BROOKSIDE ENERGY LIMITED — Capital/Financing Update 2012

Jun 21, 2012

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ASX Announcement
June 22, 2012
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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

RFE (Fully Paid Ordinary Shares)

Production Testing Blair #1-24H Well Noble County, Oklahoma

Oklahoma based (Australian Securities Exchange listed) oil and gas exploration and production company, Red Fork Energy Limited (“Red Fork” or the “Company”) is very pleased to announce highly encouraging initial results from early production testing of the Blair #1-24H well in Noble County, Oklahoma.

The well has been testing for approximately 48 hours with some oil and gas evident immediately when testing commenced. During the last 24 hours of flow back the well tested as high as 20 barrels of oil per hour with 240,000 cubic feet of liquids rich gas. Whilst the well is on an Electric Submersible Pump (“ESP”), these results were achieved primarily via intermittent flow through the casing.

It is important to note that only a very small fraction of load (reservoir stimulation water) has been recovered so far during this initial testing phase and the fluid level in the well bore is very high (approximately 300 feet from the surface).

Production testing is continuing as the well cleans up and rates have not yet stabilized. Red Fork will look to release both a 30-day peak and average rate for the well as the initial production testing operations are completed.

Commenting on this announcement Red Fork Managing Director David Prentice said, “We are very encouraged by these results which have been achieved very early in the production testing of this well. These results provide us with a high level of confidence about potential outcomes for the testing of this and the other wells we have drilled and are drilling in Development Area 2 and for our acreage position in the Eastern Limb of the Mississippian Play generally. We have already sold our first load of oil from the Blair #1-24H well (to Conoco Phillips refining arm Phillips66) and we are looking forward to updating the market further on results from our current development program as they come to hand.”

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.

www.redforkenergy.com.au