RMP Drills Completes Ninth Horizontal Well, Provides Test Results


RMP Energy recently announced the highest test rate of any of well at their Waskahigan oil play in the Montney formation of Alberta – 1,863 barrels of oil equivalent per day (boe/d). Two other wells produced 1,413 boe/d and 434 boe/d.

The company now has eight wells that have been completed and tested in the Waskahigan, and a ninth is expected to be tested shortly. RMP now has a total of 14 wells drilled in the Waskahigan area. During September of this year, Waskahigan produced about 925 boe/d for the company, according to a release.

According to RMP, the company's average daily production is supposed to increase 8 percent during Q3 2011 to reach 3,400 bboe/d, up from 3,143 boe/d in Q2. Natural gas liquids and light oils and expected to constitute 24 percent of this production, and natural gas is expected to account for 76 percent.

RMP Energy Inc. closed at C$2.10 on October 17 and hit a 52-week high/low of C$2.82 and C1.25, respectively.