Sale of Undeveloped Acreage Red Fork Energy Limited (ASX:RFE,...

Sale of Undeveloped Acreage

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 ?