BROOKSIDE ENERGY LIMITED — Capital/Financing Update 2011

Mar 2, 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

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

Mississippian Acreage Increased

•  Total holdings in our horizontal Mississippian project (“the Big River project”) increased to approximately 20,000 acres

•  Red Fork now expects to control 75 high-grade (640 acre) sections (approximately 48,000 acres) in its target area of the Mississippian play by the end of the June quarter 2011

•  This initial holding would deliver the opportunity for Red Fork to operate, drill and complete in excess of 150 horizontal wells

•  First (640 acre) section in the Noble County development area successfully spaced and pooled, with Red Fork set to hold the majority interest in and drill and operate the McMurtry #121H well

RFE (Fully Paid Ordinary Shares)

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 is continuing to increase its holdings in the horizontal Mississippian oil and liquids rich gas play in northern Oklahoma.

The Company now holds approximately 20,000 acres within its defined Big River project target area. The Company has taken a 100% Working Interest in leases with a three year term and Net Revenue Interests of 81.25%.

Red Fork is continuing to aggressively lease in its target area of the play, using data from more than one thousand previously drilled vertical wells to select high grade (640 acre) sections.

Continues…

The Company now expects this leasing initiative, together with its efforts in the management of the Oklahoma Corporation Commission’s spacing and pooling system to deliver control of as many as 75 high-grade (640 acre) sections by the end of the June quarter 2011. This will provide Red Fork with the opportunity to operate, drill and complete in excess of 150 horizontal wells in this exciting oil and liquids rich gas play.

Results from wells that have been drilled, completed and tested in the play to date (more than one hundred horizontal wells) are supporting EUR’s of greater than 400,000 barrels of oil equivalent per well, with NPV10 values in excess of US$8 million on drilling and completion costs of US$2.7 million.

As previously announced, the Noble County portion of the Big River project will be the focus for our initial horizontal drilling and development and we are pleased to advise that we have successfully spaced and pooled the first (640 acre) section in this development area. The Company will drill, operate and hold the majority interest in the McMurtry #1-21H well . Work to secure right of way’s, settle surface damages, and design and plan water and gas gathering systems to support this initial drilling program is underway.

Yours faithfully, David Prentice Managing Director

www.redforkenergy.com.au

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.

www.redforkenergy.com.au