Phillips 66 (NYSE: PSX).

Oil from its 75,000 acre (303.5 square kilometres) holding in north central Oklahoma will be committed to Phillips 66 for pipeline connection and/or trucking of oil production from that acreage.

Phillips 66 operates one of the world's largest crude oil refining businesses, including substantial oil pipeline assets for its 187,000 barrel-per-day refinery located in Ponca City, Oklahoma.
 

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Fri, 10 Aug 2012 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133443/red-fork-energy-raising-a50m-to-accelerate-mississippian-drilling--32234.html
<![CDATA[News - Red Fork Energy has news on oil and liquids gas play in Oklahoma, in pre open ]]> https://www.proactiveinvestors.com.au/companies/news/133442/red-fork-energy-has-news-on-oil-and-liquids-gas-play-in-oklahoma-in-pre-open-32136.html Red Fork Energy (ASX: RFE) is set to update the market on the ongoing development of the Big River horizontal Mississippian oil and liquids rich gas play in northern Oklahoma, and has today been granted a trading halt by the ASX to organise the news.

Red Fork has not yet elaborated further, but the market is anticipating the news especially after the announcement earlier in the week on the McMurtry 1-21H well in Development Area 2 - which continues to be a winner for the company with production averaging about 470 barrels of oil equivalent per day.

The well has been producing uninterrupted since testing commenced and has been transferred to the company’s production monitoring team for permanent production.

Further production from the Mississippi Lime play is just waiting on completion works to be carried out on the McMurtry 1-22H, Bunch 1-19H and State 1-13H wells.

Red Fork has also reached a deal to sell crude oil produced at the Mississippi Lime play to a subsidiary of Phillips 66 (NYSE: PSX).

Oil from its 75,000 acre (303.5 square kilometres) holding in north central Oklahoma will be committed to Phillips 66 for pipeline connection and/or trucking of oil production from that acreage.

Phillips 66 operates one of the world's largest crude oil refining businesses, including substantial oil pipeline assets for its 187,000 barrel-per-day refinery located in Ponca City, Oklahoma.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 10th August.

 

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Wed, 08 Aug 2012 10:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133442/red-fork-energy-has-news-on-oil-and-liquids-gas-play-in-oklahoma-in-pre-open-32136.html
<![CDATA[News - Red Fork Energy places Mississippi Lime well into permanent production ]]> https://www.proactiveinvestors.com.au/companies/news/133441/red-fork-energy-places-mississippi-lime-well-into-permanent-production-32089.html Red Fork Energy’s (ASX: RFE) McMurtry 1-21H well in Development Area 2, Oklahoma, continues to be a winner for the company with production averaging about 470 barrels of oil equivalent per day.

The well has been producing uninterrupted since testing commenced and has been transferred to the company’s production monitoring team for permanent production.

Further production from the Mississippi Lime play is just waiting on completion works to be carried out on the McMurtry 1-22H, Bunch 1-19H and State 1-13H wells.

Red Fork has also reached a deal to sell crude oil produced at the Mississippi Lime play to a subsidiary of Phillips 66 (NYSE: PSX).

Oil from its 75,000 acre (303.5 square kilometres) holding in north central Oklahoma will be committed to Phillips 66 for pipeline connection and/or trucking of oil production from that acreage.

Phillips 66 operates one of the world's largest crude oil refining businesses, including substantial oil pipeline assets for its 187,000 barrel-per-day refinery located in Ponca City, Oklahoma.

 

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Mon, 06 Aug 2012 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133441/red-fork-energy-places-mississippi-lime-well-into-permanent-production-32089.html
<![CDATA[News - Red Fork Energy ramps up Oklahoma oil and gas production ]]> https://www.proactiveinvestors.com.au/companies/news/133440/red-fork-energy-ramps-up-oklahoma-oil-and-gas-production-31589.html Red Fork Energy’s (ASX: RFE) Mississippi Lime play in Development Area 2, Oklahoma, continues to prove its value with one well moved to permanent production while another has ramped up its output.

Testing of the Blair 1-24H well, which flowed at a peak rate of 400 barrels of oil equivalent per day (boe/d)and an average rate of 273boe/d has been completed and the well transferred to Red Fork’s production monitoring team.

Meanwhile, production at the McMurtry 1-21H well has ramped up from 485boe/d to an average of 648boe/d. Gas to oil ratios remain consistent with those previously reported, which works out to oil production of about 480 barrels per day and gas of 1 million cubic feet per day.

