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Tuesday, 07 October, 2008, 07:20 GMT | more prices >>

Red Fork buys Okie pipeline assets



By Upstream staff 

Australia’s Red Fork Energy has entered into an agreement to purchase additional gas gathering and pipeline infrastructure adjacent to the its 100%-owned Osage coalbed methane gas project in Oklahoma, US.

The gathering system and infrastructure is designed to accommodate flow rates in excess of 10 million cubic feet per day and can be connected to the company’s existing infrastructure at low cost, Red Fork said.

"This is a very significant acquisition for Red Fork which will enable us to combine our Osage project (4,200 acres) with our rapidly emerging Tulsa project (6,000 acres) taking the combined project area to in excess of 10,000 acres,” Red Fork managing director David Prentice said

"We can now fast-track the development of the combined project, which we plan to expand to a total of approximately 20,000 acres by year end, cutting at least two years off the development timetable and generating savings of around $2million in infrastructure costs,: he added.


Wednesday, 12 September, 2007, 03:54 GMT  | last updated: Wednesday, 12 September, 2007, 04:01 GMT

Oklahoma assets: Red Fork purchase will allow nit to hook up its two projects in the area
 

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