Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2011material agreement▲ Good
Subsidiary EastOK Pipeline agreed to buy, process and sell about 2 million cubic feet a day of gas from a neighbouring Woodford Shale operator in Wagoner County. It keeps a share of the gas for costs and margin. Gas is already flowing through the Wagoner A facilities.
29 Aug 2011drilling progress report● Neutral
Tahara #1-28H was drilling the lateral at 4,292 feet measured depth on 27 August, with 7-inch casing set at 4,086 feet. Target depth is about 8,500 feet. No results yet.
15 Aug 2011drilling spud▲ GoodMajor
Tahara #1-28H, the first Big River horizontal, spudded 13 August. It targets about 3,100 feet vertical plus roughly 4,500 feet of lateral in the Mississippi Lime, to about 8,698 feet total depth. This starts the five-well program.
8 Aug 2011drilling scheduled▲ Good
Rig moved onto the twin-well pad in Pawnee County; Tahara 1-28H is due to spud this week, taking 25-30 days, followed by Abunda 1-21H. Both are expected drilled, logged and cased about 60 days after the first spud, with roughly 8,500 feet of lateral in total.
25 July 2011investor presentation● Neutral
July 2011 investor presentation. Shown are 269.7m shares, A$25.0m cash, nil debt, a 46c share price (22 July) and a A$124m market cap. Mostly repeats known facts. Text is truncated, so later content is not visible.
21 July 2011asset acquisition disposition▲ Good
Mississippian acreage rises to about 55,000 net acres, up from the 50,000-acre target passed in June. It spans five counties (Grant, Kay, Noble, Payne, Pawnee), all at 100% working interest with NRI of 81.25% or better. Leasing continues.
30 June 2011drilling scheduled▲ GoodMajor
Seismic interpretation is complete and the first two Pawnee County horizontal wells are chosen, with a rig being moved in. A contractor is secured for the five-well 2011 program and committed to 2012; continuous operations are planned to the end of 2011. Red Fork holds a majority interest and is operator.
20 June 2011asset acquisition disposition▲ GoodMajor
Mississippian acreage passes the 50,000 net acre target, with interests in about 250 sections and majority control of 55 (supporting over 165 locations). Seismic is processed over an initial area, completion slots are secured, and the first horizontal well is to be drilled shortly.
26 May 2011drilling result▲ Good
Three shallow Woodford Shale wells (Cherry #1-32, #1-4, #1-9) at East Oklahoma Central each cut over 50 feet of shale with gas shows. They are cased and shut in; no flow rates are given, and the company is still building production with minimal capital.
13 May 2011drilling result▲ Good
EastOK #1-24, the first Big River well, intersected 210 feet of naturally fractured Mississippian limestone with oil and gas zones, at the upper end of expectations. It sits next to the planned McMurtry horizontal well; detailed log analysis is due in about two weeks.
9 May 2011asset acquisition disposition▲ Good
Mississippian acreage up 40% in three weeks to about 41,000 net acres, from 30,000. Red Fork has an interest in about 240 sections across seven counties, with over 700 potential horizontal locations, and is on track to exceed 50,000 acres by mid-year.
5 May 2011capital raising announcement▲ Good
The share purchase plan closed oversubscribed. Final allocations are yet to be confirmed after registry reconciliation; the final amount raised is not stated, and the plan was capped at A$5m.
5 May 2011admin correction● Neutral
Administrative cleansing notice: on 4 May the company issued the 68,562,500 second-tranche placement shares at A$0.32, raising A$21.94m before costs. This completes the A$28.5m placement; no new information.
18 Apr 2011asset acquisition disposition▲ Good
Mississippian holdings reach about 30,000 acres, up 50% in six weeks from about 20,000, helped by over 7,000 acres won in a federal lease sale. Leases are 100% working interest, NRI 80% or better; the target remains about 50,000 acres by mid-year.
12 Apr 2011drilling spud● Neutral
EastOK #1-24 spudded 8 April in Noble County, to about 5,900 feet as a Granite Wash test, with the Mississippi sampled. It may become a producer or a water disposal well for the first horizontal wells at Big River.
5 Apr 2011drilling result▲ Good
Moebius #4-28 reached 3,572 feet with about 75 feet of Red Fork Sand logged and oil and gas shows, confirming the oil zone's continuity at Pawnee. Casing is run for production testing; a horizontal test is likely in 2011.
