Red Fork Energy Limited (ASX:RFE, OTCQX:RDFEY, Red Fork or the Company) is pleased to announce that it has closed a transaction to sell some selected undeveloped acreage from its larger Mississippian/Woodford holdings in the Big River Project. The purchaser agreed to acquire approximately 7,400 acres and associated seismic rights from Red Fork’s wholly owned subsidiary Red Fork (USA) Investments, Inc. for a cash consideration of approximately US$11 million (subject to any post closing adjustments). The sale represents undeveloped acreage (outside of the HBP schedule) and will not impact the Company’s December 31, 2013 Proved (1P) Reserves of 18.6mmboe. Proceeds will be used to strengthen Red Fork’s balance sheet. This transaction is an important first step in the formulation and execution of the revised 2014 Forward Development Program, which the Company is currently finalizing. Further details with respect to the revised program are expected to be announced in early April. -ENDS-
Good news i think ?
RFE Price at posting:
10.5¢ Sentiment: Hold Disclosure: Held