A 30-day peak and average rate for the well will be released when testing operations are completed.

With two rigs operating in this area of the Noble and Payne Counties, Red Fork expects to add two new wells to its inventory each month, paving the way for it to end the year on a high note if the current success rate and production holds up.

 

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Mon, 23 Jul 2012 16:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133440/red-fork-energy-ramps-up-oklahoma-oil-and-gas-production-31589.html
<![CDATA[News - Red Fork Energy adds more oil production, proves up value of Mississippi Lime play ]]> https://www.proactiveinvestors.com.au/companies/news/133439/red-fork-energy-adds-more-oil-production-proves-up-value-of-mississippi-lime-play-31340.html Red Fork Energy (ASX: RFE) has received more encouragement about the potential of its Development Area 2 in Noble and Payne Counties, Oklahoma, with strong oil and gas production from another Mississippi Lime well.

McMurty 1-21H is currently flowing 360 barrels of light oil and 750,000 cubic feet of gas into permanent production facilities, in line with production from the previous Blair 1-24H well.

Red Fork noted that these results were achieved while the well is still cleaning up with casing pressure building and a very high fluid level in the well bore.

A 30-day peak and average rate for the well will be released when testing operations are completed.

Development Area 2

With two rigs operating in this area, Red Fork expects to add two new wells to its inventory each month, paving the way for it to end the year on a high note if the current success rate and production holds up.

Activity in the Mississipi Lime play has been picking up with Sandridge Energy (NYSE:SD) forming a US$1 billion (A$943 million) alliance with Spanish giant Repsol to develop leases within the play in northwest Kansas.  

World Oil Resources (ASX:WLR) holds a 50% stake in the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas.

 

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Mon, 16 Jul 2012 11:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133439/red-fork-energy-adds-more-oil-production-proves-up-value-of-mississippi-lime-play-31340.html
<![CDATA[News - Red Fork Energy's Mississippi Lime play pays off with production to increase ]]> https://www.proactiveinvestors.com.au/companies/news/133438/red-fork-energys-mississippi-lime-play-pays-off-with-production-to-increase-31089.html Red Fork Energy’s (ASX: RFE) focus on the Mississippi Lime play in Noble and Payne Counties, Oklahoma, continues to pay off with another well entering production.

The company currently has seven wells within Development Area 2 – one of 11 areas that it is working to establish in the Mississippi Lime – at various operational stages with three rigs ensuring that activity levels remains high.

Red Fork is testing the McMurtry 1-21H well with the electric submersible pump after completing reservoir stimulation operations and has already started to see ooil and gas shows in the load water that is being recovered.

This is consistent with the results achieved at this stage of testing on the producing Blair 1-24H well.

Blair 1-24H continues to produce uninterrupted at rates of between 350 and 400 barrels of oil equivalent per day since it started flowing in late June.

Both oil and liquids-rich gas are being produced to sales and Red Fork will release a 30 day peak and average production rate once testing operations are completed.

Further production could come from the McMurtry 1-22H well, which is currently awaiting completion.

Activity in the Mississipi Lime play has been picking up with Sandridge Energy (NYSE:SD) forming a US$1 billion (A$943 million) alliance with Spanish giant Repsol to develop leases within the play in northwest Kansas.  

World Oil Resources (ASX:WLR) holds a 50% stake in the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas.
 
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Tue, 10 Jul 2012 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133438/red-fork-energys-mississippi-lime-play-pays-off-with-production-to-increase-31089.html
<![CDATA[News - Red Fork Energy ramping up Mississippi Lime oil and gas play in Oklahoma ]]> https://www.proactiveinvestors.com.au/companies/news/133437/red-fork-energy-ramping-up-mississippi-lime-oil-and-gas-play-in-oklahoma-30602.html Red Fork Energy’s (ASX: RFE) ongoing development of its Mississippi Lime play in Noble and Payne Counties, Oklahoma, is gaining pace with two rigs operating and a number of horizontal wells being completed for production and testing.

Initial results from its Development Area 2 operations have also been encouraging in terms of initial production and results from logging and sample analysis.

An example of this is the Blair 1-24H well that is currently undergoing testing.

Production on the third day of its initial testing program has increased to 253 barrels of light oil and 470,000 cubic feet of gas in the last 24 hours.

