Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 June 2009drilling result▲ GoodMajor
Five intervals completed in three East Oklahoma wells, each showing gas, supporting ~300,000 cf/day per well. Oklahoma approved 640-acre spacing. A rig is contracted, with ten wells targeted by end July. First sales now expected before end 2009.
12 June 2009other● Neutral
Top 20 shareholder list: the top 20 hold 62.31% of 116.8m shares. The largest holder, Robert Healy, has 18.03%. Directors Prentice and Fry hold about 0.9% and 0.7%. Share count is up from ~91.5m after the option exercise and placement.
9 June 2009well test result▲ Good
Rosier #1-27 at Pawnee, West Tulsa, tested successfully after fracture stimulation, expected to stabilise near 40 bbl/day. Pawnee oil is expected above 80 bbl/day, and with Osage over 100 bbl/day company-wide, worth over A$3m a year gross at about US$68 oil.
5 June 2009admin correction● Neutral
Administrative notice that the 10 million shares at A$0.50 (A$5m) were issued on 4 June 2009 to Chess Capital Partners clients. It carries no new information beyond completing the placement announced on 21 May.
21 May 2009capital raising announcement▲ GoodMajor
Placed 10 million shares at A$0.50 to raise A$5m, oversubscribed, via lead manager Chess Capital Partners. With the options money, over A$8m working capital, no debt, funds all three projects without a JV partner. Follows the 55c placement earlier.
5 May 2009other● Neutral
Text not readable. Headline says development activity is ramping up in Oklahoma; no figures can be taken from the extract.
30 Apr 2009quarterly activities report▲ Good
March quarter: East Oklahoma flow tests lifted expected per-well rates to over 300,000 cf/day (from 80-100,000 expected), though wells tested stabilised near 100,000 with only 10 of 50 ft open. Osage net income A$180k (down from A$275k). West Tulsa gas remains shut-in awaiting a market.
21 Apr 2009drilling progress report● Neutral
Text mostly not readable. Headline says the Pawnee prospect at West Tulsa 'continues to deliver'; no figures can be confirmed from the extract.
26 Mar 2009security holder rights change● Neutral
Red Fork told holders its listed 20c options (RFEO) expire at 5pm WST on 30 April 2009, with quotation ceasing on 23 April. Shares last traded at 42.5c on 25 March, above the 20c exercise price.
16 Mar 2009half year report● Neutral
Text not readable. Half-year report and accounts to 31 December 2008; no figures can be taken from the extract.
12 Mar 2009investor presentation● Neutral
Text largely not readable. Investor presentation; no figures can be reliably taken from the extract.
11 Mar 2009other● Neutral
Notice that a Chess Capital Partners research project note is available on the company website. No substantive new information in the announcement itself.
11 Mar 2009flow test result● Neutral
Text not readable. Headline suggests flow tests upgraded production capacity at East Oklahoma; a later notice refers to a threefold upgrade there following gas flow tests. No figures can be confirmed from this text.
13 Feb 2009flow test result▲ GoodMajor
Fuss #1-33 at West Tulsa tested gas from the Lower Skinner zone at 150-350 Mcf/day, open flow potential ~900 Mcf/day, no water. Company owns 81.25% net revenue interest. A gas transport deal for sales is still being negotiated.
6 Feb 2009capital raising announcement▲ GoodMajor
Sonray Capital Markets will underwrite exercise of 15m listed options at 20c, securing about A$3m working capital (headline figure). Sonray receives 6.4m unlisted options at 30c expiring April 2011. Dilutes shareholders if exercised, and shores up cash after it fell to A$4m.
30 Jan 2009quarterly activities report▼ Bad
December quarter: Osage gross production A$350,000 and net income A$275,000, down from A$490,000 and A$373,000. East Oklahoma first gas sales now expected first half 2009, later than 'before end 2008'; test results now due March quarter. Dawson Coal wells at ~50 Mcf/day each.
