Welcome!

News Feed Item

RMP Energy Achieves Record Quarterly Production, Announces Grizzly Exploration Drilling Success and Provides Ante Creek Pipeline Update

CALGARY, ALBERTA -- (Marketwired) -- 01/22/14 -- RMP Energy Inc. ("RMP" or the "Company") (TSX:RMP) is pleased to announce and provide the following:

Corporate Production

For the fourth quarter of 2013, RMP's production is estimated at approximately 7,220 boe/d (weighted 55% light oil and NGLs), which represents a record level of quarterly production for the Company and a 9% increase over the preceding third quarter level of 6,639 boe/d. RMP's annual average daily production for fiscal 2013 is estimated at approximately 6,860 boe/d, exceeding both its originally-guided 2013 production target of 6,000 to 6,500 boe/d and its subsequently upward revised guidance of 6,800 boe/d. For fiscal 2014, the Company is forecasting daily production to average 10,000 boe/d (weighted 68% light oil and NGLs), a projected 46% increase over fiscal 2013. Fourth quarter 2014 production is forecasted to exceed 12,000 boe/d, weighted 70% light oil and NGL's.

Exploration Drilling

At Grizzly, to the southeast of Waskahigan, RMP successfully drilled and completed an exploration well located at 03/10-29-62-22W5/02 (100% working interest), with flow test results the Company believes confirms the existence of a new Montney pool. The 10-29 exploration well was drilled to a total measured depth of 4,405 metres, with 1,945 metres of horizontal section. Completion operations encompassed a 28 stage fracture stimulation (average 10 tonnes per stage). Over the first 84 hour flow back, the well recovered all of the fluid used to fracture the well (approximately 6,000 bbls). During the subsequent 24 hour new oil production test, the 10-29 well produced approximately 2,100 boe/d, encompassing 1,100 bbls/d of 41 degree API crude oil and approximately 6.0 MMcf/d of natural gas with an average flowing tubing wellhead pressure of 900 psi. Please refer to important Reader Advisories at the end of this news release. The Company is working on the tie-in of the 10-29 well into third-party area infrastructure.

At Grizzly, the Company holds a 100% working interest on 12.25 sections (7,840 acres) of land, providing RMP with another Montney resource project for future delineation and development.

Ante Creek Pipeline and Infrastructure Expansion Update

RMP is making good progress with the installation of its Ante Creek-to-Waskahigan pipeline inter-connect and the associated expansion of field facilities at the Ante Creek oil battery, despite substantial snow accumulation in the area. To-date, two-thirds of the 35 kilometre pipeline (north and central leg sections) is at final stages of pressure testing and surface right-of-way re-contouring and restoration. The pipe for the remaining third leg of the pipeline (south section) is at various stages of installation and is expected to be pressure tested in early-February 2014.

At the Ante Creek 4-36 oil battery site, the Company has taken physical delivery of all the major equipment and vessels and are presently in the process of being connected to existing oil battery infrastructure. Barring any unforeseen delays, the pipeline inter-connect and related field equipment expansion is scheduled to be fully in-service by March 1, 2014, as previously disclosed. Please refer to the Company's December 12, 2013 news release for further details.

Addition details regarding the Company are contained within its corporate presentation available on its website at www.rmpenergyinc.com.

Abbreviations


----------------------------------------------------------------------------
bbl or bbls barrel or barrels             Mcf/d   thousand cubic feet per   
                                                  day                       
----------------------------------------------------------------------------
Mbbl        thousand barrels              MMcf/d  million cubic feet per day
----------------------------------------------------------------------------
bbls/d      barrels per day               MMcf    Million cubic feet        
----------------------------------------------------------------------------
boe         barrels of oil equivalent     Bcf     billion cubic feet        
----------------------------------------------------------------------------
Mboe        thousand barrels of oil       psi     pounds per square inch    
            equivalent                                                      
----------------------------------------------------------------------------
boe/d       barrels of oil equivalent per kPa     kilopascals               
            day                                                             
----------------------------------------------------------------------------
NGLs        natural gas liquids           WTI     West Texas Intermediate   
----------------------------------------------------------------------------

Reader Advisories

Any references in this news release to initial and/or final raw test or production rates and/or "flush" production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter. These test results are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company.

The information in this news release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. More particularly and without limitation, this new release contains forward looking information relating to: estimated average daily production levels for fourth quarter 2013 and fiscal 2013 and forecasted average daily production levels for fourth quarter 2014 and fiscal 2014 and associated light oil and NGLs weighting; and the work-in-progress and in-service date timing of the Ante Creek-to-Waskahigan pipeline interconnect and associated expansion of field facilities at the Ante Creek oil battery. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry ; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that the Company will derive from them. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.

In this news release RMP has adopted a standard for converting thousands of cubic feet ("mcf") of natural gas to barrels of oil equivalent ("boe") of 6 mcf:1 boe. Use of boes may be misleading, particularly if used in isolation. The boe rate is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.

Field operating income or field cash flow refers to realized wellhead revenue less royalties, operating expenses and transportation costs. Field netback is field operating income per barrel of oil equivalent. Field operating income and netback are not recognized measures under IFRS and does not have a standardized meaning.

Contacts:
RMP Energy Inc.
John Ferguson
President and Chief Executive Officer
(403) 930-6303
john.ferguson@rmpenergyinc.com

RMP Energy Inc.
Dean Bernhard
Vice President, Finance and Chief Financial Officer
(403) 930-6304
dean.bernhard@rmpenergyinc.com
www.rmpenergyinc.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).