BROOKSIDE ENERGY LIMITED — Capital/Financing Update 2011

Mar 21, 2011

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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

Red Fork Fully Funded to Advance Mississippian Project

• A$28.5 million raised in a private placement with up to a further A$5 million to be raised via a Share Purchase Plan

• Private placement oversubscribed with strong support from North American, European and Australian institutional investors

Website

www.redforkenergy.com.au

Directors

Michael Fry (Chairman) David Prentice (Managing Director) Perry Gilstrap (Director Operations) Bruce Miller (Director Resources) Steve Miller (Non-Executive Director)

ASX Code

RFE (Fully Paid Ordinary Shares)

• GMP Securities Europe LLP and E.L. & C. Baillieu Stockbroking Ltd acted as co-lead managers for the placement

Oklahoma based (Australian Securities Exchange listed) oil and gas exploration and production company Red Fork Energy Limited (“Red Fork” or the “Company”) is pleased to announce that it has successfully completed a private placement of A$28.5 million to fund the further development of its exciting horizontal Mississippian oil and liquids rich gas project in northern Oklahoma.

The private placement, which was co-lead managed by GMP Securities Europe LLP and E.L. & C. Baillieu Stockbroking Ltd, was oversubscribed with strong support from North American, European and Australian institutional investors.

Quantum Partners LP, a private investment fund managed by Soros Fund Management LLC, and Macquarie Bank Limited (Metals & Energy Division) have both participated in the private placement.

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The Company will issue 89,062,500 new fully paid ordinary shares at A$0.32 to raise A$28.5 million (before costs). The private placement will be completed in two tranches. Tranche 1 (20,500,000 new fully paid ordinary shares) will be issued in accordance with ASX Listing Rule 7.1, with Tranche 2 (68,562,500 new fully paid ordinary shares) to be issued subject to shareholder approval to be sought at a general meeting of shareholders to be held as soon as possible.

In addition, the Company has agreed to offer a Share Purchase Plan (“SPP”) to enable eligible shareholders to apply for up to A$15,000 of shares at A$0.32. A maximum of A$5 million will be accepted under the SPP. Further details in relation to the SPP, including the timetable will be announced in due course.

Commenting on this announcement, Red Fork Managing Director, David Prentice, said, “We are very pleased to have successfully completed this capital raising which will enable us to continue to aggressively pursue the development of our Big River horizontal Mississippian oil and liquids rich gas project in northern Oklahoma.

This injection of working capital will see us continue to accumulate high grade acreage in our target area (working toward our goal of approximately 50,000 acres by the middle of 2011), as well as funding five new horizontal wells to be drilled and tested during calendar 2011.

It is also very pleasing to have attracted very high quality experienced oil and gas investors to our register through this placement and we see this as a strong endorsement of the quality of our projects and our Tulsa based management team.

Finally, I would like to thank the teams at GMP Securities and E.L. & C. Baillieu for their support and assistance in managing this important raising for the Company”.

Yours faithfully

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David Prentice Managing Director

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.