15 Jan 2009well test result▲ GoodMajor
Initial production testing at the Pawnee prospect, West Tulsa, was successful, with 160 barrels of oil sold from Fuss #1-34 at end December. Testing continues, possibly moving to electric pumps. This is the first oil sales from West Tulsa, slipping from the end-October target.
28 Nov 2008investor presentation● Neutral
AGM presentation largely repeats known facts: ~42 Bcfe 2P, ~1 MMcfe/day, 91.5m shares. It shows cash of A$4m at 30 September 2008 (down from A$6.4m at June), no debt, and market cap A$10m (A$24.5m fully diluted).
10 Nov 2008drilling result▲ Good
West #2-2, the fourth East Oklahoma production well, hit about 50 ft of Woodford Shale with strong gas shows and is cased. Four wells now await production tests, with results expected before end 2008. This follows the Cunningham #2-5 result.
31 Oct 2008quarterly activities report▲ Good
September quarter: Osage gross production A$490,000 and net income A$373,000, up from A$410,000 and A$290,000. The JV partner terms are now up to a 26% carried interest, with about 55,000 acres secured, up from 18,000.
31 Oct 2008annual report● Neutral
Re-lodged annual report for year to 30 June 2008, superseding the 29 September version. It corrects Mr Miller's base salary to $255,359 in the directors' remuneration note. Chairman notes 70,000 acres, ~42 Bcfe 2P and about A$1.7m Osage sales for the year.
27 Oct 2008well test result▲ Good
Dawson Coal wells #3-29A and #5-29A at Osage are producing pipeline-quality gas to sales at about 30 Mcf/day each while recovering load water. Company expects about 80 Mcf/day at peak (company expectation), with wells costing under US$100,000 each.
27 Oct 2008drilling result▲ Good
Cunningham #2-5, the third East Oklahoma production well, hit about 51 ft of Woodford Shale with strong gas shows and awaits a production test. West #2-2, the fourth, was spudded. First gas sales are still expected before end 2008.
23 Oct 2008drilling spud● Neutral
Cunningham #1-10, the third East Oklahoma production well, was spudded 21 October to about 550 ft. Four to six wells are now planned this campaign, down from ten. First gas sales are expected before end 2008.
1 Oct 2008drilling result▲ Good
Rosier #1-27 reached 3,479 ft with about 35 ft of potential Red Fork Sand pay, extending the West Tulsa oil discovery. Three wells are cased and awaiting tie-in, expected producing by end October, with up to eight more locations. No flow test yet.
29 Sept 2008annual report● Neutral
Annual report for the year to 30 June 2008. Perry Gilstrap was appointed executive director on 17 July 2008. The extract does not include the financial figures.
22 Sept 2008drilling spud● Neutral
Rosier #1-27 was spudded 20 September at West Tulsa to about 3,800 ft, the third production well there. With it, the company will have three production wells and one disposal well ready, and is working on infrastructure to bring them on.
17 Sept 2008investor presentation● Neutral
Presentation repeats known facts: 2P reserves about 42 Bcfe, about 1 MMcfe/day production, 91.5m shares, cash A$6.4m at 30 June, no debt. Market cap is shown as A$10m today and A$53.5m fully diluted (figures as presented).
9 Sept 2008drilling result▲ Good
Fuss #2-33 reached 4,014 ft and found Red Fork Sand, extending proven productive area at West Tulsa to 320 acres of an 800-acre trend. Over 20 wells could be supported. Three oil wells are expected selling by end October.
4 Sept 2008resource reserve update▲ GoodMajor
Independent certification at 30 June 2008 lifts 2P reserves 13% to 41.3 Bcfe and total reserves 38% to 85.7 Bcfe. 2P is valued at A$80m (PV10). East Oklahoma carries no 2P and is outside these figures, so the 2P reserve upgrade is from Osage and West Tulsa.
