Trading under the ticker ‘RFE,’ the company’s shares opened at the same price this morning.

The US-focused company has acquired a 77.5% stake in 15 Oklahoma wells from Metro Energy, which will hold the remaining 22.5% interest.

The wells have potential oil and gas formations, as well as unconventional CBM targets, said Red Fork.

The company paid Metro US$1.5 million (A$1.97 million), three million shares and three million options for a majority interest in the assets. This means Metro is now a major shareholder in the new float.

Metro also partners another two Australian-based US energy plays, Tomahawk Energy and Louisiana Petroleum.

To finalise the acquisition, Red Fork will pay Metro a further US$500,000 (A$656,943.9) in the next two weeks.

The company expects to start drilling before the year-end and will aim to complete about five wells in the next 12 months.

Red Fork has nearly A$5 million in net cash assets and has budgeted almost A$3 million for the next two years of exploration.