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MENAFN - ProactiveInvestors - Australia - 07/11/2012

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(MENAFN - ProactiveInvestors - Australia) 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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