This is despite the fact that the well is still cleaning up with very high fluid levels in the well bore. Casing pressure is building and only a small fraction of the reservoir stimulation water has been recovered to date.

Further production is likely to come from the McMurtry 1-21H well where a thirteen stage fracture stimulation over the length of the lateral has been successfully completed.

Frac water has started to flow back at a rate of about 2000 barrels per day and operations are now underway to drill out the isolation plugs in preparation for production testing.

Red Fork noted that the Development Area 2 is just one of 11 that it is currently working to establish across its holdings in the Mississippi Lime play.

Activity in the Mississipi Lime play has been picking up with Sandridge Energy (NYSE:SD) forming a US$1 billion (A$943 million) alliance with Spanish giant Repsol to develop leases within the play in northwest Kansas.  

World Oil Resources (ASX:WLR) holds a 50% stake in the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas.

 

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Wed, 27 Jun 2012 15:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133437/red-fork-energy-ramping-up-mississippi-lime-oil-and-gas-play-in-oklahoma-30602.html
<![CDATA[News - Red Fork Energy encouraged by early flows of oil and gas from Oklahoma well ]]> https://www.proactiveinvestors.com.au/companies/news/133436/red-fork-energy-encouraged-by-early-flows-of-oil-and-gas-from-oklahoma-well-30438.html Oklahoma focused Red Fork Energy (ASX: RFE) has flowed oil and gas at encouraging rates during early production testing of its McMurtry 1-21H well in Noble County, Oklahoma.

During the second half of the 48 hours the well has been under test, it flowed as much as 20 barrels of oil per hour with 240,000 cubic feet of gas during intermittent flow through the casing.

Red Fork noted that only a small amount of reservoir stimulation water has been recovered from the well so far and that fluid levels in the wellbore remained very high.

Production testing is continuing as the well cleans up and rates have not yet stabilised.

Red Fork said it will release both a 30-day peak and average rate for the well once the initial production testing operations are completed.

It added the results gave a high level of confidence about potential outcomes for the testing of this and the other wells it had drilled and are drilling in Development Area 2 and for its acreage position in the Eastern Limb of the Mississippian Play generally.

McMurtry 1-21H is part of the company’s Big River project which targets the Mississipi Lime oil and liquids play.

Activity in the Mississipi Lime play has been picking up with Sandridge Energy (NYSE:SD) forming a US$1 billion (A$943 million) alliance with Spanish giant Repsol to develop leases within the play in northwest Kansas.  

World Oil Resources (ASX:WLR) holds a 50% stake in the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas.

 

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Fri, 22 Jun 2012 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133436/red-fork-energy-encouraged-by-early-flows-of-oil-and-gas-from-oklahoma-well-30438.html
<![CDATA[News - Red Fork Energy completes Oklahoma well, set to start oil and liquids production test ]]> https://www.proactiveinvestors.com.au/companies/news/133435/red-fork-energy-completes-oklahoma-well-set-to-start-oil-and-liquids-production-test-30334.html Red Fork Energy (ASX: RFE) has completed reservoir stimulation operations McMurtry 1-21H well in Noble County, Oklahoma, and is preparing to carry out flow back and production testing.

This will be carried out through the company’s existing operational infrastructure in the area.

McMurtry 1-21H is part of the company’s Big River project which targets the Mississipi Lime oil and liquids play.

Open hole logging and analysis had confirmed that extensive natural fracturing was encountered by the well’s lateral, far more than was originally predicted.

Activity in the Mississipi Lime play has been picking up with Sandridge Energy (NYSE:SD) forming a US$1 billion (A$943 million) alliance with Spanish giant Repsol to develop leases within the play in northwest Kansas.  

World Oil Resources (ASX:WLR) holds a 50% stake in the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas.

 

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Wed, 20 Jun 2012 09:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133435/red-fork-energy-completes-oklahoma-well-set-to-start-oil-and-liquids-production-test-30334.html
<![CDATA[News - Red Fork starts production testing of Oklahoma Mississippi Lime well ]]> https://www.proactiveinvestors.com.au/companies/news/133434/red-fork-starts-production-testing-of-oklahoma-mississippi-lime-well-29728.html Oklahoma focused Red Fork Energy (ASX: RFE) has completed reservoir stimulation operations at its Blair 1-24H well and has started flowing back frac fluids at 100 barrels per hour.

The Mississippi Lime oil and liquids well was the subject of 11 frac stages over the full length of its lateral.

