BROOKSIDE ENERGY LIMITED — AGM Information 2014

May 22, 2014

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Red Fork Energy Limited ACN 108 787 720

Level 2, 79 Hay Street Subiaco Western Australia 6008 PO Box 1424 West Perth WA 6872

Telephone +61 8 9200 4470 Facsimile +61 8 9200 4471

Contact

David Prentice Managing Director david.prentice@redforkenergy.com.au

Website

www.redforkenergy.com.au

Directors

Michael Fry (Chairman) David Prentice (Managing Director) Bill Warnock (Non Exec. Director) Larry Edwards (Non Exec. Director) David Colwell (Non Exec. Director)

Executive Management

Chris Girouard (President & COO) Kevin Humphrey (Chief Financial Officer) Lee Francis (Exec. VP Operations) Suzie Foreman (Company Secretary)

Listings

RFE.AX (Fully Paid Ordinary Shares) RDFEY.OTCQX (1 ADR = 10 FPO’s)

About Red Fork Energy

Red Fork Energy is an Australian domiciled publicly traded oil and gas producer and explorer, with assets and operations in Oklahoma.

The Company has positioned itself in one of the premier on-shore United States horizontal oil resource plays, with a large and prospective acreage position in the heart of the Mississippi Lime oil and liquids rich gas play.

Red Fork Energy AGM Update

Red Fork Energy Limited (ASX:RFE, OTCQX:RDFEY, Red Fork or the Company) is pleased to provide a company update ahead of the Annual General Meeting of shareholders today.

Strategic Review

Objectives: The Company announced in early April that it commenced a comprehensive strategic review of the Red Fork asset base to determine how it could be optimally monetized or proactively developed. Possible transactions at both the asset and corporate level are being evaluated, as well as joint venture and partnership opportunities. The strategic review was initiated in response to the Company’s Board of Directors’ (the “Board’”) view of the capital demands of Red Fork’s large acreage position, and the funding constraints posed by the Company’s current market capitalization, debt levels, and associated relatively high cost of capital.

Review Process: The Board considered and selected highly qualified advisors to facilitate the monetization of Red Fork’s assets, and pursuant to the advisors recommendation, are proceeding with a formal process that will include a comprehensive marketing program, and discussions and negotiations with credentialed, qualified interested parties. Red Fork intends to conduct this process on a confidential basis in an effort to protect and/or advance the interests of shareholders, and therefore does not anticipate providing market updates while the process remains incomplete. Directors expect to provide more detailed information at its conclusion with any transaction expected to require shareholder approval.

Appointment of Advisors: Petro Capital Securities, LLC (“Petro Capital”), an energy focused investment bank based in Dallas, Texas, was engaged in early May as the Company’s US advisor to facilitate the Company’s asset monetization marketing effort. Petro Capital is finalizing its due diligence and is progressing towards the marketing phase of the process. Euroz Securities Limited has been appointed by the Board as the Australian advisor to evaluate potential transactions at the corporate level, and to provide an independent view on asset transactions requiring shareholder approval.

Strong Asset Position: Development activity on the Company’s Mississippi Lime / Woodford acreage (particularly over the last 12months) has built a very strong reserve position which provides significant headroom on current debt levels, allowing scope for significant value to be unlocked from a successful transaction. The Company’s independently certified reserves as at December 31, 2013 put the NPV10 of total Proved Reserves at US$277 million[1.] . The Proved Developed[2.] component of this amounted to US$173 million.

Continues….

Collaboration with Debt Provider: The monetization process is being conducted with the collaboration of Guggenheim Corporate Funding, LLC, (“Guggenheim”) the administrative agent under the Company’s current credit facility. During the period of the marketing program and up to the successful conclusion of a transaction, capital expenditure will be limited to that required for maintaining and optimizing production. Surplus cash flow generated during this period will be directed to reducing trade payables.

Board Renewal Process

During 2013, Red Fork progressed a Board renewal process as a part of a continuous review of the skills and composition of its members. This resulted in the appointment of three new independent non-executive directors to Red Fork’s Board (Mr. Bill Warnock, Mr. Larry Edwards and Mr. David Colwell), and the retirement of Mr. Bruce Miller. In November 2013, Mr. Michael Fry, Red Fork’s Chairman, announced his intention to retire from the Board at the conclusion of the Board renewal process. This was originally planned to occur at today’s AGM. In the circumstances, the Board believes that its current member composition should remain until the completion of the Company’s strategic review process. As a result, Mr. Fry has agreed to continue as Chairman until the successful conclusion of the Company’s strategic review process.

-ENDS-

For Enquiries: Investors David Prentice Managing Director Red Fork Energy Limited +61 8 9200 4470

Forward Looking Statements

This announcement contains “forward-looking statements”. Such forward-looking statements include, without limitation: estimates of future earnings, the sensitivity of earnings to oil & gas prices and foreign exchange rate movements; estimates of future oil & gas production and sales; estimates of future cash flows, the sensitivity of cash flows to oil & gas prices and foreign exchange rate movements; statements regarding future debt repayments; estimates of future capital expenditures; estimates of reserves and statements regarding future exploration results and the replacement of reserves; and where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to oil and gas price volatility, currency fluctuations, increased production costs and variances in reserves or recovery rates from those assumed in the company’s plans, as well as political and operational risks in the countries and states in which we operate or sell product to, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as well as the Company’s other filings. The Company does not undertake any obligation to release publicly any revisions to any “forward looking statement” to reflect events or circumstances after the date of this release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Note:

1. The economic model used to establish the net present value for these reserves uses SEC pricing method, based on a constant price of US$96.76 per barrel for oil and a constant price of US$3.65 per mcf for gas. Differentials were used to adjust the gas price for the liquids yield contained in high BTU gas.

2. The Proved Developed reserves NPV10 of US$173 million (as at December 31, 2013) included ~US$28 million associated with developed non-producing and behind pipe reserves which are now classified as Proved Developed Producing.

www.redforkenergy.com.au