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.

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
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assis...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.
In order to meet the rapidly changing demands of today’s customers, companies are continually forced to redefine their business strategies in order to meet these needs, stay relevant and continue to see profitable growth. IoT deployment and development is integral in this transformation, and today businesses are increasingly seeing the value of investing their resources into IoT deployments. These technologies are able increase ROI through projects such as connecting supply chains or enabling sm...
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.
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze 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. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that A&I Solutions has been named “Bronze 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. Founded in 1999, A&I Solutions is a leading information technology (IT) software and services provider focusing on best-in-class enterprise solutions. By partnering with industry leaders in technology, A&I assures customers high performance levels across all IT environments including: mai...
SYS-CON Events announced today that Tappest will exhibit MooseFS at 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. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that EARP will exhibit at 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. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...