Red Fork upgrades 2P reserves 250pc Monday, October 15, 2007
Sydney, Oct 16, 2007 (RWE via COMTEX) -- RDFEF (RWE Australian Business News)
Red Fork Energy Ltd (ASX:RFE) today announced a 250pc upgrade to its 2P reserve position to 36.4Bcfe following independent certification by independent petroleum engineers Lee Keeling & Associates Inc.
Overall reserves have increased to 62.2Bcfe with gross revenue potential of $480m.
All of the reserves are from coal bed methane, fractured shale gas and conventional oil and gas, at depths from 400 to 5000 feet.
The producing zones range in age from Pennsylvanian to Cambrian and are located in the Arkoma and Cherokee basins of Oklahoma, in the United States.
Red Fork now holds about 32,000 acres (leased and committed to lease) in Oklahoma in four separate project areas.
The acreage is 100pc owned by Red Fork, with Net Revenue Interests ranging from 80pc to 87.5pc.
The company notes the upgraded 2P reserve is contained within its wholly-owned Osage project, which covers only 4200 acres or 13pc of Red Fork's holdings in Oklahoma.
The 2P reserve also includes conventional oil reserves of 1.44m barrels (established in zones within the Simpson Sands).
The company estimates that this area will support at least 10 new well locations with the potential to deliver significant new oil production.
Red Fork has already established strong production potential from these zones with the success of the RFE #1-17 and Bass #89-1 wells.
rweabn.com.au
Ends.
Cheers, Pie :-)
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