These figures were the result of an initial reserve estimate based on geological and engineering data from the company’s production wells and recent drilling and completion activity.
Red Fork managing director David Prentice said the review had added about $A80 million of value to the company and close to $270 million in terms of in-ground revenue potential.
“This is an enormous result for Red Fork – we now have all the ingredients required to build a successful exploration and production company,” he said.
“We have the people, the reserves and the production.
“This initial reserve position is a credit to the work of our United States-based technical team.”
The company now wholly owns about 24,000 acres (9712 hectares) across four project areas in Oklahoma.
Red Fork has already started work on a drilling program at its Osage project, where it is initially targeting about 1 million cubic feet of gas per day early in the September quarter.