Testing is continuing and further updates will be provided.

Meanwhile, production testing of the Abunda 1-21H well at the Big River project in Pawnee County, Oklahoma, is continuing.

Red Fork noted that while there are high fluid levels in the wellbore, some intermittent oil and gas is being produced and no peak flow rate has been reported as yet.

It added the peak rate will be reported once it has established that the fluid level has been sufficiently lowered to enable the well to unload..

Red Fork is also waiting to complete and production test its McMurtry 1-22H and McMurtry 1-21H wells.

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Tue, 05 Jun 2012 14:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133434/red-fork-starts-production-testing-of-oklahoma-mississippi-lime-well-29728.html
<![CDATA[News - Red Fork Energy continues Mississippi Lime drilling in Oklahoma ]]> https://www.proactiveinvestors.com.au/companies/news/133433/red-fork-energy-continues-mississippi-lime-drilling-in-oklahoma-29082.html Oklahoma focused Red Fork Energy (ASX: RFE) has spudded the Bunch 1-19H well in Payne County, Oklahoma, that targets the liquids rich Mississippi Lime formation.

The well will be drill to a vertical depth of about 5300 feet (1615 metres) with an estimated 4700 feet lateral in the target formation.

Red Fork has a 94% working interest in the well, which is being drilled from a location in Payne County as a horizontal Mississippi test.

Activity in the Mississipi Lime play has been picking up with Sandridge Energy (NYSE:SD) forming a US$1 billion (A$943 million) alliance with Spanish giant Repsol to develop leases within the play in northwest Kansas.  

World Oil Resources (ASX:WLR) holds a 50% stake in the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas, while AusTex Oil (ASX: AOK) has a 13.73% working interest in Snake River Project, northern Oklahoma.

 

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Mon, 21 May 2012 15:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133433/red-fork-energy-continues-mississippi-lime-drilling-in-oklahoma-29082.html
<![CDATA[News - Red Fork Energy moves up another gear in the Mississippi Lime oil play, Oklahoma ]]> https://www.proactiveinvestors.com.au/companies/news/133432/red-fork-energy-moves-up-another-gear-in-the-mississippi-lime-oil-play-oklahoma-28986.html Red Fork Energy (ASX: RFE) is further accelerating development of its Mississippi Lime oil and liquids play in Oklahoma, contracting 2 additional drilling rigs from Unit Drilling Company.

Red Fork is currently carrying out an aggressive operated drilling program with the aid of the A$27.9 million that it had raised through a private placement of 40.46 million shares priced at A$0.69 each to sophisticated and institutional investors in the December quarter.

This is focused on the Mississippi play in northern Oklahoma where it has gradually increased its acreage position up to the current 295 square kilometres.

Red Fork has so far drilled 5 horizontal wells in the Noble and Pawnee counties though its existing infrastructure can support up to 16 and 9 wells in the 2 counties respectively.

The first of the 2 Unit rigs will be deployed in Noble County immediately following the completion of scheduled maintenance which is currently underway while the second is expected to be available towards the end of the September quarter.

These rigs will bring the total rigs Red Fork has contracted to drill on its acreage up to 4.

Activity in the Mississipi Lime play has been picking up with Sandridge Energy (NYSE:SD) forming a US$1 billion (A$943 million) alliance with Spanish giant Repsol to develop leases within the play in northwest Kansas.  

World Oil Resources (ASX:WLR) holds a 50% stake in the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas, while AusTex Oil (ASX: AOK) has a 13.73% working interest in Snake River Project, northern Oklahoma.

Its latest McMurtry 1-22H well in Noble County intersected a very good show of oil in the upper part of the formation while making the turn for the lateral.

 

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Thu, 17 May 2012 12:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133432/red-fork-energy-moves-up-another-gear-in-the-mississippi-lime-oil-play-oklahoma-28986.html
<![CDATA[News - Red Fork Energy hits oil in Mississippi Lime, Oklahoma, well ]]> https://www.proactiveinvestors.com.au/companies/news/133431/red-fork-energy-hits-oil-in-mississippi-lime-oklahoma-well-28702.html Oklahoma focused Red Fork Energy (ASX: RFE) has confirmed that its McMurtry 1-22H well in Noble County, Oklahoma, has struck oil in the target Mississippi Lime Formation.

Mud logs and analysis of sample recovered from the well confirmed that it had intersected a very good show of oil in the upper part of the formation while making the turn for the lateral.

