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Wednesday, June 15, 2011

Red Fork Energy Limited (ASX: RFE) News; East Oklahoma Central Drilling Confirms Woodford Shale Continuity

June 15 , 2011 (Investorideas.com Energy Newswire) - Oklahoma based (Australian Securities Exchange listed) oil and gas exploration and production company Red Fork Energy Limited (ASX: RFE) ("Red Fork" or the "Company") is pleased to announce that it has successfully drilled, logged and cased three new wells at the 100% owned and operated shallow biogenic Woodford Shale play at East Oklahoma Central project.
As previously announced, in the current price environment for natural gas the Company is continuing to develop its 100% owned and operated East Oklahoma Project with a strategy designed to build production, revenue and reserves with the minimum amount of capital deployed.
Importantly, these three wells (located in Mayes and Rogers Counties) all intersected in excess of 50 feet of the target Woodford Shale with a show of gas on drilling.
The wells have now been cased, cemented and shut-in. Following is a drilling summary for each well.
Cherry #1-32 Well - Rogers County, Oklahoma
Target: 900' Woodford Shale Test
Spud Date: 10:00am (Central Time) 13/05/2011
Target Depth: 838' (Arbuckle Formation)
Comments: Cut approximately 60' of Woodford shale with shows of gas on drilling
Cased and cemented: 11:50pm (Central Time) 16/05/2011
Cherry #1-4 Well - Mayes County, Oklahoma
Target: 900' Woodford Shale Test
Spud Date: 5:00 pm (Central Time) 17/05/2011
Target Depth: 763' (Arbuckle Formation)
Comments: Cut approximately 62' of Woodford shale with shows of gas on drilling
Cased and cemented: 2:00 pm (Central Time) 18/05/2011
Cherry #1-9 Well - Mayes County, Oklahoma
Target: 800' Woodford Shale Test
Spud Date: 5:00pm (Central Time) 18/05/2011
Target Depth: 762' (Arbuckle Formation)
Comments: Cut approximately 55' of Woodford shale with shows of gas on drilling
Cased and cemented: 10:00pm (Central Time) 23/05/2011
Yours faithfully
David Prentice
Managing Director
Forward Looking Statements
This announcement contains "forward-looking statements". Such forward-looking statements include, without limitation: estimates of future earnings, the sensitivity of earnings to oil & gas prices and foreign exchange rate movements; estimates of future oil & gas production and sales; estimates of future cash flows, the sensitivity of cash flows to oil & gas prices and foreign exchange rate movements; statements regarding future debt repayments; estimates of future capital expenditures; estimates of reserves and statements regarding future exploration results and the replacement of reserves; and where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to oil and gas price volatility, currency fluctuations, increased production costs and variances in reserves or recovery rates from those assumed in the company’s plans, as well as political and operational risks in the countries and states in which we operate or sell product to, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as well as the Company’s other filings. The Company does not undertake any obligation to release publicly any revisions to any "forward looking statement" to reflect events or circumstances after the date of this release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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