Fairy Quest, by Humberto Ramos and Paul Jenkins. This is apparently connected to a previous comics anthology titled Fablewood where fairytale characters live in a single world controlled by the tyrannical Mr. Grimm. He causes the people to relive their stories the same way everyday, and if they don't he uses the Mind Eraser to redo their memories. Red Riding Hood is breaking the standard by actually befriending her the Big Bad Wolf. They run off while being chased by Grimm's Think Police, and seek help from Peter Pan in Neverland. After getting some information from the captured Capt. Hook, Red and Wolf seek a map maker to find their way to the mythical land of "Realworld". The first volume ends with them about to enter the area known as the Dark Forest.
Future editions are planning on having more of the characters from Oz in it, including a more heartful version of the Wicked Witch, plus Dorothy and her regular running crew. Volume #1 did have a character in the background who might have been Jack Pumpkinhead, but nothing confirms that or any other Oz locals.