RMP Energy achieves record quarterly production and provides operations update
Wednesday, Jan 16, 2013
RMP Energy Inc. ("RMP" or the "Company") (TSX:RMP) is pleased to announce record fourth quarter production and provide an operations update on Ante Creek, Waskahigan, Grizzly and South Ante Creek.
Operations Update: Corporate Production
As a result of RMP's successful exploration and development drilling program, the Company delivered record quarterly production for the fourth quarter 2012 of approximately 6,500 boe/d, weighted 47% light oil and 3% NGLs. RMP's annual average daily production for fiscal 2012 is estimated at approximately 5,300 boe/d, achieving its originally-guided 2012 production target of 5,000 to 5,500 boe/d and representing a 53% increase over fiscal 2011 average daily production of 3,472 boe/d (weighted 17% light oil and 8% NGLs).
To-date, RMP has three, 100% working interest light oil wells drilled at Ante Creek. Production in the area has been restricted to one well as a result of current battery capacity and natural gas processing constraints. The initial production performance from RMP's first two Montney horizontal oil wells (4-35-66-24W5 and 13-26-66-24W5) has been very significant. On November 14, 2012, the 4-35 well was deliberately shut-in to accommodate the 13-26 well start-up. At that time, the well was producing, without artificial lift, approximately 1,200 bbls/d of light gravity crude oil (37 degree API) and 0.9 MMcf/d of associated natural gas, for an oil equivalent rate of approximately 1,350 boe/d. After 87 producing days, the 4-35 well produced 90,000 bbls of light oil and approximately 66 MMcf of associated solution gas, for a combined cumulative production of 101,000 boe (90% light oil).
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