29 Mar 2011capital raising announcement● Neutral
Share purchase plan opens: eligible shareholders can apply for up to A$15,000 at A$0.32, closing 4 May, capped at A$5m. Same price as the placement; the shares last closed at 49 cents. Proceeds are for five Mississippian horizontal wells, acreage and working capital.
25 Mar 2011drilling spud● Neutral
Moebius #4-28 spudded 22 March at the 100%-owned Pawnee prospect (West Tulsa), targeting the Red Fork Sand at about 3,600 feet. The drilling contractor is also committed to the whole 2011 programme, including Big River horizontals.
22 Mar 2011capital raising announcement▲ GoodMajor
Red Fork completes an A$28.5m placement of 89.06m shares at A$0.32, with up to A$5m more via a share purchase plan. Funds the Big River Mississippian push, targeting about 50,000 acres by mid-2011 and five horizontal wells in 2011. Soros and Macquarie participated.
What it means for a shareholder
89.1m new shares at A$0.320 to raise about A$28.5m. That's 39% dilution: every existing holder's slice gets 39% smaller. If you held A$1,000 of shares (3,125 at the issue price), your slice goes from 0.00224% to 0.00137% of the company. To keep it you'd need 1,995 more shares - about A$638 at the issue price.
Create a free account to see this worked out for your own holding.
22 Mar 2011investor presentation● Neutral
March 2011 investor presentation repeating known facts: 2P reserves, Big River strategy and the portfolio. Shows 139.5m shares, A$0.40 price, A$4.4m cash and nil debt at 14 March. Text is truncated; no new results seen.
16 Mar 2011half year report▼ Bad
Half year to 31 December 2010: net loss after tax A$2.0m (A$1.4m loss a year earlier), oil and gas revenue A$1.4m, up 8%. Gas sales volumes rose 500% but a stronger Australian dollar hurt results. Leased Big River acreage reached 20,000 acres after year end.
4 Mar 2011other▼ Bad
S&P index announcement of the March 2011 rebalance, not issued by the company. Red Fork Energy is listed among removals from the All Ordinaries index, effective after close on 18 March 2011.
3 Mar 2011asset acquisition disposition▲ Good
Big River acreage rises to about 20,000 acres, with the company now expecting 75 sections (about 48,000 acres) by end of June quarter 2011, room for over 150 horizontal wells. First Noble County section is pooled for the McMurtry #1-21H well.
7 Feb 2011drilling progress report● Neutral
First 3D seismic survey starts at Big River, covering about ten 640-acre sections over roughly two months. Right-of-way, surface damages and gathering system planning for the initial drilling programme are under way, ahead of the first well.
27 Jan 2011asset acquisition disposition▲ Good
Big River acreage increased 50% to about 18,000 acres at 100% working interest (81.25% net revenue interest). The company now controls eleven sections in Noble County, enough for more than 20 horizontal wells, and still targets 35,000-50,000 acres.
31 Dec 2010drilling progress report● Neutral
Couch #1-33 (East OK Central) tested at up to 200,000 cf/d, above the company's economic model, but is shut in awaiting a pump. Posey #1-17 is fracture stimulated and being converted to a pump test. Four more East OK South units spaced for drilling.
31 Dec 2010other● Neutral
Securities trading policy document setting out restrictions on dealings by directors, officers and employees. Governance only; no operational or financial news.
22 Dec 2010asset acquisition disposition▲ GoodMajor
Red Fork enters the Big River horizontal Mississippian oil play in north-west Oklahoma, with about 12,000 acres (100%) and a target of up to 50,000. It plans up to five horizontal wells in 2011 at about US$2.5m each, and has raised A$5.0m short term. A strategy shift beyond East Oklahoma gas.
30 Nov 2010investor presentation● Neutral
AGM presentation repeating the FY10 results and the 2P 143.1 Bcfe reserve certification. It frames the year as difficult for shareholders given low gas prices and points to liquids-rich plays, including Pawnee. No new results.
1 Nov 2010annual report● Neutral
Printed 2010 annual report with chairman's letter, repeating results already released: revenue up 189% to A$3.01m, net assets A$46.3m, no debt, and 2P reserves 143.1 Bcfe. Notes average wellhead gas price of US$3.98/Mcf, down almost 30%.
