CALGARY, Alberta, June 22, 2017 (GLOBE NEWSWIRE) -- RMP Energy Inc. (“RMP” or the “Company”) (TSX:RMP) is pleased to announce the recent successful commissioning and start-up of its 100% owned and operated Elmworth 2-23 oil battery and gas handling facility in the Elmworth (Gold Creek) field of West Central Alberta (the “2-23 Facility”). The 2-23 Facility is presently handling the initial crude oil and natural gas production from two (2.0 net) of RMP’s Middle Montney drilled wells (3-22-68-3W6M and 4-18-68-2W6M). Early-stage well production results are encouraging and the Company anticipates providing detailed production data once the wells produce for at least thirty calendar days (“IP30”). The start-up of the 2-23 Facility marks an important corporate milestone for RMP as it enables the Company to begin realizing commercial benefit and return of its capital investment from its new core area, which encompasses 82.5 net sections (52,800 net acres) of acreage prospective in the Middle Montney reservoir. The 2-23 Facility, which can be expanded as required, has initial design capacity to handle 1,500 bbls/d of crude oil, 8.2 MMcf/d of natural gas and 7,500 bbls/d of emulsion.
In addition to RMP’s 2-23 Facility, as previously disclosed, the Company has secured strategic mid-stream infrastructure in the Elmworth area for hydrocarbon egress. RMP has in-place gathering, processing and transportation arrangements with a regional mid-stream service provider to handle the Company’s current and future crude oil and natural gas production from the Elmworth area. These arrangements involve an area dedication and are not underpinned by take-or-pay commitments. The mid-stream company has installed and commissioned a gathering system with connection to RMP’s 2-23 Facility. The Company’s natural gas is being processed at the mid-stream company’s Patterson Creek Gas Plant, which provides sales gas pipeline connections for delivery into both the TransCanada and Alliance gas systems. RMP’s crude oil production, which is currently line pack filling the oil leg of the mid-stream’s gathering system, is delivered downstream of their gas plant with connectivity to a Pembina crude oil sales terminal.
RMP Energy Inc. is a Montney-focused crude oil and natural gas producer, based in Calgary, Alberta. RMP's common shares trade on the Toronto Stock Exchange under the ticker "RMP". For additional information on the Company, please visit RMP's website at: www.rmpenergyinc.com.
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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 news release contains forward-looking information relating to, the prospectivity and potential of the Middle Montney reservoir of the Company's new core area at Elmworth and the anticipated capacity of its 2-23 Facility.
With respect to forward-looking statements contained in this news release, RMP has made assumptions regarding, but not limited to: conditions in general economic and financial markets; effects of regulation by governmental agencies; current and future commodity prices and royalty regimes; future exchange rates; royalty rates; future operating costs; availability of skilled labor; availability of drilling and related equipment; timing and amount of capital expenditures; the impact of increasing competition; the price of crude oil and natural gas; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that the Company's conduct and results of operations will be consistent with its expectations; available pipeline capacity; that the Company will have the ability to develop the Company's properties in the manner currently contemplated; that the Company will be able to drill, complete and tie-in wells in the manner and on the timing described herein; current or, where applicable, proposed assumed industry conditions, laws and regulations will continue in effect or as anticipated; and the estimates of the Company's production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects.
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; obtaining required approvals of regulatory authorities; unexpected drilling results; the Company's is unable to achieve its objectives; changes in capital expenditures, reserves or reserves estimates and debt service requirements; the occurrence of unexpected events involved in the exploration for, and the operation and development of, oil and gas properties, including hazards such as fire, explosion, blowouts, cratering, and spills, each of which could result in substantial damage to wells, production facilities, other property and the environment or in personal injury; changes or fluctuations in production levels; delays in anticipated timing of drilling and completion of wells; lack of available capacity on pipelines; the lack of availability of qualified personnel; uncertainties associated with estimating oil and natural gas reserves; and ability to access sufficient capital from internal and external sources. Many of these risks and uncertainties and additional risk factors are described in the Company's Annual Information Form which is available at www.sedar.com. 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.