The news is a good indicator that McMurtry 1-22H will contribute to the company’s production once it is completed.

Preparations are now underway to commence drilling of the 4568 feet (1392 metre) lateral section.

McMurtry 1-22H well is part of the aggressive operated drilling program Red Fork is currently carrying out to boost both reserves and production.

This program is focused on the Mississippi Lime oil and liquids play where the company holds an acreage position covering 295 square kilometres.

Activity in the Mississipi Lime play has been picking up with Sandridge Energy (NYSE:SD) forming a US$1 billion (A$943 million) alliance with Spanish giant Repsol to develop leases within the play in northwest Kansas.  

World Oil Resources (ASX:WLR) holds a 50% stake in the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas, while AusTex Oil (ASX: AOK) has a 13.73% working interest in Snake River Project, northern Oklahoma.

 

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Thu, 10 May 2012 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133431/red-fork-energy-hits-oil-in-mississippi-lime-oklahoma-well-28702.html
<![CDATA[News - Red Fork Energy continues to prove up additional oil and gas in the Mississippi Lime, Oklahoma ]]> https://www.proactiveinvestors.com.au/companies/news/133430/red-fork-energy-continues-to-prove-up-additional-oil-and-gas-in-the-mississippi-lime-oklahoma-28541.html Oklahoma focused Red Fork Energy (ASX: RFE) has confirmed the presence of oil and gas shows at its Blair 1-24H well that targets the Mississippi Lime oil and liquids play.

Mud logs and samples confirmed the shows across the full 4125 feet (1257 metres) lateral that was successfully drilled in the Mississippi Lime formation.

The company has completed production casing and is now rigging down in preparation for reservoir stimulation.

Red Fork is currently carrying out an aggressive operated drilling program with the aid of the A$27.9 million that it had raised through a private placement of 40.46 million shares priced at A$0.69 each to sophisticated and institutional investors in the December quarter.

This is focused on the Mississippi play in northern Oklahoma where it has gradually increased its acreage position up to the current 295 square kilometres.

Activity in the Mississipi Lime play has been picking up with Sandridge Energy (NYSE:SD) forming a US$1 billion (A$943 million) alliance with Spanish giant Repsol to develop leases within the play in northwest Kansas.  

World Oil Resources (ASX:WLR) holds a 50% stake in the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas, while AusTex Oil (ASX: AOK) has a 13.73% working interest in Snake River Project, northern Oklahoma.


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Mon, 07 May 2012 13:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133430/red-fork-energy-continues-to-prove-up-additional-oil-and-gas-in-the-mississippi-lime-oklahoma-28541.html
<![CDATA[News - Red Fork Energy ramping up development of Mississippi Lime oil and liquids play in Oklahoma ]]> https://www.proactiveinvestors.com.au/companies/news/133429/red-fork-energy-ramping-up-development-of-mississippi-lime-oil-and-liquids-play-in-oklahoma-27716.html Oklahoma focused Red Fork Energy (ASX: RFE) has brought in a second drilling rig to accelerate development work in Noble County, Oklahoma, that targets the Mississippi Lime oil and liquids play.

The company said the addition of the second rig, which is currently drilling the McMurtry 1-22H well, would allow it to add 2 new horizontal producers every month.

Red Fork is currently carrying out an aggressive operated drilling program with the aid of the A$27.9 million that it had raised through a private placement of 40.46 million shares priced at A$0.69 each to sophisticated and institutional investors in the December quarter.

This is focused on the Mississippi play in northern Oklahoma where it has gradually increased its acreage position up to the current 295 square kilometres.

Activity in the Mississipi Lime play has been picking up with Sandridge Energy (NYSE:SD) forming a US$1 billion (A$943 million) alliance with Spanish giant Repsol to develop leases within the play in northwest Kansas.  

World Oil Resources (ASX:WLR) holds a 50% stake in the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas, while AusTex Oil (ASX: AOK) has a 13.73% working interest in Snake River Project, northern Oklahoma.

McMurtry 1-22H will bring the number of horizontal wells in the area up to 4. These will be perforated and fracture stimulated as development activity ramps up and brought on line for production through the company’s infrastructure here.

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Tue, 17 Apr 2012 11:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/133429/red-fork-energy-ramping-up-development-of-mississippi-lime-oil-and-liquids-play-in-oklahoma-27716.html