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Red Fork plans Oklahoma spend



By Upstream staff 

Australia’s Red Fork Energy plans to fast track production at its Oklahoma oil & gas assets following a A$10 million (US$8.69 million) placement, the company said today.

Under the terms of the placement, Red Fork has resolved to place up to 18,500,000 ordinary shares at an issue price of A$0.55 per share, to raise up to A$10,175,000.

Red Fork said it was now fully funded to pursue the ongoing development of its rapidly growing coalbed methane, unconventional gas and conventional oil and gas holdings in the US.

The funds raised will be applied to an aggressive drilling program, expansion of the company’s existing pipeline infrastructure as well as additional leasing in key strategic areas.

The work programme is targeted to increase Red Fork’s production to in excess of 6 million cubic feet equivalent per day.


Friday, 23 November, 2007, 07:31 GMT  | last updated: Friday, 23 November, 2007, 08:00 GMT

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