explain it to me?, page-7

New Drilling Commences at
Red Fork’s East Oklahoma
Project
• Next phase of drilling and development at East
Oklahoma gas project is now underway
• First new well to spud this week following
success with multi interval completions
• Continuous drilling and completion activity for the
balance of calendar 2009
• On track to achieve gas to sales by the end of
calendar 2009
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 phase of drilling and
development at the Company’s exciting 100% owned and
operated East Oklahoma project is underway.
The Company’s preferred drilling contractor is moving a rig
on site, locations have been built, permits are in place and
the first new well in this program (the Couch #1-34 well) will
spud this week. A second well (the True #1-33 well) will
follow immediately with both wells drilled and prepared for
completion and production testing.
The Company expects drilling and completion activity at East
Oklahoma to be continuous for the next five months as the
Company continues with its immediate goal of having gas
from East Oklahoma to sales by the end of calendar 2009.
As previously announced, Red Fork has successfully
completed zones within the lower, middle and upper intervals
of the total 50 feet of productive shale in this area, with
production testing of these zones continuing with positive
results.
www.redforkenergy.com.au
The initial four well drilling program is complete and production testing to date has resulted in
potential stabilized daily flow rates being established at 300,000 cubic feet of high quality gas
per well.
These new wells (being the balance of the initial ten well program) will give Red Fork an
opportunity to further refine and improve the Company’s completions techniques ahead of sales.
Red Fork Managing Director, David Prentice commented “We are on track to have our first ten
wells at East Oklahoma drilled, completed and testing within four weeks, with continuous
drilling, completion and production testing to follow over the next five months. This is a very
exciting phase in the development of East Oklahoma where we have already had significant
success with production testing of our first four wells. Having the balance of the initial ten wells
tested for production will give us the production levels necessary to finalize the design of the
compression facilities and then get our first gas from East Oklahoma to sales”.