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Thursday, September 15, 2011

Red Fork Energy Limited (ASX: RFE) News; Progress Report Tahara #1-28H Well Pawnee County, Oklahoma

September 15, 2011 (Investorideas.com 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") advises that as of 7.00am Central Time on September 12, 2011 the Tahara #1-28H successfully reached its target depth of 8,139 feet.
Approximately 4,200 feet of lateral was successfully drilled in the Mississippi formation, with mud logs and samples confirming several good shows of oil and gas throughout the length of the lateral. Shows of oil were observed in cuttings across some broad zones within the lateral, with numerous gas readings above background also recorded, again over broad zones within the lateral section.
Entry of the lateral in the Mississippi section was determined by open hole log evaluation of wells that penetrated the Mississippi in the immediate area. Production history from vertical Mississippi wells indicates that both the Mississippi Solid and the Mississippi Chat are productive. Based on log evaluation and available production data, the lateral was positioned approximately in the middle of the section. Sample examination indicates that the lateral encountered interbedded limestone and chert beds.
Importantly the Company was able to successfully drill the full designed lateral length without any operational or technical difficulties.
The lateral section of the well will now be prepared for open hole logging activities (full suite of Schlumberger logs). Immediately following this, operations to hang and cement the production liner will commence.
Finally the well will be shut-in awaiting completion operations, which will include perforation of the casing and a multi-stage fracture stimulation program.
Commenting on this release, Red Fork Managing Director, David Prentice, said, "We are very pleased that our operations team and preferred contractors have been able to deliver our first long Mississippian lateral without encountering any operational or technical difficulties. We are also excited that the well bore has encountered oil and gas in broad zones within the Mississippi formation in several zones across the length of the lateral and we look forward to providing further updates as completion operations get underway".
Yours faithfully
David Prentice
Managing Director
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