BROOKSIDE ENERGY LIMITED — Capital/Financing Update 2013

Mar 14, 2013

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ASX Announcement March 15, 2013

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

Mississippian Operations Progress Report

Oklahoma based (Australian Securities Exchange and OTCQX listed) oil and gas exploration and production company, Red Fork Energy Limited (“Red Fork” or the “Company”) is pleased to provide the following update on operations from its Mississippian Development Areas in Oklahoma.

Highlights

Website

www.redforkenergy.com.au

Directors

Michael Fry (Chairman) David Prentice (Managing Director) Bruce Miller (Director Resources) Bill Warnock (Non Exec. Director)

Executive Management

Chris Girouard (President & COO) Kevin Humphrey (Chief Financial Officer) Suzie Foreman (Company Secretary)

Listings

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

•  New completion planning and scheduling and post production optimization work delivering exceptional results with the Company on track to have 20 wells completed for production by the end of March

•  Gross production for the month of February averaged approximately 1,303 Boe per day (current gross production is averaging approximately 1,590 Boe per day with a record high gross production rate of ~1,800 boe /day achieved in the first week of March)

•  McMurtry #1-22H has averaged 328 Boe over the last three days following production optimization work

•  Warburton #1-23H well achieves an IP30 of 235 Boe/day

•  Mawson #1-03H and Hartog #1-10H wells have been completed and are testing with average production rates in the first five days of 380 Boe per day and 98 Boe per day respectively

•  Jardine #1-26H and State #1-13H wells have both achieved higher maximum rates (160 boe per day and 113 boe per day respectively) in the last 30-days

•  Forrest #1-21H, Hammer Head #1-22H, Mako #1-27H and the McMurtry #1-27H wells are testing or currently being stimulated

•  Company now has thirty (gross) horizontal Mississippian wells across eight Development Areas at various stages from drilling to producing

Continues…

Gross Production (Boe per day)

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1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
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The following table details the gross well status across the Development Areas.

				Development Area
	1	2	3	4	5	6	7	8	9	10	Total
Producing	2	9	2	1			2				16
Stimulating/Testing		1		3							4
Awaiting Stimulation		3				2		1		1	7
Drilling		2		1							3
Total	2	15	2	5	0	2	2	1	0	1	30

The following table details the status and initial production results from wells across the development areas.

			Peak Rate (Boe/d) 2	30-Day (Boe/d)
Well Name	RFE WI1	Status			Area
Tahara #1-28H	100.0%	Producing	283	139	1
McMurtry#1-21H	62.2%	Producing	712	445	2
Blair #1-24H	92.7%	Producing	400	232	2
Tasman #1-15H	92.6%	Producing	250	180	2
Bunch #1-19H	94.9%	Producing	241	152	2
McMurtry#1-22H	61.9%	Producing	455	264	2
State #1-16H	62.0%	Producing	251	143	2
PQML #9H	12.5%N	Producing	1,291	6293	7
Warburton #1-23H	61.5%	Producing	452	235	2
State #1-13H	50.0%	Producing			2
Jardine #1-26H	40.6%	Producing			2
Mawson #1-03H	100.0%	Producing			3
Matthew #1-30H	25.0%N	Producing			4
McSwain #1-12H	8.3%N	Producing			7

www.redforkenergy.com.au

Hartog#1-10H	93.7%	Producing			3
Forrest #1-21H	85.9%	Testing			4
Hammer Head #1-22H	93.7%	Testing			4
Mako #1-27H	62.0%	Stimulating			4
McMurtry#1-27H	69.8%	Stimulating			2
Whitney#1-30H	88.2%	AwaitingStimulation			2
Phil #1-19H	78.7%	AwaitingStimulation			6
Santana #1-30H	71.9%	AwaitingStimulation			6
Freddie #1-29H	71.3%	AwaitingStimulation			2
Aldridge #1-22H	30.0%N	AwaitingStimulation			8
Boersma #1-6H	24.7%N	AwaitingStimulation			10
George #1-23H	1.04%N	AwaitingStimulation			2
Bull #1-16H	84.2%	Drilling			4
Carnegie #1-36H	100%	Drilling			2
Flinders #1-25H	91.7%	Drilling			2

Notes:

1. Red Forks Working Interest

2. The equivalent barrels production rate has been calculated on a simple 6:1 ratio (oil to gas ratios vary across the Mississippian play however Red Fork’s results to date indicate that they are typically in the range of 70% to 80% oil with the balance made up of liquids rich gas)

3. 27 day average

N indicates a non-operated well

Yours faithfully,

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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