Point Roberts, WA - June 29, 2011 (Investorideas.com Energy Newswire) - www.InvestorIdeas.com, a leader in sector research including oil and gas stocks, releases a company profile for Oklahoma oil and gas stock, Red Fork Energy Limited (ASX: RFE). Red Fork has a large landholding in Oklahoma with leasehold and held by production acreage covering both proven producing oil and gas fields as well as highly prospective development acreage.
The stock has a 52wk trading range of $0.34 - $0.68.
Investor Hi- Lights
Mississippian Acres increased to plus 50,000 net acres
Red Fork now has an interest in approximately 250 high-grade sections across six Counties in the heart of the Mississippian play
Majority interest established in approximately 55 high-grade sections
Seismic data acquired and processed over one of the Company's initial development areas
Scheduled slots secured with preferred service company for completion operations
Red Fork Energy Limited - Showcase Oklahoma Oil and Gas Stock
Red Fork Energy Limited (ASX: RFE) is an Oklahoma based exploration and production company. Founded in 2004 and trading on the ASX under RFE, Red Fork is creating value for shareholders by securing acreage in lower risk proven oil and gas provinces in the US. The Company is utilizing its significant operational experience to unlock value in large resource type plays and build and develop these assets. Red Fork has a large landholding in Oklahoma with leasehold and held by production acreage covering both proven producing oil and gas fields as well as highly prospective development acreage. The company's projects are all 100% owned and operated under very favorable terms, including Net Revenue interests ranging from 80% to as high as 87.5% on long-term leases. The company has a focus on low finding and development costs coupled with low operating costs in order to deliver high returns to shareholders. Recently Red Fork has positioned itself in what is considered to be one of the premier onshore US horizontal plays, with a large and growing acreage position in the heart of the exciting Mississippi Oil and liquids rich gas play in northern Oklahoma.
PROJECT PROFILE Location: Northern Oklahoma Target: Oil, Liquids Rich Gas Acreage: ~50,000 acres Reserves: NA Net Revenue Interest (NRI): +81.25%
Located in Northern Oklahoma, Red Fork's Big River project is exploiting an oil and liquids rich gas bearing Mississippi limestone formation (the "Mississippi Play"). The Mississippi play currently extends over approximately 6.5 million acres in northern Oklahoma in a proven, commercial trend which has produced from thousands of vertical wells for more than 50 years. This relatively new play is already being successfully developed by several large NYSE listed oil and gas companies, including Chesapeake Energy and Sandridge Energy who between them control approximately 2 million acres in the play. The play is considered to be one of the premier onshore US horizontal liquids plays with very competitive development costs and relatively high estimated ultimate recoveries delivering compelling economics. At Big River, Red Fork is strategically positioned with a large (and growing) acreage position in the heart of the play. Red Fork currently holds approximately 50,000 acres and the Company plans to drill and test five horizontal wells on this holding in calendar 2011.
Contact:
Australia
Level 2
79 Hay Street
Subiaco WA 6008
Ph: (08) 9200 4470
Fax: (08) 9200 4471
email: info@redforkenergy.com.au
Visit our showcase energy stocks at Investorideas.com . Read about hot oil and gas plays including the Mississippian Formation and Woodford Shale in Oklahoma
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Red Fork Energy Limited (ASX: RFE) is a showcase energy stock on Investorideas.com
Visit the Red Fork Energy Limited (ASX: RFE) profile page Disclosure/Disclaimer: Red Fork Energy Limited (ASX: RFE) June 8 2011 - one month on Investorideas.com and energy blogs June 8 2011 (one thousand)
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