update on devon wells + operations update

More on the Devon wells that were being permitted on RFE's doorstep -

Of the 12 wells permitted in the one township located in Noble county, where RFE currently has 14 wells either producing or in the process of being drilled. Looking at the OCC, 5 wells have been spudded in this township with 1 well spudded in April and the remaining 4 wells spudded around the middle of May. So we should see some results on these wells in the coming months which could be a big help to RFE.

Also have noticed these new operated wells being permitted by RFE on the OCC -

Payne County Well Permits -
- SKYHOOKS 1-28H
- VADER 1-29H
- REEF 1-29H
- RIO GRANDE 1-28H

Noble County Well Permits -
- GRENACHE 1-2H
- JEKYLL & HYDE 1-14H
- FRANKLIN 1-36H
- DAMPIER 1-1H

Pawnee County Well Permits -
- ADELAIDE 1-34H

So a lot of new operated wells have permitted for, hopefully they have they goods!! Also good to see another well for Pawnee county after being such a long time since drilling there and also since the PQML well flowed so well.

Also i have done some investigation on the none operated wells to see who we are partnering with.

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Well Name - Boersma 1-6H
Operator - Petroquest
Spud Date - 29/12/2012
County - Kay

It Appears as though Haliburton was the contract driller for this well. Also this well is in Kay county (section 10 for RFE) this could have been a very good well for RFE as it is in a county where we have done no drilling to date as well as this well being located pretty spot on the Nemanha Uplift with typically thick "Chat" intervals with formation.

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Well Name - George #1-23H
Operator - Highmount
Spud Date - 23/2/2013
County - Noble

Only a %1 WI in this well and also in an area where RFE has done most to date, but none the less will be great to compare data and drilling techniques with another company to ultimately optimise future well completion.

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Well name - Aldridge #1-22H
Operator - DEVON
Spud date - 22/2/2013
County - Payne

Great to see us partnering with Devon here, also this well carries a %30 WI which is not to bad at all.

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Well name - Matthew #1-30H
Operator - Calyx
Spud date - 1/12/2012
County - Payne
Date of first Production - 28/1/2013

This well actually has production data attached, its odd why RFE haven't updated the market on it.

Oil Production - 200 bbl/day
Gas Production - 214 mcf/day
Water Production - 100bbl/day

It also states the well is flowing naturally, which is a very good sign!!! Also the water production is very low compared to others.

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Well name - McSwain #1-12H
Operator - Highmount
Spud date - 7/10/2012
County - Noble
Date of first production - 28/11/2012

Also this well has production data attached to it as well -

Oil Production - 37 bbl/day
Gas Production - 39 mcf/day
Water Production - 529 bbl/day

This well does not appear to be a very good one but sometimes the results reported to the OCC can vary to actual reported company data. It is also stated this well is pumping.

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Hopefully we can get back into the .60's this coming week, i will note some factors that should go in our favour this week -

- US pumped up by bullish payrolls gain last month.
- Oil sitting at a good price
- AUD down
- Operations update should be out this week
- RFE currently significantly oversold - RSI on chart ~ 24