re: Ann: Second Drilling Rig Deployed at West...
Second Drilling Rig Deployed as West Tulsa Development Continues US-focused oil and gas exploration and production company Red Fork Energy Limited (“Red Fork” or the “Company”) is pleased to announce that the next well in the development of the Company’s 100% owned and operated West Tulsa project has spudded. The Rosier #2-27 well was spudded at 12.15am (Central United States time) on July 18, 2009. This well will be drilled to approximately 4,000 feet with the primary target the Wilcox Sand formation. All other potential hydrocarbon bearing zones will be sampled and logged prior to production testing. This is the fifth well to be drilled by the Company at West Tulsa (four production wells and one water disposal well) and follows the recently announced very successful production results from this project. As previously announced, Red Fork has identified the opportunity to establish up to 20 wells in this part of the West Tulsa project. Further development of West Tulsa is expected to be funded from existing working capital and ongoing production revenue. Importantly, the Company has already established extensive permanent production facilities to service this part of the West Tulsa project, including tank batteries, separation equipment and gathering infrastructure. Yours faithfully David Prentice
RFE Price at posting:
$1.25 Sentiment: Buy Disclosure: Held